Posted at 17 March 2023 / Categories Market Roundups
•EU Wages in euro zone (YoY) (Q4)5.10%,2.10% previous
•EU Feb CPI (YoY) 8.5%, 8.5% forecast,8.6% previous
•EU Feb CPI (MoM) 0.8%,0.8% forecast,-0.2% previous
•EU Feb CPI ex Tobacco (YoY) 8.6%, 8.8% previous
•EU Feb CPI ex Tobacco (MoM) 0.8%,-0.2% previous
•EU Feb Core CPI (YoY) 5.6%,5.6% forecast,5.3% previous
• EU Feb Core CPI (MoM) 0.8%, 0.8% forecast,-0.8% previous
• EU Feb HICP ex Energy & Food (YoY) 7.4%,7.4% forecast,7.1% previous
• EU Feb HICP ex Energy and Food (MoM) 0.9%, 0.9% forecast,-0.4% previous
Looking Ahead Economic Data(GMT)
•12:30 Canada Feb IPPI (MoM) -0.1% forecast,0.4% previous
•12:30 Canada Feb IPPI (YoY) 5.4% previous
•12:30 Canada Jan Foreign Securities Purchases 14.25B forecast,21.22B previous
•12:30 Canada Feb RMPI (MoM) 0.0% forecast,-0.1% previous
•12:30 Canada Jan Foreign Securities Purchases by Canadians -2.29B previous
•12:30 Canada Feb RMPI (YoY) 1.2% previous
•13:15 US Feb Manufacturing Production (MoM) -0.2% forecast,1.0% previous
•13:15 US Feb Industrial Production (YoY) 3.00% forecast,0.79% previous
•13:15 US Feb Capacity Utilization Rate 78.5% forecast,78.3% previous
•13:15 US Feb Industrial Production (MoM) 0.2% forecast,0.0% previous
•14:00 US Mar Michigan Inflation Expectations 4.1% previous
•14:00 US Mar Michigan 5-Year Inflation Expectations 2.90% previous
•14:00 US Mar Michigan Consumer Sentiment 66.9 forecast , 67.0 previous
•14:00 US Mar Michigan Consumer Expectations 64.5 forecast ,64.7 previous
•14:00 US Mar Michigan Current Conditions 70.0 forecast,70.7 previous
•14:00 US Feb Leading Index (MoM) -0.3% forecast,-0.3% previous
•15:30 US 4-Week Bill Auction 4.640% previous
•15:30 US 8-Week Bill Auction 4.820% previous
•17:00 U.S. Baker Hughes Oil Rig Count 590 previous
Looking Ahead Events And Other Releases(GMT)
•No events ahead
EUR/USD: The euro edged higher against the dollar on Friday as fears about a banking crisis eased slightly after top U.S. authorities and banks took action to rescue First Republic Bank. slow its aggressive interest rate hikes to ease the stress on the financial sector. The European Central Bank raised rates by 50 bps on Thursday, sticking to its pledge to fight inflation even as some investors called for a pause in the rate-hiking cycle until the banking turmoil eases.The central bank's supervisory board met on Friday to discuss stress and vulnerabilities in the euro zone banking sector. Immediate resistance can be seen at 1.0665(5DMA), an upside break can trigger rise towards 1.0738(Higher BB).On the downside, immediate support is seen at 1.0591(50%fib), a break below could take the pair towards 1.0519(Lower BB).
GBP/USD: Sterling rose against the dollar on Friday, after a series of lifelines for struggling banks helped restore some investor confidence, trouncing this week's spring budget as a catalyst for the pound. First Republic Bank got a $30 billion lifeline from a cohort of large U.S. banks on Thursday. It followed a dramatic day on Wednesday that saw the Swiss National Bank step in to offer Credit Suisse a $54-billion injection to shore up liquidity and restore investor confidence. Sterling rose 0.12% to $1.2132. Immediate resistance can be seen at 1.2175 (23.6%fib), an upside break can trigger rise towards 1.2202(Higher BB).On the downside, immediate support is seen at 1.2031(9DMA), a break below could take the pair towards 1.2005(38.2%fib).
USD/CHF: The dollar initially dipped against the Swiss franc on Friday but recovered some ground as fears about a banking crisis eased slightly after top U.S. authorities and banks took action to rescue First Republic Bank. This week has revived memories of the 2008 financial crisis, in which dozens of institutions failed or were bailed out with billions of dollars of government and central bank money.The focus will now shift to the U.S. Federal Reserve's monetary policy meeting next week, with some investors hoping it could slow its aggressive interest rate hikes to ease the stress on the financial sector. Immediate resistance can be seen at 0.9279(9DMA), an upside break can trigger rise towards 0.9356(38.2%fib).On the downside, immediate support is seen at 0.9242(23.6%fib), a break below could take the pair towards 0.9205(Feb 15th low).
USD/JPY: The dollar declined against yen on Friday as global banking crisis sent investors rushing towards safe-haven yen. The collapse of Silicon Valley Bank in the U.S. has highlighted banks' vulnerabilities to sharply higher rates, while a rout in Credit Suisse shares added to market turmoil.The Japanese yen , which tends to benefit in times of extreme market volatility or stress, rose. It was last up 0.5% at 133.13 per dollar, set for a weekly rise of 1%.Strong resistance can be seen at 134.30(38.2%fib), an upside break can trigger rise towards 134.86 (9DMA).On the downside, immediate support is seen at 132.36(38.2%fib), a break below could take the pair towards 132.06(Lower BB).
European stock indexes rose in early trading on Friday, extending a recovery from the previous day.
At (GMT 12:25 ),UK's benchmark FTSE 100 was last trading down at 0.43 percent, Germany's Dax was down by 0.61 percent, France’s CAC was down by 0.82percent.
Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilised a banking crisis that set oil prices on course for their biggest weekly fall since December.
Brent crude futures firmed by $1.09, or 1.46%, to $75.79 a barrel by 1040 GMT. U.S. West Texas Intermediate crude rose $1.20, or 1.76%, to $69.55.
Gold prices rose on Friday, seeing their biggest weekly gain since mid-November as a global banking crisis sent investors flocking to the safe haven metal.
Spot gold rose 0.6% to $1,931.12 per ounce by 1023 GMT. Bullion has risen about 3.5% this week, heading for a third consecutive weekly gain.U.S. gold futures gained 0.
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