Posted at 15 March 2023 / Categories Market Roundups
Market Roundup
•German Feb WPI (YoY) 8.9% ,10.6% previous
•German Feb WPI (MoM) 0.1%, 0.2% previous
•French Feb CPI (MoM) 1.1%, 0.9% forecast, 0.4% previous
• French Feb HICP (YoY) 7.3%, 7.2% forecast,7.2% previous
•French Feb HICP (MoM) 1.1% , 1.0% forecast,1.0% previous
•French CPI (YoY) 6.3% ,6.2% forecast,6.0% previous
•EU Jan Industrial Production (YoY) 0.9% ,0.2% forecast, -1.7% previous
•EU Jan Industrial Production (MoM) 0.7%, 0.4% forecast, -1.1% previous
Looking Ahead Economic Data(GMT)
•12:15 Canada Feb Housing Starts 220.0K forecast, 215.4K previous
•12:30 US Feb PPI (MoM) 0.3% forecast,0.7% previous
•12:30 US Feb Retail Sales Ex Gas/Autos (MoM) 2.6% previous
•12:30 US Feb Retail Sales (MoM ) -0.3% forecast, 3.0% previous
•12:30 US Feb Core PPI (YoY) 5.2% forecast,5.4% previous
•12:30 US Feb Core Retail Sales (MoM) -0.1% forecast,2.3% previous
•12:30 US Feb PPI (YoY) 5.4% forecast,6.0% previous
•12:30 US Feb PPI ex. Food/Energy/Transport (MoM) 0.6% previous
•12:30 US Feb Core PPI (MoM) 0.4% forecast,0.5% previous
•12:30 US Feb PPI ex. Food/Energy/Transport (YoY) 4.5% previous
•12:30 US Mar NY Empire State Manufacturing Index -8.00 forecast,-5.80 previous
•12:30 US Feb Retail Sales (YoY) 6.38% previous
•12:30 US Feb Retail Control (MoM) -0.3% forecast,-1.7% previous
•14:00 US Jan Retail Inventories Ex Auto 0.2% forecast,0.2% previous
•14:00 US Mar NAHB Housing Market Index 40 forecast,42 previous
•14:00 US Jan Business Inventories (MoM) 0.1% forecast, 0.3% previous
•14:30 US Crude Oil Inventories 1.188M forecast,-1.694M previous
Looking Ahead Events And Other Releases (GMT)
•No data ahead
Fxbeat
EUR/USD: The euro declined against the dollar on Wednesday after Credit Suisse's tumble to a new low renewed worries about the European banking sector following Silicon Valley Bank's collapse.Credit Suisse shares fell around 20% after its biggest investors said it could not provide more backing. All eyes will now be on the European Central Bank, which is still leaning towards a half-percentage-point rate hike on Thursday, despite turmoil in the banking sector, as they expect inflation will remain too high in coming years. The euro fell 1.2% to $1.0605. Immediate resistance can be seen at 1.0561(5DMA), an upside break can trigger rise towards 1.0744(23.6%fib).On the downside, immediate support is seen at 1.0574(50%fib), a break below could take the pair towards 1.0519(Lower BB).
GBP/USD: The British pound edged lower against the dollar on Wednesday, but remained close to a one-month high, ahead of finance minister Jeremy Hunt’s Spring Budget.Hunt is set to detail plans try to speed up the world’s sixth-biggest economy after the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation left it lagging behind its peers. However, he has already ruled out a major spending spree or large-scale tax cuts. The pound was last down 0.3% at $1.2118, having hit a one-month high of $1.2203 on Tuesday. Immediate resistance can be seen at 1.2183 (23.6%fib), an upside break can trigger rise towards 1.2243(Higher BB).On the downside, immediate support is seen at 1.2071(5DMA), a break below could take the pair towards 1.2000(38.2%fib).
USD/CHF: The dollar rose against the Swiss franc as markets were shaken again on Wednesday with Credit Suisse dropping over 20% after the lender's biggest shareholder, Saudi National Bank, said it could not go above 10% ownership for regulatory reasons. Shares of Credit Suisse fell below 2 Swiss francs ($2.18) after the lender's biggest shareholder said it could not raise its 10% stake, citing regulatory issues. The market regulator halted trading in the stock several times as volumes soared and the stock plummeted. The Swiss lender woes led the wider European banking index to its lowest level since early January and triggered sharp sell off in the currency markets. Immediate resistance can be seen at 0.9200 (5DMA), an upside break can trigger rise towards 0.9236(38.2%fib).On the downside, immediate support is seen at 0.9107 (23.6%fib), a break below could take the pair towards 0.9078(Lower BB).
USD/JPY: The dollar declined against yen on Wednesday as investors rushed back into safe-haven yen as renewed unease gripped world markets as news that Credit Suisse's largest investor said it could not provide the Swiss bank with more financial assistance sent its shares and broader European shares sliding once more.Signs of calm and stability in banking stocks, that have tanked in the past week, following the collapse of Silicon Valley Bank (SVB), soon paved way for renewed selling as Credit Suisse shares fell to fresh record lows. Strong resistance can be seen at 134.30(5DMA), an upside break can trigger rise towards 134.94(50%fib).On the downside, immediate support is seen at 132.93(38.2%fib), a break below could take the pair towards 132.06(Lower BB).
Equities Recap
European shares fell on Wednesday as bank stocks resumed their selloff, after a short-lived bounce in the previous session, with Credit Suisse plunging to a fresh record low.
At (GMT 12:23 ),UK's benchmark FTSE 100 was last trading down at 2.60 percent, Germany's Dax was down by 2.63 percent, France’s CAC was down by 3.21 percent.
Commodities Recap
Gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets.
Spot gold was down 0.3% at $1,906.79 per ounce as of 1118 GMT.U.S. gold futures rose 0.1% to $1,912.10.
Oil extended losses on Wednesday with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery.
Brent crude fell $1.21, or 1.6%, to $76.24 a barrel by 1135 GMT. U.S. West Texas Intermediate crude futures (WTI) were down $1.20, or 1.7%, at $70.13.