Posted at 29 November 2022 / Categories Market Roundups
Market Roundup
•Sweden GDP (YoY) 2.5%, 2.6% forecast, 4.2% previous
•Sweden GDP (QoQ) 0.6%,0.7% forecast, 1.4% previous
• Spanish HICP (YoY) 6.6%, 7.5% forecast, 7.3% previous
•Spanish CPI (YoY)6.8%,7.4% forecast, 7.3% previous
•Sweden GDP (YoY) (Q3) 0.5%, 1.0% forecast,2.4% previous
•Sweden GDP (QoQ) (Q3) 0.2%,0.3% forecast, 0.3% previous
•UK Oct Mortgage Approvals 58.98K, 60.20K forecast, 66.79K previous
•UK Oct BoE Consumer Credit 0.769B, 0.900B forecast, 0.745B previous
•EU Nov Industrial Sentiment -2.0,-0.5 forecast,-1.2 previous
• EU Nov Business and Consumer Survey 93.7,93.5 forecast,92.5 previous
•EU Nov Services Sentiment 2.3,2.0 forecast,1.8 previous
•Belgium Nov CPI (YoY) 10.63%,12.27% previous
•Belgium Nov CPI (MoM) 0.23%,2.37% previous
Looking Ahead - Economic Data (GMT )
•13:00 German Nov CPI (YoY) 10.4% forecast, 10.4% previous
•13:00 German Nov HICP (MoM) 0.1% forecast, 1.1% previous
•13:00 German Nov HICP (YoY) 11.3% forecast, 11.6% previous
•13:00 German Nov CPI (MoM) -0.2% forecast,0.9% previous
•13:00 German Nov CPI (YoY) 10.4% forecast, 10.4% previous
•13:00 German Nov HICP (MoM) 0.1% forecast, 1.1% previous
•13:00 German Nov HICP (YoY) 11.3% forecast, 11.6% previous
•13:00 German Nov CPI (MoM) -0.2% forecast,0.9% previous
•13:30 Canada Sep GDP (MoM) 0.1% forecast, 0.1% previous
•13:30 Canada GDP Implicit Price (QoQ) (Q3) 3.30% previous
•13:30 Canada GDP (YoY) (Q3) 4.56% previous
•13:55 US Redbook (YoY) 7.5% previous
•14:00 US Sep S&P/CS HPI Composite - 20 n.s.a. (MoM) -0.7% forecast,-1.6% previous
•14:00 US S&P/CS HPI Composite - 20 n.s.a. (YoY) 10.8% forecast,13.1% previous
•14:00 US Sep House Price Index (YoY) 11.9% previous
•14:00 US Sep S&P/CS HPI Composite - 20 s.a. (MoM) -1.2% forecast, -1.3% previous
•14:00 US Sep House Price Index 392.0 previous
•14:00 US Sep House Price Index (MoM) -1.2% forecast,-0.7% previous
•13:30 Canada GDP (QoQ) (Q3) 0.4% forecast, 0.8% previous
•13:30 Canada GDP Annualized (QoQ) (Q3) 1.5% forecast,3.3% previous
•15:00 US Nov CB Consumer Confidence 100.0 forecast, 102.5 previous
•15:30 US Nov Texas Services Sector Outlook -13.6 previous
•15:30 US Nov Dallas Fed Services Revenues 8.5 previous
Looking Ahead - Events, Other Releases (GMT)
•15:00 SNB Vice Chairman Schlegel Speaks
Fxbeat
EUR/USD: The euro strengthened against dollar Tuesday as investors awaited inflation data due on Wednesday. European Central Bank President Christine Lagarde said overnight that euro zone inflation had not peaked and it risked turning out even higher than currently expected, hinting at a series of interest rate hikes ahead. Flash euro zone inflation figures for November are due on Wednesday, with economists polled expect inflation to come in at 10.4% year-on-year. The euro was up 0.4% at $1.0380, not far from a five-month peak of $1.0497 hit on Monday. Immediate resistance can be seen at 1.0338(23.6%fib), an upside break can trigger rise towards 1.0493(Higher BB).On the downside, immediate support is seen at 1.0337(14DMA), a break below could take the pair towards 1.0228(38.2%fib).
GBP/USD: Sterling gained against the dollar on Tuesday as the safe-haven greenback fell against most currencies as market sentiment improved on hopes that China would ease its strict COVID-19 curbs. Investors in Britain are also keeping an eye on an appearance by Bank of England Governor Andrew Bailey before lawmakers in the House of Lords on the off chance of any shift in rhetoric ahead of the Bank of England meeting in two weeks time. The pound was last 0.45% higher against the dollar at $1.2014, heading back towards last week's three-month high of $1.2153. Immediate resistance can be seen at 1.2061( 23.6%fib), an upside break can trigger rise towards 1.2156 (Nov 24th high).On the downside, immediate support is seen at 1.1913 (14DMA), a break below could take the pair towards 1.1731(38.2%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Tuesday amid hopes of a potential easing in the country's strict pandemic restrictions following an unprecedented episode of unrest. China will speed up COVID-19 vaccinations for elderly people, health officials said on Tuesday, aiming to overcome a key stumbling block in efforts to ease unpopular "zero-COVID" curbs. The U.S. dollar , which rallied in the previous session on mounting worries over China's COVID-19 situation, fell 0.4% to 106.19. Immediate resistance can be seen at 0.9550(38.2%fib), an upside break can trigger rise towards 0.9594(Nov 21st high).On the downside, immediate support is seen at 0.9488(11DMA), a break below could take the pair towards 0.9396(23.6%fib).
USD/JPY: The dollar declined against Japanese yen on Tuesday as investors await more Fed policy cues. St. Louis Fed President James Bullard said the Fed needs to raise interest rates quite a bit further and then hold them there throughout next year and into 2024 to gain control of inflation. Investors now await remarks from Fed Chair Jerome Powell, who is due to speak at a Brookings Institution event on Wednesday. The ADP National Employment report and the U.S. Labor Department’s nonfarm payrolls data are also due this week. Strong resistance can be seen at 139.33(5DMA), an upside break can trigger rise towards 140.33(38.2%fib).On the downside, immediate support is seen at 137.68 (23.6% fib), a break below could take the pair towards 137.00(Psychological level).
Equities Recap
European stocks fell on Tuesday as caution prevailed ahead of German inflation data for November and final November consumer confidence data for the euro zone due later in the day.
At (GMT 12:37 ),UK's benchmark FTSE 100 was last trading down at 0.74 percent, Germany's Dax was down by 0. 22 percent, France’s CAC finished was up by 0. 20 percent.
Commodities Recap
Gold prices climbed as much as 1% on Tuesday as a pullback in the dollar outweighed pressure from hawkish remarks by U.S. Federal Reserve officials on interest rate hikes.
Spot gold was up 0.8% at $1,753.91 per ounce, as of 1112 GMT, while U.S. gold futures gained 0.9% to $1,754.90.
Oil prices jumped by 3% on Tuesday on hopes for a relaxation of China's strict COVID-19 controls after rare protests in Chinese cities over the weekend.
Brent crude futures gained $2.50, or 3%, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6%, to $79.22.