Posted at 21 February 2023 / Categories Market Roundups
Market Roundup
• Italian Jan Car Registration (MoM) 22.4%, -12.5% previous
•UK Jan Car Registration (YoY) 14.7%, 18.3% previous
•UK Jan Car Registration (MoM) 2.7%, -10.1% previous
•French Jan Car Registration (YoY) 8.8% ,-0.1% previous
•German Jan Car Registration (YoY) -2.6%,38.1% previous
•German Jan Car Registration (MoM) -43.0%,20.7% previous
•Sweden Capacity Utilization (QoQ) (Q4)-0.1%, -0.9% previous
•UK Jan Public Sector Net Cash Requirement -28.962B, 17.210B previous
•UK Jan Public Sector Net Borrowing -6.24B,26.58B previous
•Swiss Jan Trade Balance 5.078B,3.750B forecast,2.827B previous
•French Feb Services PMI 52.8,49.9 forecast,49.4 previous
•French Feb S&P Global Composite PMI 51.6, 50.1 forecast,49.1 previous
•German Feb Manufacturing PMI 46.5, 47.8 forecast,47.3 previous
• German Feb Services PMI 51.3,51.0 forecast,50.7 previous
•German Feb Composite PMI 51.1,50.4 forecast,49.9 previous
•EU Feb Services PMI 53.0,51.0 forecast,50.8 previous
• EU Feb Manufacturing PMI 48.5,49.3 forecast,48.8 previous
• EU Feb S&P Global Composite PMI 52.3,50.6 forecast,50.3 previous
•UK Composite PMI 53.0, 49.0 forecast,48.5 previous
•UK Services PMI 53.3,49.2 forecast,48.7 previous
•UK Manufacturing PMI 49.2,47.5 forecast,47.0 previous
•EU Feb ZEW Economic Sentiment 29.7, 22.3 forecast,16.7 previous
•German Feb ZEW Current Conditions -45.1,-50.0 forecast,-58.6 previous
•German Feb ZEW Economic Sentiment 28.1, 22.0 forecast,16.9 previous
Looking Ahead economic data(GMT)
•13:30 Canada Jan Core CPI (YoY) 5.5% forecast, 5.4% previous
•13:30 Canada Dec Core Retail Sales (MoM) -0.3% forecast,-0.6% previous
•13:30 Canada Jan Core CPI (MoM) 0.2% forecast,-0.3% previous
•13:30 Canada Jan CPI (YoY) 6.1% forecast,6.3% previous
•13:30 Canada Jan CPI (MoM) 0.7% forecast,-0.6% previous
•13:30 Canada Dec Retail Sales (MoM)0.4% forecast,-0.1% previous
•13:30 Canada Jan Common CPI (YoY) 6.6% previous
•13:30 Canada Jan Median CPI (YoY) 5.0% previous
•13:30 Canada Jan Trimmed CPI (YoY) 5.3% previous
•14:45 US Feb Manufacturing PMI 47.1 forecast,46.9 previous
•14:45 US Feb S&P Global Composite PMI 47.5 forecast,46.8 previous
•14:45 US Feb Services PMI 47.2 ,46.8 previous
•15:00 US Jan Existing Home Sales 4.10M forecast,4.02M previous
•15:00 US Jan Existing Home Sales (MoM) 2.0% forecast,-1.5% previous
•16:30 US 3-Month Bill Auction 4.680% previous
Looking Ahead events and Other Releases(GMT)
•No events ahead
Fxbeat
EUR/USD: The euro declined on Tuesday after data showed euro zone manufacturing activity deteriorated this month, although a rebound in the more inflation-sensitive services sector kept losses in check.The euro has been struggling against the dollar in particular over the past couple of weeks, after strong U.S. labour data and signs of persistent inflation have raised the chances that U.S. interest rates will rise further than many previously anticipated.S&P Global's flash Composite Purchasing Managers' Index (PMI) for the euro zone, seen as a good gauge of overall economic health, rose to its highest in nine months. Immediate resistance can be seen at 1.0692(5DMA), an upside break can trigger rise towards 1.0808(23.6%fib).On the downside, immediate support is seen at 1.0602(38.2%fib), a break below could take the pair towards 1.0541(Lower BB).
GBP/USD: The pound strengthened on Tuesday after data showed an unexpected bounce in British business activity, suggesting the economy could be sidestepping a deep recession. The move followed the release of Britain's preliminary "flash" Purchasing Managers' Index, which jumped to 53.0 in February from 48.5 in January, above the 50 threshold for growth for the first time since July. It also beat all forecasts in a poll of more than 20 economists, which had pointed to a reading of 49.0. The pound gained 0.4% against the dollar to $1.2088 and also firmed against the euro, with the European common currency dropping 0.72% to 88.17 pence, which would be its largest daily percentage fall in a month .Immediate resistance can be seen at 1.2158 (23.6%fib), an upside break can trigger rise towards 1.2263(Feb 14th high).On the downside, immediate support is seen at 1.2037 (5DMA), a break below could take the pair towards 1.1977(38.2%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as the prospect of the U.S. central bank having to stay on its hawkish path boosted greenback. Investor focus is firmly on the release on Wednesday of the minutes of the Fed's latest meeting earlier this month when it raised interest rates by 25 basis points.U.S. manufacturing data is due later on Tuesday, while Friday's core personal consumption expenditures index the Federal Reserve's preferred gauge of price pressures could shed more light on what might happen with interest rates this year.Immediate resistance can be seen at 0.9290 (38.2%fib), an upside break can trigger rise towards 0.9329(Higher BB).On the downside, immediate support is seen at 0.9232(5DMA), a break below could take the pair towards 0.9166(23.6%fib).
USD/JPY: The dollar dipped against yen on Tuesday traders waited for more economic data to gauge the U.S. Federal Reserve’s rate-hike strategy. Investors are now awaiting minutes of the Fed’s latest policy meeting due to be released on Wednesday. Money markets expect the U.S. central bank to raise benchmark rates above 5% by May, with a peak in rates seen at 5.3% in July. The focus this week will also be on U.S. Gross domestic product data on Thursday and Friday’s core PCE price index.Against the yen, the dollar was up 0.23% at 134.6. Strong resistance can be seen at 135.30(38.2%fib), an upside break can trigger rise towards 136.30 (Higher BB ).On the downside, immediate support is seen at 134.24(5DMA), a break below could take the pair towards 133.56(50%fib)
Equities Recap
European stocks fell on Tuesday and bond yields jumped after a pick up in euro zone business activity this month fuelled predictions that the European Central Bank would remain hawkish as inflation stays stubbornly high.
At (GMT 12:24 ),UK's benchmark FTSE 100 was last trading down at 0.25 percent, Germany's Dax was down by 0.42 percent, France’s CAC was down by 0.35 percent.
Commodities Recap
Gold prices slipped on Tuesday due to a rise in the dollar, while investors awaited U.S. economic data to gauge the Federal Reserve’s interest rate-hike strategy.
Gold prices slipped on Tuesday due to a rise in the dollar, while investors awaited U.S. economic data to gauge the Federal Reserve’s interest rate-hike strategy.
Brent crude oil prices steadied after early declines on Tuesday, supported by better than expected business activity data as well as supply curbs and hopes for a Chinese demand recovery.
Global benchmark Brent crude was down 26 cents, or 0.3%, at $83.81 a barrel at 1152 GMT. U.S. West Texas Intermediate crude for March, which expires on Tuesday, was up $1.02 at $77.36.