Market Roundup
• Swiss ZEW Expectations (Nov) -12.4, -7.7 previous
• GfK German Consumer Climate (Dec) -23.3, -18.8 forecast, -18.4 previous
• Italian 6-Month BOT Auction 2.724% .3.003% K previous
• France Jobseekers Total (Oct) 2,891.5K ,2,837.9Kprevious
Looking Ahead Economic Data(GMT)
• 13.30 US Continuing Jobless Claims 1,910K forecast, 1,908Kprevious
• 13.30 US Core Durable Goods Orders (MoM) (Oct) 0.2% forecast, 0.5%previous
• 13.30 US Core PCE Price Index (YoY) (Oct) 2.8% forecast, 2.7%previous
• 13.30 US Core PCE Price Index (MoM) (Oct) 0.3% forecast, 0.3%previous
• 13.30 US Core PCE Prices (Q3) 2.20% 2.80%previous
• 13.30 US Corporate Profits (QoQ) (Q3) 3.5%previous
• 13.30 US Durable Goods Orders (MoM) (Oct) -0.8% forecast, 0.0%previous
• 13.30 US Durables Excluding Defense (MoM) (Oct) -1.1%previous
• 13.30 US GDP (QoQ) (Q3) 2.8% 3.0%previous
• 13.30 US GDP Price Index (QoQ) (Q3) 1.8% 2.5%previous
• 13.30 US GDP Sales (Q3) 3.0% 1.9%previous
• 13.30 US Goods Orders Non Defense Ex Air (MoM) (Oct) 0.5% forecast, 0.2%previous
• 13.30 US Goods Trade Balance (Oct) -102.20B forecast, -108.23Bprevious
• 13.30 US Initial Jobless Claims 215K 213Kprevious
• 13.30 US Jobless Claims 4-Week Avg. 217.75Kprevious
• 13.30 US PCE Price Index (MoM) (Oct) 0.2% 0.2%previous
• 13.30 US PCE Prices (Q3) 1.5% 2.5%previous
• 13.30 US Personal Income (MoM) (Oct) 0.3% 0.3%previous
• 13.30 US Personal Spending (MoM) (Oct) 0.4% forecast ,0.5% previous
• 13.30 US Real Consumer Spending (Q3) 3.7% forecast ,2.8% previous
• 13.30 US Real Personal Consumption (MoM) (Oct) 0.4% previous
• 13.30 US Retail Inventories Ex Auto (Oct) 0.2% previous
• 13.30 US Wholesale Inventories (MoM) (Oct) 0.0% forecast, -0.2% previous
•14:00 USD Dallas Fed PCE (Oct) 1.70% previous
•14:45 USD Chicago PMI 44.9 forecast, 41.6 previous
•15:00 USD PCE Price Index (YoY) (Oct) 2.3% forecast 2.1% previous
•15:00 USD Pending Home Sales (MoM) (Oct) -2.1% forecast 7.4% previous
•15:00 USD Pending Home Sales Index (Oct) 75.8 previous
•15:30 USD Crude Oil Inventories -1.300M forecast ,0.545M previous
Looking Ahead Events And Other Release(GMT)
•No Events Ahead
Currency Forecast
EUR/USD: the euro was little changed on Wednesday as traders awaited crucial inflation data to assess the Federal Reserve's possible approach to rate cuts. There was uncertainty about the direction of the economy, as noted by Fed officials in the minutes released on Tuesday, and the markets slightly increased their bets on a December rate cut following the release. The main scheduled news release left this week is the October Personal Consumption Expenditures (PCE) price index due later on Wednesday. Fed minutes of the central bank's November meeting released on Tuesday showed many policymakers in agreement that it was appropriate to reduce policy restraint gradually. The euro recovered to trade last at $1.0532. Immediate resistance can be seen at 1.0542(38.2%fib), an upside break can trigger rise towards 1.0609(50%fib).On the downside, immediate support is seen at 1.0432`(23.6%fib), a break below could take the pair towards 1.0326(Daily low)
GBP/USD: The pound recovered some ground on Wednesday investors focused on the market reaction to U.S. President-elect Donald Trump's tariff promises. Markets will closely watch the U.S. economic data later in the day, which could affect the Federal Reserve's easing path.The greenback fell to a one-week low as investors grew cautious about Trump's tariff pledges while rebalancing their portfolios before the end of the month. The BoE's Clare Lombardelli said on Wednesday that Trump's proposed tariffs would also pose a risk to growth in the UK. The pound rose 0.3% to $1.2612,. It hit $1.2484 last week, its lowest level since May 9. Immediate resistance can be seen at 1.2633(38.2%fib), an upside break can trigger rise towards 1.2739(50%fib).On the downside, immediate support is seen at 1.2568 (Daily low), a break below could take the pair towards 1.2504(23.6%fib)
AUD/USD: The Australian edged higher on Wednesday after data showed Australia's inflation remained flat at 2.1% .Australia's consumer price inflation rate remained at a three-year low in October, as government rebates helped lower electricity and rent prices. However, core inflation increased, indicating ongoing cost pressures in other areas.Data from the Australian Bureau of Statistics, released on Wednesday, showed the monthly consumer price index rose by 2.1% year-on-year in October, matching September's rate and coming in below market expectations of 2.3%. At GMT 12:46, The Aussie was trading up 0.10% at 0.6480. Immediate resistance can be seen at 0.6555(38.2%fib), an upside break can trigger rise towards 0.6564(SMA 21).On the downside, immediate support is seen at 0.6459(Daily low), a break below could take the pair towards 0.6389(April 16th low).
USD/JPY: The dollar eased against the yen on Wednesday as Japanese yen strengthen on bets Bank of Japan may raise interest rates in December. A key indicator of Japan's service-sector inflation remained close to 3% in October, according to data released on Tuesday. This trend provides further evidence that conditions are aligning for a potential near-term interest rate hike by the Bank of Japan.Japan's services producer price index, which tracks the prices companies charge each other for services, increased by 2.9% in October compared to the previous year, according to data from the Bank of Japan.The data will be among factors the BOJ will scrutinise at its next policy meeting in December, when some analysts expect it to hike interest rates from the current 0.25%. Immediate resistance can be seen at 153.11 (38.2%fib) an upside break can trigger rise towards 154.15 ( (SMA9). On the downside, immediate support is seen at 152.00 (Psychological level) a break below could take the pair towards 151.82(50%fib).
Equities Recap
French stocks dropped to an over three-month low on Wednesday, knocked down by investor dread over the new government and its budget, while continued worries over the impact of Trump's proposed tariffs kept European automobile stocks under pressure.
At (GMT 12:46),UK's benchmark FTSE 100 was last trading down at 0.01 percent, Germany's Dax was down by 0.26 percent, France’s CAC was last up by 0.95 percent.
Commodities Recap
Gold prices rebounded on Wednesday, recovering from a more than one-week low reached in the previous session, as the dollar weakened. Traders were closely monitoring key inflation data for clues on the Federal Reserve's potential approach to rate cuts.
Spot gold was up 0.6% at $2,646.25 per ounce as of 1128 GMT, while U.S. gold futures rose 0.9% to $2,645.80.
Oil prices remained stable on Wednesday as markets assessed a ceasefire agreement between Israel and Hezbollah, while also preparing for Sunday’s OPEC+ meeting, where the group may decide to delay a planned increase in oil output.
Brent crude futures rose 38 cents, or 0.52%, to $73.19 a barrel by 1144 GMT and U.S. West Texas Intermediate crude was up 39 cents, or 0.57%, at $69.16.
