Posted at 28 February 2023 / Categories Market Roundups
Market Roundup
•German Jan Import Price Index (MoM) -1.2%, -1.5% forecast,-1.6% previous
•German Jan Import Price Index (YoY) 6.6%,12.6% previous
•French Jan Consumer Spending (MoM) 1.5%,0.4% forecast,-1.3% previous
•French GDP (QoQ) (Q4)0.1%,0.1% forecast,0.1% previous
• French Jan PPI (MoM) 2.7%, 1.4% previous
•French Feb CPI (YoY) 6.2%,6.1% forecast,6.0% previous
•French Feb CPI (MoM) 0.9%,0.7% forecast,0.4% previous
•French GDP (YoY)0.5% ,0.5% previous
•Swiss GDP (YoY) (Q4) 0.8%,1.0% forecast,0.9% previous
• Swiss GDP (QoQ) (Q4) 0.0%,0.1% forecast,0.2% previous
• Spanish CPI (MoM)1.0%,0.0% forecast,-0.2% previous
•Spanish CPI (YoY)6.1% ,5.9% forecast,5.9% previous
•Italian Dec Industrial Sales (YoY) 14.90%,11.50% previous
•Italian Jan Trade Balance Non-EU -1.36B,4.08B previous
•Belgian GDP (QoQ) (Q4)0.1%, 0.1% previous
•Canada GDP (QoQ) (Q4) 0.0%, 0.7% previous
•Canada GDP Implicit Price (QoQ) (Q4) -0.70%,-1.40% previous
•Canada GDP (YoY) (Q4) 2.07%,3.00 % previous
•Canada GDP Annualized (QoQ) (Q4) 0.0%,1.5% forecast,2.9% previous
•US Jan Retail Inventories Ex Auto 0.2% , 0.4% previous
•US Jan Goods Trade Balance-91.50B, -89.67B previous
•Canada Dec GDP (MoM) -0.1%, 0.1% forecast,0.1% previous
•US Dec S&P/CS HPI Composite - 20 n.s.a. (YoY) 4.6%,5.8% forecast,6.8% previous
•US Dec House Price Index (YoY) 6.6%,8.2% previous
•US Dec House Price Index 392.1, 392.3 previous
•US Dec House Price Index (MoM) -0.1%, -0.2% forecast,-0.1% previous
•US Dec S&P/CS HPI Composite - 20 n.s.a. (MoM) -0.9%, -0.8% previous
•US Dec S&P/CS HPI Composite - 20 s.a. (MoM) -0.5%,-0.5% forecast, -0.5% previous
Looking Ahead Economic Data(GMT)
•14:45 US Feb Chicago PMI 45.0 forecast,44.3 previous
•15:00 US Feb Richmond Manufacturing Index -6 forecast,-11 previous
•15:00 US Feb CB Consumer Confidence 108.5 forecast, 107.1 previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro gained against the dollar on Tuesday as surprisingly hot inflation data from France and Spain boosted euro. French annual inflation rose unexpectedly to 7.2% in February from 7.0% in January.Spain’s consumer prices rose 6.1% year-on-year in February, a faster pace than the 5.9% during the 12 months to January and above the 5.7% expected by analysts polled. The euro was up 0.1% to $1.0617, after rising 0.6% on Monday. The dollar index, which measures U.S. currency against six other peers, was flat at 104.64 Immediate resistance can be seen at 1.0659(14DMA), an upside break can trigger rise towards 1.0796 (23.6%fib ).On the downside, immediate support is seen at 1.0570 (38.2%fib), a break below could take the pair towards 1.0501(Lower BB).
GBP/USD: The pound held steady on Tuesday, retaining gains overnight after Britain struck a new trade deal with the European Union, which brightened the outlook for the post-Brexit UK economy and signalled improved relations between London and the bloc. Britain and the EU on Monday announced a new deal for post-Brexit trading arrangements for Northern Ireland, known as the Windsor Framework, which British Prime Minister Rishi Sunak said would pave the way for a new chapter in London’s relationship with Brussels. Sterling jumped on the back of the news to clock a 1% gain in the previous session, and rose to a high of $1.2069 on Tuesday. Immediate resistance can be seen at 1.2155(23.6%fib), an upside break can trigger rise towards 1.2258(Higher BB).On the downside, immediate support is seen at 1.2061(14DMA), a break below could take the pair towards 1.1975 (38.2%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as upbeat economic data led to mounting expectations that the U.S. Federal Reserve will have to raise interest rates more than initially expected. Investors will get more information on the state of the U.S. economy with U.S. ISM manufacturing and services survey data for February due on Wednesday and Friday, respectively. The dollar index , which measures the currency against a basket of peers, was flat at 104.7, but was still set for a February gain of 2.5%, its first monthly increase since September. Immediate resistance can be seen at 0.9409 (38.2%fib), an upside break can trigger rise towards 0.9443(Higher BB).On the downside, immediate support is seen at 0.9343(50%fib ), a break below could take the pair towards 0.9308(9DMA).
USD/JPY: The dollar strengthened against yen on Tuesday as the prospects of further interest rate hikes from the U.S. Federal Reserve continued support dollar. Strong economic data has shown signs of a resilient U.S. economy, prompting several Fed policymakers to back further rate hikes to curb inflation. Fed Governor Philip Jefferson said on Monday he was under “no illusion” that inflation would return quickly to the Fed’s 2% target and noted that the Personal Consumption Expenditures (PCE) index remained “elevated. Markets expect the Fed’s target rate to peak at 5.415% in September. Strong resistance can be seen at 138.03(23.6%fib), an upside break can trigger rise towards 138.48(Higher BB).On the downside, immediate support is seen at 135.73 (38.2%fib), a break below could take the pair towards 135.12 (9DMA).
Equities Recap
European shares fell on Tuesday, with UK's Ocado sinking after a worse-than-expected full-year loss, while data from France and Spain pointed to inflation being stickier than feared.
At (GMT 14:01 ),UK's benchmark FTSE 100 was last trading down at 0.50 percent, Germany's Dax was up by 0.29 percent, France’s CAC was up by 0.17percent.
Commodities Recap
Gold prices slipped to a two-month low on Tuesday and were on track for their biggest monthly decline since June 2021, pressured by a stronger dollar and prospects of more rate hikes from the U.S. Federal Reserve.
Spot gold was down 0.4% at $1,809.90 by 1124 GMT, having earlier hit its lowest since late December at $1,804.20. U.S. gold futures slipped 0.5% to $1,816.30.
Oil prices rose on Tuesday, erasing the previous session's losses, as hopes for a solid economic rebound in China offset worries about further U.S. interest rate hikes dragging on consumption in the world's biggest economy.
Brent crude futures for April , due to expire on Tuesday, were up by 87 cents, or 1.1%, to $83.32 per barrel by 1059 GMT. The more active May contract rose $1.09, or 1.3%, to $83.13 per barrel.