Posted at 15 July 2022 / Categories Market Roundups
Market Roundup
•German Jun Car Registration (MoM) 8.4% ,14.9% previous
•French Jun Car Registration (MoM) 34.9%, 16.6% previous
•French Jun Car Registration (YoY) -14.2%, -10.1% previous
•UK Jun Car Registration (YoY) -24.3% -20.6% previous
•Italian Jun Car Registration (YoY) -15.0%, -15.1% previous
•Italian Jun CPI (MoM) 1.2% ,1.2% forecast,1.2% previous
•Italian Jun CPI (YoY) 8.0%, 8.0% forecast,8.0% previous
•EU May Trade Balance -26.3B ,-32.4B previous
Looking Ahead - Economic Data (GMT)
•12:30 US Jun Export Price Index (MoM) 1.2% forecast, 2.8% previous
•12:30 US Jun Retail Control (MoM) 0.3% forecast, 0.0% previous
•12:30 US Jun Core Retail Sales (MoM) 0.6% forecast, 0.5% previous
•12:30 US Jun Retail Sales (MoM) 0.8% forecast, -0.3% previous
•12:30 US Import Price Index (MoM) 0.7% forecast, 0.6% previous
•12:30 Canada May Foreign Securities Purchases 22.23B previous
•12:30 Canada May Foreign Securities Purchases by Canadians 29.20B previous
•12:30 US Jul NY Empire State Manufacturing Index -2.00 forecast, -1.20 previous
•12:30 US Jun Retail Sales (YoY) 8.09% previous
•12:30 US May Wholesale Sales (MoM) 2.0% forecast, -0.5% previous
•13:15 US Jun Industrial Production (YoY) 5.43% previous
•13:15 US Jun Manufacturing Production (MoM) -0.1% forecast, -0.2% previous
•13:15 US Jun Capacity Utilization Rate 80.6% forecast, 80.8% previous
•13:15 US Jun Industrial Production (MoM) 0.1% forecast, 0.1% previous
•14:00 US Jul Michigan 5-Year Inflation Expectations 3.10% previous
•14:00US Jul Michigan Consumer Sentiment 49.9 forecast, 50.0 previous
•14:00 US Michigan Consumer Expectations 47.0 forecast, 47.5 previous
•14:00 US May Retail Inventories Ex Auto 0.8% previous
•14:00 US May Business Inventories (MoM) 1.3% forecast,1.2% previous
•17:00 U.S. Baker Hughes Oil Rig Count 597 previous
•17:00 US Baker Hughes Total Rig Count 752 previous
Looking Ahead - Economic events and other releases (GMT)
•13:00 US FOMC Member Bullard Speaks
Fxbeat
EUR/USD: The euro edged higher against the U.S. dollar on Friday but gains were limited as investors were concerned on political crisis in Italy . Italy's political turmoil remained in focus after President Sergio Mattarella rejected Prime Minister Mario Draghi's resignation and asked him to address parliament next week to get a clearer picture of the political situation.The euro edged higher to $1.0053, after bouncing back from below parity on Thursday for a second day. Immediate resistance can be seen at 1.0101 (5DMA), an upside break can trigger rise towards 1.0223(38.2% fib).On the downside, immediate support is seen at 1.0000 (Psychological level), a break below could take the pair towards 0.9949 (Lower BB).
GBP/USD: British pound struggled for direction against the dollar on Friday, staying near more than two-year lows as nagging recession fears and political uncertainty weighed on sentiment. The pound was up 0.08% to $1.18350, but wasn’t far off a low of $1.1761 hit on Thursday its lowest since March 2020. The pound faces additional headwinds given a strong economic slowdown in the UK coupled with domestic political uncertainty.Major currencies have come under pressure this week as traders, increasingly fearful of a recession, fled to the safe-haven dollar which is at a two-decade high. Immediate resistance can be seen at 1.1869(5DMA), an upside break can trigger rise towards 1.2022 (38.2%fib).On the downside, immediate support is seen at 1.17764 (23.6% fib), a break below could take the pair towards 1.1688 (Lower BB).
USD/CHF: The dollar declined against the Swiss franc on Friday after two Fed officials signaled support for a second straight 75-basis-point rate hike at the U.S. central bank's policy meeting later this month, alleviating some fears of a 100-basis point hike. Italy’s political turmoil remained in focus after President Sergio Mattarella rejected Prime Minister Mario Draghi's resignation and asked him to address parliament next week to get a clearer picture of the political situation.Draghi resigned after coalition party 5-Star Movement failed to back him in a confidence vote over his plan to combat soaring prices.. Immediate resistance can be seen at 0.9858(38.2%fib), an upside break can trigger rise towards 0.9925(Higher BB).On the downside, immediate support is seen at 0.9774(9DMA), a break below could take the pair towards 0.9723(50%fib).
USD/JPY: The dollar dipped against the Japanese yen on Friday as investors took a breather on concerns over the prospect of further central bank interest rate hikes and the health of economies worldwide. Data released this week showed U.S. consumer prices accelerated faster than economists had forecast, as the CPI jumped 9.1% in the 12 months to June, bolstering the case for more supersized Fed rate hikes. Against a basket of its rivals , the dollar rose to its highest levels since September 2002 above 109 before edging back to trade at 108.3, down 0.2% on the day. Strong resistance can be seen at 139.29 (23.6% fib), an upside break can trigger rise towards 140.00(Psychological level).On the downside, immediate support is seen at 138.20 (Daily low), a break below could take the pair towards 137.11 (38.2% fib).
Equities Recap
European stocks rallied on Friday after two Fed officials signaled support for a second straight 75-basis-point rate hike at the U.S. central bank's policy meeting later this month, alleviating some fears of a 100-basis point hike.
At (GMT 11:43 ),UK's benchmark FTSE 100 was last trading up at 0.84% percent, Germany's Dax was up by 1.23% percent, France’s CAC was up by 0.22%percent.
Commodities Recap
Gold prices fell on Friday and were poised for a fifth straight weekly loss, as expectations of a sizeable rate hike by the U.S. Federal Reserve powered the dollar and eroded bullion’s appeal.
Spot gold was down 0.2% to $1,705.99 per ounce at 1054 GMT, and has lost 2% so far this week. U.S. gold futures also eased 0.2% to $1,701.80.
Oil prices rose on Friday after a U.S. official told Reuters an immediate Saudi oil output boost is not expected, with further support from indications that the U.S. central bank could raise interest rates less aggressively than anticipated.
Brent crude futures for September delivery rose $1.77, or 1.79%, to $100.87 a barrel by 1206 GMT while WTI crude rose $1.32, or 1.38%, to $97.10.