Posted at 10 February 2022 / Categories Market Roundups
Market Roundup
•Sweden Jan Unemployment Rate 7.3%, 7.2% previous
•Finnish Dec Industry Output (YoY) 11.5%, 5.4% previous
Looking Ahead Economic Data
•US Jan CPI, n.s.a (MoM) 0.31% previous
•US Jobless Claims 4-Week Avg 255.00K previous
•US Initial Jobless Claims 230Kforecast ,238K previous
•US Continuing Jobless Claims 1,615K, 1,628K previous
•US Jan Real Earnings (MoM) 0.1% previous
•US Jan CPI Index, s.a 280.13 previous
•US Jan CPI Index, n.s.a. 280.39,278.80 previous
•US Jan CPI (YoY)7.3% forecast,7.0% previous
•US Jan Core CPI (MoM) 0.5%,0.6% previous
•US Jan Core CPI (YoY) 5.9%,5.5% previous
•US Jan CPI (MoM) 0.5%,0.6% previous
•US Jan Natural Gas Storage-222B, -268B previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro strengthened on Thursday as investors waited for key data on U.S. inflation to give clues on the Federal Reserve's policy tightening trajectory. Investors' appetite for riskier assets has been hurt so far this year by expectations that the U.S. Federal Reserve will begin tightening monetary policy, starting with a rate hike at its March meeting. Investors' appetite for riskier assets has been hurt so far this year by expectations that the U.S. Federal Reserve will begin tightening monetary policy, starting with a rate hike at its March meeting. Immediate resistance can be seen at 1.1443(38.2% fib), an upside break can trigger rise towards 1.1482 (23.6%fib).On the downside, immediate support is seen at 1.1408 (50 % fib), a break below could take the pair towards 1.1378 (61.8% fib).
GBP/USD: Sterling strengthened against the dollar on Thursday as investors awaited key U.S. inflation data for clues on the pace of the Federal Reserve's monetary policy tightening. The Fed is broadly expected to begin raising rates next month although there is no clarity about the pace of tightening. Data due later on Thursday is expected to show U.S. consumer inflation racing at a 7%-plus annualised clip, a level reminiscent of the inflation shocks of the 1970s and 1980s.Currencies were largely in a holding pattern ahead of that release, with the dollar index steady at 95.581 after bouncing off a two-week low of 95.136 on Friday. Immediate resistance can be seen at 1.3589 (38.2%fib), an upside break can trigger rise towards 1.3662 (20th Jan high ).On the downside, immediate support is seen at 1.3557 (50%fib), a break below could take the pair towards 1.3431(61.8%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Thursday as investors keenly awaited U.S. inflation data.U.S. inflation is seen at multi-decade highs, with data due at 1330 GMT (08:30 a.m ET) expected to cement the U.S. Federal Reserve's hawkish stance. Markets have priced in four Fed rate hikes this year, with the first expected next month. Investors in riskier assets are bracing for a tough year with most other major central banks in the developed world also adopting tighter monetary policy stances. Immediate resistance can be seen at 0.9245 (5DMA), an upside break can trigger rise towards 0.9279 (23.6%fib).On the downside, immediate support is seen at 0.9225 (38.2%fib), a break below could take the pair towards 0.9182 (50% fib ).
USD/JPY: The dollar strengthened against the Japanese yen on Thursday as investors awaited US inflation data. Economists polled predicted U.S. data will show on Thursday that consumer prices climbed 7.3% year-over-year in January. Investors are expected to scour U.S. inflation data out later this week for any clues on the pace of Fed's policy tightening. The benchmark 10-year U.S. Treasury yields slipped from the November 2019 high reached in the last session, while the dollar was steady, but off lows hit on Friday. Strong resistance can be seen at 115.86 (23.6% fib), an upside break can trigger rise towards 116.00 (Psychological level).On the downside, immediate support is seen at 115.41 (5DMA), a break below could take the pair towards 115.26(38.2% fib).
Equities Recap
European stocks were mostly higher as investors geared up for crucial a U.S. inflation report .
At (GMT 11:21 ),UK's benchmark FTSE 100 was last trading up at 0.69 percent, Germany's Dax was up by 1.34 percent, France’s CAC was up by 1.42 percent.
Commodities Recap
Gold prices traded in a narrow range on Thursday after hitting a two-week high earlier in the session, as investors awaited U.S. inflation data for pointers on the next moves in the U.S. Federal Reserve's monetary policy tightening plans.
Spot gold was steady at $1,832.09 per ounce by 0955 GMT, after reaching a two-week high of $1,835.67. U.S. gold futures fell 0.2% to $1,832.20.
Oil prices rose on Thursday after rallying on an unexpected drop in U.S. crude inventories in the previous session, as investors awaited the outcome of U.S.-Iran nuclear talks that could add crude supplies quickly to global markets.
Brent crude futures rose 34 cents, or 0.4%, to $91.89 a barrel at 0920 GMT, while U.S. West Texas Intermediate crude was at $90.17 a barrel, up 51 cents, or 0.6%.