Posted at 11 March 2022 / Categories Market Roundups
Market Roundup
•UK Jan Manufacturing Production (YoY) 3.6%,3.1% forecast,1.3% previous
•UK Jan GDP (YoY) 10.0%,9.3% forecast, 6.5% previous
•UK Jan Monthly GDP 3M/3M Change1.1%,0.8% forecast,1.0% previous
•UK Jan Trade Balance-26.50B, -12.60B forecast, -12.35B previous
•UK Jan Trade Balance Non-EU -13.65B,-7.88B previous
•UK Jan GDP (MoM) 0.8%,0.2% forecast, -0.2% previous
•UK Jan Manufacturing Production (MoM) 0.8%,0.2% forecast,0.2% previous
•German Feb CPI (MoM) 0.9%, 0.9% forecast,0.4% previous
•German Feb CPI (YoY) 5.1%,5.1% forecast,4.9% previous
•UK Jan Industrial Production (MoM) 0.7%,0.1% forecast,0.3% previous
Looking Ahead Economic Data(GMT)
•Brazil Feb CPI (YoY) 10.50% forecast,10.38% previous
•Brazil Feb CPI (MoM) 0.95% forecast, 0.54% previous
•13:30 Canada Feb Employment Change 160.0K forecast, -200.1K previous
• 13:30 Canada Feb Participation Rate 65.0% previous
• 13:30 Canada Feb Unemployment Rate 6.2% forecast, 6.5% previous
• 13:30 Canada Feb Capacity Utilization Rate (Q4) 82.2% forecast, 81.4% previous
• 13:30 Canada Feb Part Time Employment Change -117.4K previous
•15:30 US Mar Michigan 5-Year Inflation Expectations 3.00% previous
•15:30 US Mar Michigan Current Conditions 66.0 forecast, 68.2 previous
•15:30 US Mar Michigan Consumer Expectations 58.8 forecast, 59.4 previous
•15:30 US Mar Michigan Consumer Sentiment 61.4 forecast ,62.8 previous
•15:30 US U.S. Baker Hughes Oil Rig Count 519 previous
•15:30 US U.S. Baker Hughes Total Rig Count 650 previous
Looking Ahead - Events, Other Releases (GMT)
•No events ahead
Fxbeat
EUR/USD: The euro dipped on Friday but was still set for weekly gains as the European Central Bank's announcement that it will phase out its stimulus lent support to the single currency.But rising stagflation worries arising from the Ukraine war continued to add pressure on the euro. After four consecutive weeks of declines, the euro surged this week as the ECB said it will phase out its stimulus in the third quarter, opening the door to an interest rate hike before the end of 2022 to combat soaring inflation. Immediate resistance can be seen at 1.1124 (50%fib), an upside break can trigger rise towards 1.1209(61.8%fib).On the downside, immediate support is seen at 1.0034(38.2%fib), a break below could take the pair towards 1.0925 (23.6%fib).
GBP/USD: Sterling slipped to a 16-month low on Friday against the safe-haven U.S. dollar and was heading for its third consecutive weekly decline as stronger-than-expected UK economic growth did little to support the pound.The Office for National Statistics said Britain's economy grew 0.8% in January, the strongest monthly expansion since June and more than forecast by any economist in a poll, which had pointed to growth of 0.2%. The pound fell to its lowest level of $1.3052 against a strengthening dollar since November 2020. It was down 0.1% at $1.30655 at 0945 GMT. Immediate resistance can be seen at 1.3114(5DMA), an upside break can trigger rise towards 1.3163(38.2%fib).On the downside, immediate support is seen at 1.3084(23.6%fib), a break below could take the pair towards 1.2953 (Lower BB).
USD/CHF: The dollar strengthened against the Swiss franc on Friday as the dollar remained buoyed by expectations of tighter Federal Reserve policy following data on surging inflation released on Thursday. The broad rise in prices in the United States in February sparked the largest annual increase in inflation in 40 years, supporting expectations that the Federal Reserve will begin raising interest rates when it convenes on March 15. The dollar was 0.11 percent higher versus the swiss franc at 0.9303. Immediate resistance can be seen at 0.9304 (23.6%fib), an upside break can trigger rise towards 0.9326 (Higher BB).On the downside, immediate support is seen at 0.9267 (5DMA), a break below could take the pair towards 0.9268(38.2%fib).
USD/JPY: The dollar strengthened against yen on Friday as red-hot inflation data boosted greenback across the board.Data on Thursday showed U.S. inflation at a four-decade high, prompting traders to raise their bets on rate hikes from the Federal Reserve beginning next week. red-hot inflation dataU.S. inflation data saw its sharpest increase in 40 years, locking in expectations that the Federal Reserve will raise interest rates next week . The dollar was 0.68 percent higher versus the Japanese yen at 106.88. Strong resistance can be seen at 117.05(38.2%fib), an upside break can trigger rise towards 117.54(23.6%fib).On the downside, immediate support is seen at 116.63(50%fib), a break below could take the pair towards 116.27(61.8%fib).
Equities Recap
European stocks advanced on Friday after a selloff in the previous session following ECB's hawkish surprise, as soaring inflation outweighs concerns about Russia's invasion of Ukraine.
At (GMT 11:05 ),UK's benchmark FTSE 100 was last trading up at 0.91 percent, Germany's Dax was up by 0.94 percent, France’s CAC finished was up by 0.41 percent.
Commodities Recap
Oil prices rose on Friday on continued concerns about supply disruptions for Russian oil and oil products, but were on track for their biggest weekly decline since November after another volatile week.
Brent crude futures climbed $2.86, or 2.6%, to $112.19 a barrel by 1016 GMT. U.S. West Texas Intermediate (WTI) crude futures were up $2.71, or 2.6%, to $108.73 a barrel.
Gold slipped on Friday, as U.S. Treasury yields gained overnight on red-hot inflation data, but prices were set for a second straight weekly gain after talks between Russia and Ukraine did not make any progress.
Spot gold was down 0.3% to $1,990.09 per ounce by 0753 GMT. U.S. gold futures were down 0.4% to $1,992.50.