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FX Blog TTN- European Market Update: German Jobless Change Greater than Expected in February European Market Update: German Jobless Change Greater than Expected in February
Â· *** ECONOMIC DATA ***
Â· GE Jan ILO Unemployment Rate: 7.6% v 7. 7%e
Â· FR Feb Consumer Confidence: -35 v -34e
Â· FR Jan Consumer Prices: M/M 0.5% v 0.4%e || Prior revised from 0.2% to 0.1% |||| Y/Y 4.9% v 4.8%e || Prior revised from 4.5% to 4.4%
Â· SW Q4 Current Account [sek]: 80.2B v 41.2B prior || Prior revised from 41.2B to 53. 1B
Â· SW Jan PPI: M/M 1.3% v 0.6%e || Y/Y 4.6% v 3.9%e
Â· SW Jan Retail Sales: M/M -0.2% v -0.4%e || Prior revised from 1.2% to 0.8% |||| Y/Y 4.8% v 6.7% || Prior revised from 4.0% to 2.9%
Â· GE Feb Unemployment Rate: 8.0% v 8.0%e
Â· GE Feb Unemployment Change: -75K v -48Ke
Â· *** SPEAKERS/COMMENTS ***
Â· BOE''s Besley: Hard to judge where financial markets are going || Stands by February inflation forecast || BOE is deeply uncertain about how credit market shocks will play through the economy || Softer consumer spending does not portend economic disaster
Â· || Expects savings to rebuild over the next 2 years as the flipside to softer consumer growth || Sees house prices broadly flat || Unclear how quickly the weaker GBP will impact CPI
Â· Fixed income futures are trading higher in Europe in what has been a rather quiet session following the plethora of central bank speakers seen yesterday. In new supply overnight Italy sold â‚¬2.5B in 4.50% 2018 bonds with an average yield of 4.43% and a bid-to-cover of 1.297x, as well as â‚¬2.0B in 7-year floating rate notes with an average yield of 4.11% and a bid-to-cover of 1. 524x, and â‚¬4.0B in 3.75% 2011 bonds with an average yield of 3.66% and a bid-to-cover of 1.452x.
Â· In commodities profit taking set in after uncertainty about the economic outlook in the United States pushed crude oil and gold prices to new all time highs. Crude futures are also lower following the greater than expected rise in inventories seen yesterday morning.
Â· The USD consolidated its recent losses against the major pairs in today session. The EUR/USD hovering the 1.51-handle, while the USD/CHF held above the 1.06-level. Dealers noting that some month-end profit taking was providing some reprieve for the dollar. The GBP was also steady following its weak tone. Option related barrier in EUR/GBP at 0.7650 aiding the pound.
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GVI Trading. Potential Price Risk Scale
Tue 17 July 2018
AA: Major, A: High, B: Medium
AA 08:30 GB- Employment
A 13:15 US- Industrial Production
AA 14:00 US-Powell Testimony
Wed 18 July 2018
AA 08:30 GB- CPI
A 12:30 US- Housing Starts/Permits
AA 14:00 US-Powell Testimony
Thu 19 July 2018
AA 1:30 AU- Employment
AA 08:30 GB- Retail Sales
A 14:30 US- EIA Crude
A 12:30 US- Weekly Jobless
Fri 20 Jun 2018
A 12:30 CA- CPI/Retail Sales
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