Posted at 14 September 2021 / Categories Market Roundups
Market Roundup
•UK Aug Claimant Count Change -58.6K, -7.8K previous
•UK Jul Average Earnings ex Bonus 6.8%,6.8% forecast, 7.4% previous
•UK Jul Unemployment Rate 4.6%,4.6% forecast, 4.7% previous
•UK Jul Average Earnings Index +Bonus 8.3%,8.2%,8.8% previous
•UK Jul Employment Change 3M/3M (MoM) 183K,178K forecast, 95K previous
•Spanish Aug CPI (MoM) 0.5%,0.4% forecast, 0.4% previous
•Spanish Aug HICP (YoY) 3.3%, 3.3%, 3.3% forecast, 3.3% previous
•Sweden Aug CPI (MoM) 0.5%, 0.2% forecast, 0.3% previous
•Sweden Aug CPI(YoY) 2.1, 1.7% forecast,1.4 previous
Looking Ahead –Economic Data (GMT)
•12:30 US Aug CPI Index, n.s.a 273.80 forecast, 273.00 previous
•12:30 US Aug CPI, n.s.a (MoM ) 0.48% previous
•12:30 US Jul Manufacturing Sales (MoM) -1.2% forecast, 2.1% previous
•12:30 US Aug Core CPI Index 279.05 previous
•12:30 US Aug Core CPI (MoM) 0.3% forecast, 0.3% previous
•12:30 US Aug CPI (MoM ) 0.4% forecast, 0.5% previous
•12:30 US Aug Core CPI (YoY) 4.2% forecast, 4.3% previous
•12:30 US Real Earnings (MoM) -0.1% previous
•12:30 US Redbook (YoY) 16.5% previous
•15:30 US Aug Cleveland CPI (MoM) 0.3% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro was little changed against dollar on Tuesday as investors were cautious ahead of U.S. inflation print due later in the day. The data, due at 1230 GMT, will be watched closely before next week’s U.S. Federal Reserve meeting. It is expected to show consumer prices rose 0.4% in August, down from 0.5% in July, according a poll. The year-on-year rise is also expected to fall to 5.3% from 5.4% in July, suggesting further evidence that inflation, which has been at the top of investors’ agenda this year, may be starting to cool.Immediate resistance can be seen at 1.1835 (23.6%fib), an upside break can trigger rise towards 1.1865(10th Sep high).On the downside, immediate support is seen at 1.1800(38.2%fib), a break below could take the pair towards 1.1789 (21DMA).
GBP/USD: Sterling steadied close to 5-week highs against the dollar on Tuesday, supported by labour market data that showed the total number of payrolled employees in Britain has climbed to pre-pandemic levels. The pound has been range-bound in recent days as investors assess Britain's post-lockdown economic recovery and how that may play into the Bank of England's stance on interest rates, currently at record lows. Sterling traded 0.3% higher on the day at $1.3875 by 0811 GMT, making a steady climb into positive territory after the data, which was released at 0600 GMT. That was off a 5-week high of $1.3890 hit earlier on Sept 3. Immediate resistance can be seen at 1.3887(23.6%fib),an upside break can trigger rise towards 1.3924 (Higher BB).On the downside, immediate support is seen at 1.3828(38.2%fib), a break below could take the pair towards 1.3812(11DMA).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as investors awaited readings on U.S. consumer prices that could be crucial to the Federal Reserve's decision on when to exit its super-supportive policy. All eyes are now on U.S. consumer price index for August, due to be released on Tuesday, along with U.S. retail sales and production figures later in the week as they frame the world largest economy's progress in the lead-up to the Federal Reserve's Sept. 21-22 meeting. Immediate resistance can be seen at 0.9228 (23.6%fib), an upside break can trigger rise towards 0.9234 (Higher BB).On the downside, immediate support is seen at 0.9197(5DMA), a break below could take the pair towards 0.9176(38.2%fib).
USD/JPY: The dollar strengthened against yen on Tuesday as investor’s awaited U.S. consumer price data which is due at 1230 GMT. Economists expect core CPI, an index that strips out volatile energy and food prices, to have risen 0.3% in August from the prior month. The data comes ahead of the key policy meeting by the Federal Reserve on Sept. 21-22, where markets will keep a close eye on central bank’s announcement on when it will start winding up its pandemic-era bond-buying programme. Strong resistance can be seen at 110.18(23.6%fib), an upside break can trigger rise towards 110.35(Higher BB).On the downside, immediate support is seen at 109.95(5DMA), a break below could take the pair towards 109.84(38.2%fib).
Equities Recap
European stocks slipped on Tuesday as caution ahead of U.S. inflation data and weakness in luxury and mining shares offset optimism around the region’s economic recovery.
At (GMT 10:50),UK's benchmark FTSE 100 was last trading down at 0.31% percent, Germany's Dax was down by 0.00 %percent, France’s CAC was last down by 0.51% percent.
Commodities Recap
Gold prices were subdued on Tuesday with investors setting their sights on U.S. consumer price data that could offer clues on when the Federal Reserve decides to temper its economic support.
Spot gold edged 0.3% lower to $1,787.66 per ounce by 0925 GMT, U.S. gold futures fell 0.3% to $1,789.50.
Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 50 cents, or 0.7%, at $74.01 a barrel by 0842 GMT. U.S. West Texas Intermediate (WTI) crude also climbed 43 cents, or 0.6%, to $70.88 a barrel.