Posted at 09 March 2022 / Categories Market Roundups
Market Roundup
•French Non-Farm Payrolls (QoQ) (Q4) 0.4%,0.4% previous
•Sweden Industrial Production (YoY) 3.9%,0.1% previous
•Sweden Industrial Production (MoM) 1.1%,-1.2% previous
•Italian Jan Industrial Production (YoY) -2.6,3.2% forecast,4.4% previous
•Italian Jan Industrial Production (MoM) -3.4%,0.0% forecast,-1.0% previous
Looking Ahead Economic Data
•12:00 Brazil Jan Industrial Production (YoY) -6.0%forecast,-5.0% previous
•15:00 US Jan JOLTs Job Openings 10.925M forecast,10.925M previous
•15:30 US Cushing Crude Oil Inventories -0.972M previous
•15:30 US Cushing Crude Oil Inventories-0.972M previous
•15:30 US Crude Oil Inventories -0.657M forecast -2.597M previous
Looking Ahead - Events, Other Releases (GMT)
•No events ahead
Fxbeat
EUR/USD: The euro rose against dollar on Wednesday ahead of this week's central bank meeting and supported by reports that the European Union was discussing joint bond issuance to finance energy and defence spending. Investors now look to the European Central Bank’s latest policy decision, due on Thursday. The possibility of stagflation means that bets on the central bank delaying interest rate hikes until later in 2022 are growing. After touching a 22-month low on Monday sliding to as much as $1.0806, the euro rose 0.90% on the day to $1.0990 helped by a report citing unnamed officials that said the European Union was discussing joint bond issuance. Immediate resistance can be seen at 1.0006(50%fib), an upside break can trigger rise towards 1.1052(9DMA).On the downside, immediate support is seen at 1.0914(38.2%fib), a break below could take the pair towards 1.0812 (23.6%fib).
GBP/USD: The British pound ticked higher against the U.S. dollar on Wednesday, moving just above the November 2020 lows it touched during the previous session as the greenback rally triggered by Russia’s invasion of Ukraine paused. Investors weighed the financial implications of massive Western sanctions against the Russian economy. The pound was up 0.61% at $1.3177 at 10:20 GMT while the dollar index lost 0.40% against its rivals. Immediate resistance can be seen at 1.3222(50%fib), an upside break can trigger rise towards 1.3277(9DMA).On the downside, immediate support is seen at 1.3159(38.2%fib), a break below could take the pair towards 1.3079 (23.6%fib).
USD/CHF: The dollar rose against the Swiss franc on Wednesday amid the Ukraine crisis and fears of rising inflationary pressures. U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation to Russia's invasion of Ukraine. Western sanctions have cut Russia off from global trade and financial markets in response to its invasion of Ukraine, and oil prices only edged higher after the U.S. ban. Britain said it would phase out importing Russian oil and oil products by the end of 2022, while the European Union published plans to cut its reliance on Russian gas by two thirds this year.Immediate resistance can be seen at 0.9303 (23.6%fib), an upside break can trigger rise towards 0.9353 (Jan 31st high).On the downside, immediate support is seen at 0.9268 (38.2% fib), a break below could take the pair towards 0.9237(50% fib).
USD/JPY: The dollar strengthened against yen on Wednesday amid concerns about the economic impact of the war in Ukraine. Markets were looking for clues about future developments after Vadym Denysenko, adviser to Ukraine’s interior minister, said Russia was desperate for some kind of victory before it was forced into final negotiations. Barring a change of course of the war in Ukraine, investors will await the ECB meeting on Thursday before further positioning.The dollar was last trading 0.44 percent higher versus the Japanese yen at 115.46 .Strong resistance can be seen at 115.92(23.6%fib), an upside break can trigger rise towards 116.04(Higher BB).On the downside, immediate support is seen at 115.43(38.2%fib), a break below could take the pair towards 115.31(9DMA).
Equities Recap
European shares bounced on Wednesday, as investors picked up stocks hammered in a recent market selloff, driven by concerns about mounting Western sanctions on Russia after it invaded Ukraine.
At (GMT 11:21),UK's benchmark FTSE 100 was last trading up at 1.71 percent, Germany's Dax was up by 4.84 percent, France’s CAC finished was up by 4.57 percent.
Commodities Recap
Gold prices eased from near record highs on Wednesday as the dollar held close to a 21-month peak and investors booked some profits, while palladium gained after the Ukraine crisis fuelled worries of a supply squeeze from top producer Russia.
Spot gold was down 0.4% at $2,044.60 per ounce, as of 0712 GMT, after climbing in the previous session to $2,069.89, a whisker away from its record $2,072.49 scaled in August 2020. U.S. gold futures rose 0.8% to $2,058.80.
Oil rose towards $130 a barrel on Wednesday, supported by concern of a potential supply shock as the United States banned Russian oil imports and amid signs that some buyers are already steering clear.
Oil rose towards $130 a barrel on Wednesday, supported by concern of a potential supply shock as the United States banned Russian oil imports and amid signs that some buyers are already steering clear.
Brent crude was up $1.68, or 1.3%, at $129.66 a barrel at 0905 GMT. U.S. West Texas Intermediate (WTI) was up $1.60, or 1.3%, to $125.30.