Overview of Europe; Sterling stabilizes near 5-week highs against the dollar, European stocks dip, gold is little changed, oil hits 6-week high as the US Gulf braces for another September 14 hurricane 2021
• Change in number of applicants in UK in August -58.6K, previous -7.8K
• Average profit in the United Kingdom in July excluding bonus 6.8%, 6.8% forecast, 7.4% previous
• UK unemployment rate in July 4.6%, 4.6% forecast, 4.7% previous
• UK Average Earnings Index in July + Bonus 8.3%, 8.2%, 8.8% previous
• Job change in UK in July 3M / 3M (MoM) 183K, 178K forecast, previous 95K
• Spanish August CPI (MoM) 0.5%, forecast 0.4%, previous 0.4%
• Spanish August HICP (YoY) 3.3%, 3.3%, 3.3% forecast, 3.3% previous
• Sweden August CPI (MoM) 0.5%, forecast 0.2%, previous 0.3%
• CPI August Sweden (year-on-year) 2.1, 1.7% expected, 1.4 previous
Future Outlook – Economic Data (GMT)
• 12:30 PM US August CPI, forecast nos 273.80, previous 273.00
• 12:30 US August CPI, nos (MoM) 0.48% previous
• 12:30 pm July Manufacturing Sales in US (MoM) -1.2% forecast, 2.1% previous
• 12:30 US August Core CPI Index 279.05 previous
• 12:30 US August Core CPI (MoM) 0.3% forecast, 0.3% previous
• 12:30 US August CPI (MoM) 0.4% forecast, 0.5% previous
• 12:30 US August Core CPI (YoY) 4.2% forecast, 4.3% previous
• 12:30 p.m. Real American profit (MoM) -0.1% previous
• 12:30 p.m. US Redbook (YoY) 16.5% previous
• 3:30 p.m. US August Cleveland CPI (MoM) 0.3% previous
Future prospects – Events, other versions (GMT)
• No significant event
EUR / USD: The euro was little changed against the dollar on Tuesday as investors were cautious ahead of the release of US inflation expected later today. The data, due at 12:30 GMT, will be closely watched ahead of the US Federal Reserve meeting next week. It should show that consumer prices rose 0.4% in August, down from 0.5% in July, according to a poll. The year-over-year increase is also expected to fall to 5.3% from 5.4% in July, suggesting further evidence that inflation, which has been high on investor agendas this year. , might start to calm down. Immediate resistance can be seen at 1.1835 (23.6% fib), a bullish breakout can trigger a rise towards 1.1865 (September 10 high). ).
GBP / USD: The British pound stabilized near 5-week highs against the dollar on Tuesday, supported by labor market data which showed the total number of salaried employees in Britain reached levels of ‘before the pandemic. The British pound has been constrained in recent days as investors assess Britain’s economic recovery from the lockdown and how this may play into the Bank of England’s position on interest rates, currently at levels record. The British pound traded 0.3% higher on the day at $ 1.3875 at 0811 GMT, climbing steadily into positive territory after the data, which was released at 0600 GMT. This was a 5 week high of $ 1.3890 reached earlier on September 3. Immediate resistance can be seen at 1.3887 (23.6% fib), a bullish breakout can trigger a rise towards 1.3924 (higher BB). On the downside, immediate support is seen. at 1.3828 (38.2% fib), a break below could take the pair towards 1.3812 (11DMA).
USD / CHF: The dollar strengthened against the Swiss franc on Tuesday as investors awaited readings on US consumer prices that could be crucial to the Federal Reserve’s decision to exit its super-support policy . All eyes are now on the US Consumer Price Index for August, due for release on Tuesday, along with US retail sales and production figures later. in the week as they frame the progress of the world’s largest economy as the Federal Reserve approaches September. 21-22 meeting. Immediate resistance can be seen at 0.9228 (23.6% fib), a bullish breakout can trigger a rise towards 0.9234 (higher BB). On the downside immediate support is seen at 0.9197 (5DMA), a break below could take the pair towards 0.9176 (38.2% fiber).
USD / JPY: The dollar strengthened against the yen on Tuesday as investors waited for US consumer price data, due at 12:30 GMT. Economists expect the core CPI, an index that excludes volatile energy and food prices, to rise 0.3% in August from the previous month. The data precedes the key Federal Reserve policy meeting on September 21-22, where markets will closely monitor the central bank’s announcement on when it will begin to end its purchasing program. obligations during a pandemic. Strong resistance can be seen at 110.18 (23.6% fib), a bullish breakout can trigger a rise towards 110.35 (higher BB). 38.2% fiber).
Summary of actions
European stocks fell on Tuesday as caution over US inflation data and weakness in luxury and mining stocks offset optimism surrounding the region’s economic recovery.
At (GMT 10:50), the UK benchmark FTSE 100 was last trading at 0.31%, the German Dax was down 0.00%, the French CAC was down 0, 51% for the last time.
Summary of commodities
Gold prices were subdued on Tuesday as investors focused on US consumer price data that could offer clues as to when the Federal Reserve will decide to temper its economic support.
Spot gold edged down 0.3% to $ 1,787.66 an ounce at 9:25 am GMT, US gold futures fell 0.3% to $ 1,789.50.
Oil prices hit a six-week high on Tuesday as another hurricane threatened to bring heavy rain to Texas and parts of Louisiana that were still recovering from Ida, and as the International Agency for energy forecasted a significant rebound in demand for the remainder of the year.
Brent crude rose 50 cents, or 0.7%, to $ 74.01 a barrel at 0842 GMT. U.S. West Texas Intermediate (WTI) crude also climbed 43 cents, or 0.6%, to $ 70.88 a barrel.