Posted at 19 April 2023 / Categories Market Roundups
Market Roundup
•UK Mar Core PPI Output (MoM) 0.3%, 0.2%forecast,-0.2% previous
• UK Mar Core PPI Output (YoY) 8.5%,8.6% forecast,10.4% previous
• UK Mar PPI Input (YoY) 7.6%,7.0% forecast,12.7% previous
• UK Mar PPI Input (MoM) 0.2%,-0.3% forecast,-0.1% previous
• UK Mar PPI Output (YoY) 8.7%,8.6% forecast,12.1% previous
• UK Mar PPI RPI (MoM) 0.7%,0.6% forecast,1.2% previous
• UK Mar RPI (YoY) 13.5%,13.3% forecast,13.8% previous
• UK Mar (YoY) 10.1%, 9.8% forecast, 10.4% previous
• UK Mar Core RPI (MoM) 0.7%, 0.2% forecast, 1.1% previous
• UK Mar CPI (MoM) 0.8%,0.5% forecast,1.1% previous
• German Mar Car Registration (MoM) 36.4%, 15.0% previous
• French Mar Car Registration (YoY) 24.2%,9.4% previous
•UK Mar Car Registration (MoM) 286.6%,-43.6% previous
•UK Mar Car Registration (YoY) 18.2%, 26.2% previous
•UK Mar CPI, n.s.a 128.90,127.90 previous
•UK Core Mar RPI (YoY) 12.6%, 12.9% previous
•UK Core Mar Core CPI (YoY) 6.2%, 6.0% forecast,6.2% previous
• UK Mar Core CPI MoM (MoM) 0.9%, 0.6% forecast,1.2% previous
• EU Mar Core CPI (MoM) 1.3%, 1.2% forecast, 0.8% previous
• EU Mar HICP ex Energy & Food (YoY) 7.5%, 7.5% forecast,7.4% previous
• EU Mar CPI ex Tobacco (MoM) 0.9%, 1.2% forecast,0.8% previous
• EU Mar Core CPI (YoY) 5.7%, 5.7% forecast, 5.6% previous
• EU Mar CPI (YoY) 6.9%, 6.9% forecast, 8.5% previous
• EU Feb Construction Output (MoM) 2.37%, 0.00% forecast, 3.91% previous
• EU Mar CPI (MoM) 0.9%, 0.9% forecast, 0.8% previous
• EU Mar CPI ex Tobacco (YoY) 6.9%, 8.0% forecast, 8.6% previous
• EU Mar Core CPI (MoM) 1.3%, 1.2% forecast,0.8% previous
• EU Mar HICP ex Energy & Food (YoY) 7.5%,7.5% forecast,7.4% previous
• EU CPI ex Tobacco (MoM) 0.9%,1.2% forecast,0.8% previous
Looking Ahead Economic Data(GMT)
• 12:15 Canada Mar Housing Starts 237.8K forecast,244.0K previous
• 12:30 Canada Mar RMPI (YoY) -11.8% forecast,-5.2% previous
•12:30 Canada Mar RMPI (MoM) 0.0% forecast,-0.4% previous
•12:30 Canada Mar IPPI (YoY) -2.1% forecast, 1.4% previous
•12:30 Canada Mar IPPI (MoM) 1.6% forecast, -0.8% previous
•14:30 US Cushing Crude Oil Inventories 0.622M forecast,-0.409M previous
•14:30 US Crude Oil Imports -0.778M forecast,1.561M previous
•14:30 US Crude Oil Inventories -1.088M forecast,0.597M previous
Looking Ahead Events Other Releaes(GMT)
•No Significant Events
Fxbeat
EUR/USD: The euro dipped on Wednesday after data showed Euro zone headline annualised consumer inflation eased. Euro zone inflation eased last month but underlying readings remained stubbornly high, Eurostat said on Wednesday, confirming preliminary data that raised worries at the European Central Bank about the persistence of price pressures.Consumer inflation in the 20 nations sharing the euro eased to 6.9% from 8.5%, primarily on a rapid fall in energy costs as natural gas prices keep declining after their surge a year ago on Russia's invasion of Ukraine .Immediate resistance can be seen at 1.0971(5DMA), an upside break can trigger rise towards 1.1036(Higher BB).On the downside, immediate support is seen at 1.0905(38.2%fib ), a break below could take the pair towards 1.0848 (April 11th low).
GBP/USD: Pound dipped against dollar on Wednesday after UK consumer prices fell less than expected, boosting bets for one more rate hike from the Bank of England (BoE) at its May monetary policy meeting. Data showed Britain now has Western Europe's highest rate of consumer price inflation, after a weaker-than-expected fall in March to 10.1% from February's 10.4%.Traders now see a 98.2% probability of a 25-basis-point hike in May, with interest rates peaking in November. Immediate resistance can be seen at 1.2426(5DMA), an upside break can trigger rise towards 1.2541(23.6%fib).On the downside, immediate support is seen at 1.2374(38.2%fib), a break below could take the pair towards 1.2281(April 3rd low).
USD/CHF: The dollar strengthened against Swiss Franc on Wednesday as traders assessed prospects of the Federal Reserve raising interest rates just once more in May before pausing. The U.S. central bank should continue raising interest rates on the back of recent data showing inflation remains persistent while the broader economy seems poised to continue growing, even if slowly, St. Louis Fed President James Bullard said on Tuesday. The CME FedWatch tool shows that markets are pricing in an 83.2% chance of a 25 basis-point hike in May. Immediate resistance can be seen at 0.9000(38.2%fib), an upside break can trigger rise towards 0.9106(50%fib).On the downside, immediate support is seen at 0.8957 (5DMA), a break below could take the pair towards 0.8883(23.6%fib).
USD/JPY: The dollar strengthened against Japan's yen on Wednesday as greenback regained footing as investors scrutinised U.S. economic indicators and Federal Reserve commentary. St. Louis Fed chief James Bullard told Reuters in an interview that he leans toward 75 bps of additional tightening, versus market consensus for one more 25 bp hike next month and then the potential for cuts later this year. Strong resistance can be seen at 135.25(23.6%fib), an upside break can trigger rise towards 135.78(Higher BB).On the downside, immediate support is seen at 133.19(5DMA), a break below could take the pair towards 132.92(23.6%fib)
Equities Recap
European shares fell on Wednesday, as investors scrutinised still-hot UK inflation and corporate earnings.
At (GMT 11:45 ),UK's benchmark FTSE 100 was last trading down at 0.16 percent, Germany's Dax was down by 0.13 percent, France’s CAC was down by 0.00 percent.
Commodities Recap
Gold prices slid more than 1% Wednesday on higher U.S. yields and the dollar, as some investors bet that a pause to the Federal Reserve's rate hike may take longer than previously thought.
Spot gold was down 1.5% at $1,974.89 per ounce by 1026 GMT, while U.S. gold futures were down 1.7% to $1,984.90.
Oil prices dropped sharply on Wednesday, sliding by 2% as potential U.S. interest rate hikes that could slow growth and curb oil consumption outweighed strong Chinese economic data and falling U.S. inventories.
Brent crude futures shed $1.70 to $83.07 a barrel by 0929 GMT while West Texas Intermediate U.S. crude fell by $1.64 to $79.22.