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Market Roundup
• New Zealand NBNZ Own Activity (Sep) 47.9%, 48.2% previous
•New Zealand ANZ Business Confidence (Sep) 51.9, 53.7 previous
•Australia Building Approvals (Aug) -6.1%, -1.6% forecast, -1.9% previous
•Australia Private Sector Credit (Aug) 0.6%, 0.5% forecast, 0.6% previous
•Australia Housing Credit (Aug) 0.4%, 0.5% previous
•Australia Private House Approvals (Aug) 3.7%, -1.9% previous
•Australia Building Approvals (Aug) 10.3%, 10.9% previous
•Australia Weighted Mean CPI (Aug) 4.0%, 4.1% forecast, 3.5% previous
•Australia Weighted Mean CPI (Aug) 3.6%, 3.6% previous
•Australia Trimmed Mean CPI (Aug) 3.6%, 3.6% forecast, 3.6% previous
•China Manufacturing PMI (Sep) 50.1, 50.1 forecast, 49.8 previous
•China Non-Manufacturing PMI (Sep) 50.2, 49.2 forecast, 49.0 previous
•China Composite PMI (Sep) 50.7, 49.5 previous
•China Caixin Services PMI (Sep) 51.6, 51.3 forecast, 51.4 previous
•China Caixin Manufacturing PMI (Sep) 52.1, 51.7 forecast, 51.5 previous
•UK GDP (Q2) 0.5%, 0.4% forecast, 0.6% previous
•UK GDP (Q2) 1.4%, 1.2% forecast, 0.9% previous
•UK Business Investment (Q2) 1.8%, 1.7% forecast, 3.0% previous
•UK Current Account (Q2) -19.9B, -25.6B forecast, -21.1B previous
•UK Business Investment (Q2) 5.2%, 0.8% forecast, 1.8% previous
Looking Ahead Economic Data (GMT)
•09:00 Italy Italian CPI (Sep) 3.8%, 3.3% previous
•09:00 Italy Italian HICP (Sep) 1.8%, 0.1% previous
•09:00 Italy Italian HICP (Sep) 3.8%, 3.2% previous
•09:00 Italy Italian CPI (Sep) 0.2%, 0.5% previous
•09:00 Greece Greek PPI (Aug) 11.8% previous
•09:00 Greece Greek Unemployment Rate (Aug) 7.9% previous
•09:00 Greece Greek Retail Sales (Jul) 1.9% previous
•12:00 Germany German CPI (Sep) 0.5% forecast, 0.2% previous
•12:00 Germany German CPI (Sep) 3.1% forecast, 2.9% previous
•12:00 Germany German HICP (Sep) 0.5% forecast, 0.2% previous
•12:00 Germany German HICP (Sep) 3.2% forecast, 2.9% previous
Looking Ahead Events And Other Releases (GMT)
•No Data Ahead
Currency Forecast
EUR/USD : The euro edged higher on Wednesday as investors brace for US inflation data later in the day. The Fed's preferred inflation yardstick, US core PCE, is due out later on Wednesday, though the market is more focused on Friday's US jobs report, which could reinforce expectations that US rates are on the rise. According to the CME's FedWatch Tool, traders see a 47% chance of a Fed rate increase in October and a 91% chance of a hike in December. The US central bank raised rates by 25 basis points this month. September inflation data from Germany is due later in the day, which could offer clues into the health of the nation. Immediate resistance can be seen at 1.1450(38.2%fib), an upside break can trigger rise towards 1.1539(50%fib).On the downside, immediate support is seen at 1.1348(23.6%fib), a break below could take the pair towards 1.1308(Lower BB).
GBP/USD: Sterling edged higher on Wednesday as the pound benefited from stronger-than-expected UK economic data. Britain's economy grew faster than previously thought in the second quarter, with positive signs from household finances and business investment that could encourage finance minister John Healey as he prepares October's budget.Economic output expanded by 0.5% in the April-to-June period, the Office for National Statistics said on Wednesday.The reading was slightly stronger than a preliminary estimate for 0.4% growth in gross domestic product. Economists polled by Reuters had expected the 0.4% rise to be confirmed. Immediate resistance can be seen at 1.3347(Daily high), an upside break can trigger rise towards 1.3397(50%fib).On the downside, immediate support is seen at 1.3227(Daily low), a break below could take the pair towards1.3178(23.6%fib).
AUD/USD: The Australian dollar dipped on Wednesday as the Australian dollar came under mild pressure after the latest inflation data showed consumer prices rose slightly less than economists had expected.Australia’s consumer price index increased 0.4% in August, falling short of expectations for a 0.5% rise. Lower clothing and travel prices partly offset higher fuel costs, while annual inflation picked up to 4.0%, reflecting broader price pressures.The trimmed mean measure of underlying inflation increased 0.2% in August, below the 0.3% forecast.Markets had been wagering on a hotter inflation result, so the miss was enough to see the chance of another hike in November drop to 20%, from 36% before the data. Immediate resistance can be seen at 0.7064 (50%fib), an upside break can trigger rise towards 0.7134(50%fib).On the downside, immediate support is seen at 0.7015 (38.2%fib), a break below could take the pair towards 0.6973(Lower BB)
USD /JPY : The U.S. dollar dipped on Wednesday as traders digested fresh verbal warnings from Japanese officials signalling a stronger stance on the currency.Japan's top currency official Atsushi Mimura said markets should pay close attention to the "very clear" message delivered by Japan and the United States last week, signalling a willingness to intervene if the yen falls too sharply. US President Donald Trump raised concerns over the yen's weakness during a summit with Japanese Prime Minister Sanae Takaichi, Japan's Finance Minister Satsuki Katayama said on Friday, providing an unusually detailed account of their currency discussions.Japan's policymakers are increasingly concerned about the weak yen, as it pushes up import costs, especially fuel prices that have climbed sharply due to the Middle East war. Immediate resistance can be seen at 158.00(Psychological level), an upside break can trigger rise towards 158.48(50%fib).On the downside, immediate support is seen at 156.46(SMA 20) a break below could take the pair towards 156.13(61.8%fib).
Equities Recap
Asian equities gained on Wednesday, supported by easing global bond yields and lower oil prices, though caution prevailed as markets awaited important US inflation figures.
China A50 was up by 0.36% , South Korea’s KOSPI was down at 0.48%, Nikkei was up at 2.16 %
Commodities Recap
Oil prices rose on Wednesday after US President Donald Trump ruled out easing sanctions on Iran, while Qatar pressed for peace talks, with markets weighing ongoing supply risks following a decline in the previous session as Middle East crude production recovered.
The Brent futures November contract , which expires on Wednesday, was up 84 cents, or 0.82%, to $103.43 a barrel by 0650 GMT.
Gold prices edged higher on Wednesday but remained on track for a monthly decline as expectations of higher interest rates weighed on demand.
Spot gold rose 0.4% at $4,195.56 per ounce, as of 0708 GMT, but has lost over 5% so far this month.
