A week full of key macro data

A week full of key macro data
Last week was pretty quiet in terms of macro data, but this week should be exciting as the calendar is packed with influential data, such as tomorrow’s CPI from the US or Wednesday’s interest decision from FED - and that is just a sliver of the full scope!
Monday, too, is already full of key data. The PPI from Japan happens to be higher than expected (9.3% vs 8.8%) and we also received a pack of data from the UK where the majority exceeded estimates. The GDP came 0.5% vs 0.4% expected. Industrial production was 0% instead of the anticipated drop of -0.1% and manufacturing production surprised significantly with a reading of 0.6%, beating the expectations of -0.1%. The British Pound started the week with a loss, then reversed the initial trend and now it is climbing slightly higher.

The strongest currencies at the moment are the American and Canadian Dollars. The weakest ones, on the other hand, are the currencies of the Antipodes: Australian and New Zealand Dollar, which contrasts with the events of last Friday and their significant gains for both AUD and NZD.

Moving on to indices, we can see that the Asian ones started the week with losses. Hang Sens dropped more than 2%, even though the Chinese Covid restrictions keep easing. The only index with noticeable gains is the PSEI from the Philippines.

As regards commodities, we can see nice gains on natural gas climbing 10% higher. Oil, on the other hand, keeps plummeting. WTI oil is currently drawing a seventh consecutive bearish day. Such occurrence has not happened in a long time, although the recent lower momentum suggests that some kind of bullish correction should be expected soon.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.