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Europe Roundup:Euro jumps on hawkish ECB signals, European shares advances, Gold ticks, Oil prices rise as supply uncertainty mounts-September 12th,2022

Market Roundup

• UK Monthly GDP 3M/3M Change 0.0%  , -0.1% previous

• UK GDP (MoM) 0.2%,0.3% forecast, -0.6% previous

• UK Jul Trade Balance-19.36B, -22.30B  forecast,-22.85B previous

• U.K. Jul Construction Output (YoY) 4.3%, 5.6% forecast, 4.1% previous

• U.K. Construction Output (MoM)  -0.8%, 0.5% forecast, -1.4% previous

• U.K. Jul Manufacturing Production (YoY) 1.1%, 1.6% forecast, 1.3% previous

• U.K. Jul Industrial Production (MoM )-0.3%, 0.4% forecast, -0.9% previous

• U.K. Jul Manufacturing Production (MoM)  0.1%, 0.4% forecast,-1.6% previous

• U.K. Jul Trade Balance Non-EU  -10.19B, -12.29B previous

•Italian Jul Industrial Production (YoY) -1.4%, -0.4% forecast,-1.2% previous

•Italian Jul Industrial Production (MoM) 0.4%, 0.3% forecast,-2.1% previous

Looking Ahead - Economic Data (GMT)

•13:00 French 3-Month BTF Auction 0.039% previous

•13:00 French 6-Month BTF Auction 0.160% previous

•13:00French 12-Month BTF Auction 0.746% previous

•15:00 US Consumer Inflation Expectations 6.2% previous

•15:30 US 6-Month Bill Auction  3.320 previous

•15:30 US  3-Year Note Auction 3.202% previous

•17:00 US  10-Year Note Auction  2.755%

Looking Ahead - Economic events and other releases (GMT)

•No events ahead

Fxbeat

EUR/USD: The euro jumped to a more than three-week peak versus the dollar on Monday, as European Central Bank officials argued for further aggressive monetary tightening and the greenback softened against most majors. ECB policymakers see growing risks they will have to raise their key interest rate to 2% or more to curb record inflation in the euro zone .The European common currency rose around 1.5% to $1.0198, its highest since Aug. 17, and well up from a 20-year trough of $0.9862 hit last week. It was last up 0.88% at $1.01345. Immediate resistance can be seen at 1.0131(38.2%fib), an upside break can trigger rise towards 1.0172(Higher BB).On the downside, immediate support is seen at 1.0059(50%fib), a break below could take the pair towards 0.9995(9DMA).

GBP/USD: Sterling rose against weaker dollar on Monday  as market pondered the implications of the new government's record-breaking energy package. Overall sentiment towards the pound remained weak with data on Monday highlighting that the UK economy is showing signs of strain from surging prices. Britain’s gross domestic product grew by 0.2% in July from a month earlier, versus economist expectations for growth of 0.4%. The sterling advanced 0.8% against a weaker dollar on Monday but still lagged 13.7% this year. The currency will be in focus this week amid a period of national mourning for Queen Elizabeth II. Immediate resistance can be seen at 1.1693(38.2%fib), an upside break can trigger rise towards 1.1740(21DMA).On the downside, immediate support is seen at 1.1552(9DMA),a break below could take the pair towards 1.1505(23.6%fib).

 USD/CHF: The dollar declined against Swiss franc on Monday  as the dollar weakened ahead of key U.S. inflation data this week that might give the Federal Reserve room to slow the pace of rate hikes at its Sept. 21 policy meeting. U.S. inflation data to be released on Tuesday will be key for determining the direction of dollar in near term.Falling petrol prices are seen pulling down the headline consumer price index by 0.1%, according to a poll.The core is forecast to rise 0.3%, though some analysts see a chance of a softer report. The dollar index , which tracks the greenback against a basket of six major currencies, was down 0.7% to 108.04. Immediate resistance can be seen at 0.9612(38.2%fib), an upside break can trigger rise towards 0.9662(21DMA).On the downside, immediate support is seen at 0.9511(50% fib), a break below could take the pair towards 0.9475(Lower BB).

 USD/JPY: The dollar edged lower against yen on Monday as investors awaited U.S. inflation data for further clues on the Federal Reserve’s rate-hike trajectory. The U.S. Consumer Price Index, due on Tuesday, is expected to show that August prices rose at an 8.1% pace over the year, versus an 8.5% print for July.  The dollar was steady against the rate-sensitive Japanese yen , at 142.48 yen, a little off its 24-year high of 144.99 hit last week. Japanese officials over the weekend hinted at intervention to stop the currency weakening further. A senior government spokesman said in a local television interview that the administration must take steps as needed to counter excessive yen declines. Strong resistance can be seen at 143.25(5DMA), an upside break can trigger rise towards 144.21(23.6%fib).On the downside, immediate support is seen at 141.77(38.2%fib), a break below could take the pair towards 141.15(11DMA).

Equities Recap

European shares gained on Monday as banks advanced for a third straight session on bets of more big interest rate hikes by the European Central Bank (ECB).

At (GMT 12:42),UK's benchmark FTSE 100 was last trading up at 1.36 percent, Germany's Dax was up by 1.33 percent, France’s CAC finished was up by 1.34 percent.

Commodities Recap

Gold prices rose on Monday as the dollar slipped, while investors awaited U.S. inflation data for further clues on the Federal Reserve’s rate-hike trajectory.

Spot gold rose 0.6% to $1,725.70 per ounce by 1041 GMT. U.S. gold futures gained 0.5% to $1,736.90.

Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.

Brent crude futures rose 88 cents, or 1%, to $93.72 a barrel by 1100 GMT. U.S. West Texas Intermediate crude was up 69 cents, or 0.8%, at $87.48.

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