Posted at 23 November 2022 / Categories Market Roundups
•French Nov Manufacturing PMI 49.1, 47.0 forecast, 47.2 previous
•French Nov S&P Global Composite PMI 48.8, 49.5 forecast, 50.2 previous
•French Nov Services PMI 49.4, 50.6 forecast, 51.7 previous
•German Nov Manufacturing PMI 46.7, 45.0 forecast,45.1 previous
•German Nov Composite PMI 46.4, 44.9 forecast, 45.1 previous
•German Nov Services PMI 46.4, 46.2 forecast, 46.5 previous
•EU Nov Services PMI 48.6, 48.0 forecast, 48.6 previous
•EU Nov Manufacturing PMI 47.3, 46.0 forecast, 46.4 previous
•UK Manufacturing PMI 46.2, 45.7 forecast, 46.2 previous
•UK Services PMI 48.8, 48.0 forecast, 48.8 previous
•UK Composite PMI 48.3, 47.2 forecast,48.2 previous
Looking Ahead - Economic Data (GMT )
•13:00 US Building Permits 1.526M forecast, 1.564M previous
•13:00 US Building Permits (MoM) -2.4% forecast,1.4% previous
•13:30 US Initial Jobless Claims 225K forecast,222K previous
•13:30 US Jobless Claims 4-Week Avg 221.00K previous
•13:30 US Continuing Jobless Claims 1,517K forecast, 1,507K previous
•13:30 Canada Corporate Profits (QoQ) 6.5% previous
•13:30 US Oct Durables Excluding Defense (MoM)1.5% previous
•13:30 US Oct Goods Orders Non Defense Ex Air (MoM) 0.3% forecast,-0.4% previous
•13:30 US Oct Durable Goods Orders (MoM)0.4% forecast,0.4% previous
•13:30 US Oct Core Durable Goods Orders (MoM) 0.1% forecast,-0.5% previous
•14:45 US Nov Manufacturing PMI 50.0forecast,50.4 previous
•14:45 US Nov Services PMI 47.9 forecast,47.8 previous
•14:45 US Nov S&P Global Composite PMI 48.2 previous
•15:00 US Nov Michigan Consumer Sentiment 55.0 forecast, 54.7 previous
•15:00 US Oct New Home Sales 570K forecast, 603K previous
•15:00 US Nov Michigan 5-Year Inflation Expectations 3.00% forecast, 2.90% previous
•15:00 US Nov Michigan Current Conditions 57.8 forecast, 65.6 previous
•15:00 US Nov Michigan Consumer Expectations 52.7 forecast, 56.2 previous
•15:00 US Nov Michigan Inflation Expectations 5.1% forecast, 5.0% previous
•15:30 US Cushing Crude Oil Inventories -1.624M previous
•15:30 US Gasoline Inventories 0.383M forecast, 2.207M previous
•15:30 US Heating Oil Stockpiles 0.598M previous
•15:30 US Gasoline Production 0.035M previous
Looking Ahead - Events, Other Releases (GMT)
•13:45 UK BoE MPC Member Mann
•15:30 UK BoE MPC Member Pill Speaks
•14:00 EU German Buba Beermann Speaks
EUR/USD: The euro edged higher against dollar on Wednesday after fresh data showed the downturn in euro zone business activity eased slightly in November. S&P Global's flash Composite Purchasing Managers' Index (PMI), seen as a good gauge of overall economic health, nudged up to 47.8 from 47.3 in October, confounding expectations for a fall to 47.0 in a poll. The downturn in German economic activity also eased in November, a sister survey showed, offering some hope an expected recession in Europe's largest economy could be milder than first feared. The euro was last up 0.1% at $1.03090. Immediate resistance can be seen at 1.0328(9DMA), an upside break can trigger rise towards 1.0387(23.6%fib).On the downside, immediate support is seen at 1.0230(38.2%fib), a break below could take the pair towards 1.0172(11 Nov low).
GBP/USD: Sterling ticked up on Wednesday, rising for a second day against a faltering U.S. dollar after preliminary British economic activity data beat expectations, though it still showed contraction was underway. Flash purchasing manager index (PMI) data on Wednesday showed British economic activity sticking near 21-month lows, adding to signs of recession as orders sank and employment growth slowed. Despite the latest PMI readings remaining below 50 - the threshold for contraction the data was slightly better than economists polled had expected, leading to a slightly firmer pound. Immediate resistance can be seen at 1.1874 ( 23.6%fib), an upside break can trigger rise towards 1.2061 (Higher BBb).On the downside, immediate support is seen at 1.1861 (9DMA), a break below could take the pair towards 1.1714 (38.2%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Wednesday as investors kept their eyes on upcoming minutes of a Federal Reserve meeting that could shed light on whether the U.S. central bank was considering moderating interest rate hikes. The Fed may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation, Kansas City Fed President Esther George said on Tuesday.Fed Bank of Cleveland President Loretta Mester reiterated that getting inflation down remains critical for the central bank. The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down 0.05% at 107.10. Immediate resistance can be seen at 0.9536(11DMA), an upside break can trigger rise towards 0.9568(38.2%fib).On the downside, immediate support is seen at 0.9487(Daily low), a break below could take the pair towards 0.9428(23.6% fib).
USD/JPY: The dollar traded in narrow trading range against the Japanese yen on Wednesday as investors positioned for the U.S. Federal Reserve’s latest policy meeting minutes, which could offer clues on further interest rate hikes. Market participants are awaiting the minutes of Fed’s Nov. 1-2 policy meeting due at 1900 GMT. At the beginning of this month, the U.S. central bank delivered a fourth consecutive 75 basis-point rate hike to tame inflation in what has become the fastest tightening of monetary policy in 40 years. Ahead of the Fed minutes, the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was down 0.05% at 107.10. Strong resistance can be seen at 142.40 (38.2% fib), an upside break can trigger rise towards 143.00(Psychological level).On the downside, immediate support is seen at 140.83 (11DMA), a break below could take the pair towards 140.28(23.6% fib).
European stocks were pinned near three-month highs on Wednesday as data showed a downturn in euro zone business activity eased slightly in November, while rallying commodity shares offset losses in Credit Suisse following its profit warning.
At (GMT 11:59 ),UK's benchmark FTSE 100 was last trading up at 0.37 percent, Germany's Dax was down by 0.13 percent, France’s CAC finished was up by 0. 04 percent.
Gold edged lower on Wednesday with most investors on the sidelines ahead of minutes from the U.S. Federal Reserve’s November policy meeting that could offer hints on its tightening path.
Spot gold was 0.1% lower at $1,738.50 per ounce by 0953 GMT, while U.S. gold futures were little changed at $1,739.10.
Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.
Brent crude futures fell $1.62, or 1.83%, to $86.74 a barrel at 1101 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down $1.25, or 1.54%, at $79.70 a barrel.