Posted at 15 February 2022 / Categories Market Roundups
Market Roundup
• UK Jan Claimant Count Change -31.9K, -28.0K forecast, -43.3K previous
• UK Labour Productivity 1.0%,-1.4% previous
• UK Dec Employment Change 3M/3M (MoM) -38K, -65K forecast, 60K previous
• UK Dec Unemployment Rate 4.1%,4.1% forecast, 4.1% previous
• UK Dec Average Earnings Index +Bonus 4.3%,3.8% forecast,4.2% previous
• German Feb ZEW Economic Sentiment 54.3,55.0 forecast, 51.7 previous
•EU GDP (QoQ) (Q4) 0.3%, 0.3% forecast,0.3% previous
•EU GDP (YoY) (Q4 ) 4.6%,4.6% forecast,4.6% previous
Looking Ahead Economic Data (GMT)
•13:15 Canada Jan Housing Starts 245.0K forecast, 236.1K previous
•13:30 US Jan Core PPI (MoM) 0.5% forecast,0.5% previous
•13:30 US Jan Core PPI (YoY) 7.9% forecast, 8.3% previous
•13:30 US Feb NY Empire State Manufacturing Index 12.15 forecast,-0.70 previous
•13:30 US Jan PPI (MoM) 0.5% forecast ,0.3% previous
•13:55 US Redbook (YoY) 13.3% previous
•15:00 GlobalDairyTrade Price Index 4.1% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro rebounded on Tuesday, nearly erasing all of Monday's losses, after reports that some Russian troops in areas near Ukraine have started returning to their bases. Some troops in Russia's military districts adjacent to Ukraine are returning to bases after completing drills, Russia's defence ministry was quoted as saying, a move that could de-escalate frictions between Moscow and the West. Against the greenback, the single currency climbed 0.4% to $1.1346, and within striking distance of Monday's high of $1.1369.Immediate resistance can be seen at 1.1373(38.2%fib), an upside break can trigger rise towards 1.1442(23.6%fib).On the downside, immediate support is seen at 1.1313(50%fib), a break below could take the pair towards 1.1254 (61.8%fib).
GBP/USD: Sterling firmed against a broadly softer dollar on Tuesday after reports that Russia was returning some troops near Ukraine to their bases dented demand for safe-haven assets.Data showed the total number of people in work in Britain shrank in the last three months of 2021 while workers’ earnings fell when adjusted for inflation. The numbers had little immediate impact on the pound, with traders focused on developments in Ukraine.Britain’s currency was last trading at $1.35625, a quarter of a percent firmer on the day and above a one-week low hit on Monday at $1.34950 as fears about a Russian invasion of Ukraine boosted the dollar. Immediate resistance can be seen at 1.3573(38.2%fib), an upside break can trigger rise towards 1.3668(23.6%fib).On the downside, immediate support is seen at 1.3503(50%fib), a break below could take the pair towards 1.3423(61.8%fib).
USD/CHF: The dollar initially gained against Swiss franc on Tuesday but gave up ground as investors remained focused on the risk of Russia invading Ukraine. Investor risk appetite improved slightly on Tuesday when Russian Foreign Minister Sergei Lavrov suggested that Moscow should continue along the diplomatic path to resolve the tensions. Russia's defence ministry was quoted as saying that some troops adjacent to Ukraine are returning to their bases. At 11:44 GMT, the dollar was 0.03 percent higher versus the Swiss franc at 0.9244 . Immediate resistance can be seen at 0.9266 (38.2%fib), an upside break can trigger rise towards 0.9308(23.6%fib).On the downside, immediate support is seen at 0.9232(50% fib), a break below could take the pair towards 0.9199(61.8%fib).
USD/JPY: The dollar strengthened against yen on Tuesday as investors remained focused on the risk of Russia invading Ukraine. Markets across the globe have been roiled by fears of an imminent attack on Ukraine by Russia, but some of the stress subsided after Russian Foreign Minister Sergei Lavrov on Monday suggested to President Vladimir Putin that Moscow should continue along the diplomatic path. At 11:44 GMT, the dollar was 0.14 percent higher versus the Japanese yen at 155.67 . Strong resistance can be seen at 115.70(Daily high), an upside break can trigger rise towards 116.12(23.6%fib).On the downside, immediate support is seen at 115.46(50%fib), a break below could take the pair towards 115.00(Psychological level).
Equities Recap
European stocks picked up on Tuesday, the dollar eased and gold was just below an 8-month high as investors remained focused on the risk of Russia invading Ukraine.
At (GMT 12:01 ),UK's benchmark FTSE 100 was last trading up at 0.71 percent, Germany's Dax was up by 1.74 percent, France’s CAC was last up by 1.59percent.
Commodities Recap
Oil dropped from a seven-year high to around $94 a barrel on Tuesday, pressured by a report that some troops in Russia's military districts adjacent to Ukraine are returning to bases, a move that could de-escalate tension between Moscow and the West.
Brent crude fell $2.65, or 2.8%, to $93.83 by 1045 GMT. U.S. West Texas Intermediate (WTI) crude dropped $2.82, or 3%, to $92.64.
Gold prices retreated from a multi-month peak on Tuesday while palladium slipped about 3% as news about some Russian troops near Ukraine returning to their bases drove a rebound in riskier assets.
Spot gold was down 0.8% at $1,854.50 per ounce by 1042 GMT, after hitting its highest level since June 11 at $1,879.48.U.S. gold futures fell 0.7% to $1,857.