Posted at 15 February 2023 / Categories Market Roundups
Market Roundup
•UK Jan CPI (YoY) 10.1%, 10.3% forecast,10.5% previous
• UK Jan RPI (MoM) 0.0%, -0.2% forecast,0.6% previous
• UK Jan RPI (YoY) 13.4%, 13.2% forecast,13.4% previous
• UK Jan CPI (MoM) -0.6%, -0.4% forecast,0.4% previous
• UK Jan Core CPI (YoY)5.8%,6.2% forecast,6.3% previous
• UK Jan PPI Input (YoY) 14.1%,14.7% forecast,16.5% previous
• UK Jan PPI Output (YoY) 13.5%, 13.3% forecast,14.7% previous
• UK Jan PPI Input (MoM) -0.1%, 0.2% forecast,-1.1% previous
•Spanish Jan HICP (YoY) 5.9%, 5.8% forecast,5.8% previous
•Spanish Jan HICP (MoM) -0.4%,-0.5% forecast,-0.5% previous
•Spanish Jan CPI (YoY) 5.9%,5.8% forecast,5.8% previous
•EU Dec Trade Balance -8.8B, -12.5B forecast,-11.7B previous
•Greek Jan CPI (YoY) 7.0%,7.2% previous
•EU Dec Industrial Production (YoY) -1.7%,-0.7% forecast,2.0% previous
•EU Dec Industrial Production (MoM) -1.1%,-0.8% forecast,1.0% previous
Looking Ahead – Economic data (GMT)
•13:30 US Jan Retail Control (MoM ) 0.8% forecast,-0.7% previous
•13:30 Canada Dec Wholesale Sales (MoM)-1.8% forecast,0.5% previous
•13:30 US Retail Jan Sales Ex Gas/Autos (MoM) -0.7% previous
•13:30 US Jan Retail Sales (MoM) 1.8% forecast,-1.1% previous
•13:30 US Jan Core Retail Sales (MoM) 0.8% forecast,-1.1% previous
•13:30 US Feb NY Empire State Manufacturing Index -18.00 forecast,-32.90 previous
•13:30 US Jan Retail Sales (YoY) 6.02% previous
•13:30 Canadian Dec Manufacturing Sales (MoM )-1.8% forecast, 0.0% previous
•14:15 US Jan Industrial Production (YoY) 1.65% previous
•14:15 US Jun Manufacturing Production (MoM) 0.8% forecast,-1.3% previous
•14:15 US Jan Capacity Utilization Rate 79.0% forecast,78.8% previous
•14:15 US Jan Industrial Production (MoM) 0.5% forecast,-0.7% previous
•15:00 US Dec Retail Inventories Ex Auto 0.3% forecast, -0.3% previous
•15:00 US Dec Business Inventories (MoM) 0.3% forecast,0.4% previous
•15:00 USD NAHB Housing Market Index 37forecat,35 previous
•15:00 US Crude Oil Inventories 1.166M forecast, 2.423M previous
Looking Ahead - Events, Other Releases (GMT)
•No events ahead
Fxbeat
EUR/USD: The euro dipped against dollar on Wednesday as the dollar rose in the wake of stubbornly high U.S. inflation data and firm words on interest rates from Federal Reserve officials.U.S. consumer price index (CPI) inflation accelerated month-on-month in January, rising 0.5% as expected, due in part to higher rental and food costs.Year-on-year, prices rose 6.4%. That was down from 6.5% in December but above economists' expectations of 6.2%.The dollar climbed against most major currencies on Wednesday, with the euro down 0.14% to $1.0700. Immediate resistance can be seen at 1.0748(38.2%fib), an upside break can trigger rise towards 1.0815(9DMA).On the downside, immediate support is seen at 1.0678(38.2%fib), a break below could take the pair towards 1.0637(Lower BB).
GBP/USD: Sterling fell against dollar on Wednesday after data showed British consumer price inflation fell by more than expected in January. British consumer price inflation fell by more than expected to 10.1% in January from December's 10.5% and there were also drops in underlying measures of inflation that are being closely watched by the Bank of England, official data showed. Economists polled had forecast that the annual CPI rate would drop to 10.3% in January, moving further away from October's 41-year high of 11.1% .Immediate resistance can be seen at 1.2103(5DMA), an upside break can trigger rise towards 1.2164(23.6%fib).On the downside, immediate support is seen at 1.2035(Daily low), a break below could take the pair towards 1.1982(38.2%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Wednesday after data showed the U.S. consumer prices last month rose faster than expected reinforcing investor concerns that the Federal Reserve will tighten monetary policy. The Labor Department said on Tuesday the U.S. consumer price index had increased 0.5% in January.Fed officials said on Tuesday the U.S. central bank will need to keep gradually raising interest rates and suggested sticky price pressures, driven by a hot jobs market, may push borrowing costs higher than they had anticipated.Immediate resistance can be seen at 0.9203 (14DMA), an upside break can trigger rise towards 0.9287(38.2%fib).On the downside, immediate support is seen at 0.9166 (23.6%fib), a break below could take the pair towards 0.9108(Lower BB).
USD/JPY: The dollar strengthened against yen on Wednesday following U.S. inflation data released on Tuesday that raised expectations that the Federal Reserve continue with monetary policy tightening. The consumer price index increased 0.5% last month, the Labor Department said on Tuesday, in line with expectations. In the 12 months through January, the CPI increased 6.4% which was the smallest gain since October 2021 and followed a 6.5% rise in December.Fed officials said the U.S. central bank would need to keep gradually raising interest rates to beat inflation and suggested sticky price pressures driven by a hot jobs market may push borrowing costs higher than they once thought. Strong resistance can be seen at 133.68(Daily high), an upside break can trigger rise towards 134.97 (50%fib%fib).On the downside, immediate support is seen at 133.01(38.2%fib), a break below could take the pair towards 132.44(5DMA)
Equities Recap
European shares clawed higher on Wednesday as a boost from luxury group LVMH and Dutch supermarket group Ahold Delhaize more than offset losses in Barclays after the British lender posted lacklustre earnings.
At (GMT 13:20 ),UK's benchmark FTSE 100 was last trading up at 0.05 percent, Germany's Dax was up by 0.49 percent, France’s CAC was up by 1.04 percent.
Commodities Recap
Gold prices fell on Wednesday to their lowest levels in more than a month after data on U.S. consumer prices showed inflation accelerated in January, flaring concerns of a tighter Federal Reserve monetary policy this year.
Spot gold was down 1.1% at $1,834.00 per ounce, as of 1153 GMT, its lowest level since early January. U.S. gold futures also dropped 1.1% to $1,845.40.
Oil prices dropped for a second day on Wednesday on signs of ample U.S. supplies and expectations of further interest rate hikes, though forecasts of higher 2023 demand growth and a potentially tighter market limited losses.
Brent crude futures fell 45 cents, or 0.5%, to $85.13 a barrel by 1240 GMT after dropping by more than $1 in earlier trading. U.S. West Texas Intermediate (WTI) crude slipped 49 cents, or 0.6%, to $78.57.