Market Roundup
•German Dec Import Price Index (YoY) -3.4%, -3.1% forecast, -3.8% previous
•German Dec Import Price Index (MoM) 0.6%,0.9% forecast, 0.5% previous
• French Dec PPI (MoM) 0.8%, 1.7% previous
•Spanish GDP (QoQ) (Q4) 0.4%,-1.5% forecast, 16.4% previous
•Spanish GDP (YoY) (Q4) -9.1%,-10.8% forecast, -9.0% previous
•Spanish HICP (YoY) 0.6%,-0.6% forecast, -0.6% previous
•German Jan Unemployment n.s.a. 2.901M, 2.707M previous
•German Jan Unemployment Rate 6.0%, 6.1% forecast, 6.1% previous
•German Jan Unemployment 2.729M, 2.776M previous
•German Jan Unemployment Change -41K, 6K forecast, -37K previous
•German GDP (QoQ) (Q4) 0.1% forecast, 8.5% previous
•German GDP (YoY) (Q4) -2.9% forecast, -3.4% forecast, -3.9% previous
•EU Dec M3 Money Supply (YoY) 12.3% forecast, 11.2% forecast, 11.0% previous
•EU Private Sector Loans (YoY) 3.1%,3.1% previous
Looking Ahead – Economic (GMT)
•13:30 US Employment Cost Index (QoQ) (Q4) 0.5% forecast, 0.5% previous
•13:30 Canada Dec IPPI (MoM) -0.6% previous
•13:30 Canada Dec RMPI (MoM) 0.6% previous
•13:30 Canada Dec RMPI (YoY) -1.7% previous
•13:30 Canada Dec IPPI (YoY) 0.7% previous
•13:30 US Employment Wages (QoQ) (Q4) 0.40% previous
•13:30 US Employment Benefits (QoQ) (Q4) 0.60% previous
•13:30 US Dec Personal Income (MoM) 0.1% forecast, -1.1% previous
•13:30 US Dec Real Personal Consumption (MoM) -0.4% previous
•13:30 US Dec PCE Price index (YoY) 1.1 previous
•13:30 US Dec Personal Spending (MoM) -0.4% forecast, -0.4% previous
•13:30 US Dec Core PCE Price Index (YoY) 1.3% forecast, 1.4% previous
•13:30 Canada Nov GDP (MoM) 0.4%forecast,0.4% previous
•13:30 US Dec Core PCE Price Index (MoM) 0.1% forecast
•14:45 US Jan Chicago PMI 58.5 forecast, 58.7 previous
•15:00 US Dec Pending Home Sales Index 125.7 previous
•15:00 US Jan Michigan Consumer Sentiment 79.2 forecast, 79.2 previous
•15:00 US Jan Michigan Inflation Expectations 3.0% previous
•15:00 US Jan Michigan Current Conditions 87.7 previous
•15:00 US Jan Michigan Consumer Expectations 73.8 previous
•15:00 US Jan Michigan 5-Year Inflation Expectations 2.70% previous
•15:00 US Dec Pending Home Sales (MoM) -0.1% forecast,-2.6% previous
•16:00 Canada Nov Budget Balance (YoY) -216.62B previous
•16:00 Canada Nov Budget Balance -18.51B previous
•17:00 US Dec Dallas Fed PCE 0.50% previous
Looking Ahead - Economic events and other releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro strengthened against greenback on Friday after data showed German inflation roared back in January. German annual consumer prices turned positive and rose by far more than expected in January, the Federal Statistics Office said on Thursday, attributing a rise in sales tax and the minimum wage as factors behind the increase. Consumer prices, harmonised to make them comparable with inflation data from other European Union countries, rose by 1.6% year-on-year after declining by 0.7% in December. January’s reading was the highest since 1.7% last February Immediate resistance can be seen at 1.2147 (25EMA), an upside break can trigger rise towards 1.2209 (23.6%fib).On the downside, immediate support is seen at 1.2057 (38.2% fib), a break below could take the pair towards 1.2000 (Psychological level).
GBP/USD: The pound declined against dollar on Friday as market unease boosted demand for safe-haven greenback. Sterling fell nearly half a percent below $1.37 against a broadly stronger dollar, last at $1.3660.The pound has held up better against the dollar than most of its G10 peers this week, with analysts citing the UK’s comparative progress in rolling out COVID-19 vaccinations . Currency traders will be watching to see if the Bank of England, takes further monetary policy action next week. It is due to announce a rates decision on Feb 4. Immediate resistance can be seen at 1.3749 (23.6%fib), an upside break can trigger rise towards 1.3800(Psychological level).On the downside, immediate support is seen at 1.3639 (38.2%fib), a break below could take the pair towards 1.3612(25 EMA).
USD/CHF: The dollar was little changed against the Swiss franc on Friday as a Wall Street battle between hedge funds and retail investors and a row in Europe over COVID-19 vaccine supply cooled risk appetite.COVID-19 vaccine rollouts globally have been running into trouble, too, adding to investor jitters. Production delays have snowballed into a spat between the European Union and drugmakers over how best to direct the limited supplies available. Immediate resistance can be seen at 0.8903 (38.2 % fib), an upside break can trigger rise towards 0.8933(23.6%fib).On the downside, immediate support is seen at 0.8869 (50%fib), a break below could take the pair towards 0.8841(61.8%fib ).
USD/JPY: The dollar rose higher against the Japanese yen on Friday as lingering jitters about a coordinated assault on hedge fund short positions in the United States boosted demand for dollar. The greenback has benefited from safety buying since the start of the week, when investors fretted that President Joe Biden's fiscal spending package will not be as large as the proposed $1.9 trillion.. The dollar gained 0.22 % at 104.34 against Japanese yen. Strong resistance can be seen at 104.82 (38.2% fib), an upside break can trigger rise towards 105.34 (23.6%fib).On the downside, immediate support is seen at 104.36 (38.2%fib), a break below could take the pair towards 103.93(61.8% fib).
Equities Recap
European stocks fell on Friday as a Wall Street battle between hedge funds and retail investors and a row in Europe over COVID-19 vaccine supply cooled risk appetite.
At (GMT 12:40 ),UK's benchmark FTSE 100 was last down at 1.86 percent, Germany's Dax was down by 1.35 percent, France’s CAC was last down by 1.57 percent.
Commodities Recap
Gold and silver rose on Friday as an ongoing retail versus hedge fund faceoff and doubts over European vaccine supply hurt global stocks, but a resilient dollar took away some of bullion’s allure and kept it on track for its worst January in a decade.
Spot gold rose 0.6% to $1,851.20 per ounce by 1027 GMT. U.S. gold futures rose 0.7% to $1,854.20.
Oil prices edged up on Friday but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts offset a cut in Saudi Arabian oil supply and falling U.S. oil inventories.
Brent crude futures for March rose 23 cents, or 0.4%, to $55.76 a barrel by 1007 GMT.U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.1%, to $52.41.
