The US Core PCE is incoming along with a bunch of other data. Will it redefine the market’s movements?
The dollar jumped against the euro and yen on Wednesday as investors reported US and European inflation data on Thursday, and month-end portfolio data is also likely to influence market direction.
Official data released this Thursday showed that Japanese Retail Sales registered higher-than-expected growth of 2.3% over 12 months through January, while Industrial Production sank 7.5% during the reported month.
The second reading of the US GDP print published on Wednesday showed that the world’s largest economy expanded by a 3.2% annualized pace during the fourth quarter vs the advance estimate of a 3.3% rise. The wait for the US Core PCE has begun.
Gold prices were flat on Thursday as traders awaited a key inflation measure from the Federal Reserve later in the day, which could provide a fresh look at when the US Federal Reserve might start cutting interest rates.
Crude Oil prices fell slightly in Asian trade on Thursday as markets digested differing cues on supply from the U.S. and the Organization of Petroleum Exporting Countries. But any big moves were limited, with traders keeping to the sidelines ahead of key U.S. inflation data, which is widely expected to factor into the outlook for interest rates.
Official U.S. inventory data showed stockpiles grew more than expected in the week to February 23, which ANZ analysts said indicated that the “market may not be as tight as originally thought.”
MCX gold futures settled -0.08% to 62249.Copper settled -0.12% to 726.05. Crude oil +0.09% at 6520. Natural gas +3.64% to 156.7.
Economic data and events scheduled – Wil the US Core PCE redefine the market?
Eurozone
At 12.00pm- French Final Private Payrolls q/q. Data is foreseen at 0.0% from previous 0.0%.
At 12.30pm- German Retail Sales m/m. Data is foreseen at 0.5% from previous -1.6%.
All day- German Prelim CPI m/m. Data is foreseen at 0.5% from previous 0.2%.
At 1.15pm-
French Consumer Spending m/m. Data is foreseen at -0.1% from previous 0.3%.
French Prelim CPI m/m. Data is foreseen at 0.7% from previous -0.2%.
French Prelim GDP q/q. Data is foreseen at 0.0% from previous 0.0%.
At 1.30pm- Spanish Flash CPI y/y. Data is foreseen at 2.8% from previous 3.4%.
At 2.25pm- German Unemployment Change. Data is foreseen at 6k from previous -2k.
Above data could have a volatile impact on the Euro.
UK
At 3.00pm-
M4 Money Supply m/m. Data is foreseen at 0.3% from previous 0.5%.
Mortgage Approvals. Data is foreseen at 52k from previous 50k.
Net Lending to Individuals m/m. Data is foreseen at 1.9B from previous 0.4B.
Above data could have a neutral impact on the Pound.
Canada
At 7.00pm- GDP m/m. Data is foreseen at 0.2% from previous 0.2%.
Above data could have a neutral impact on the dollar.
US
At 7.00pm-
Core PCE Price Index m/m. Data is foreseen at 0.4% from previous 0.2%.
Unemployment Claims. Data is foreseen at 209k from previous 201k.
Personal Income m/m. Data is foreseen at 0.4% from previous 0.3%.
Personal Spending m/m. Data is foreseen at 0.2% from previous 0.7%.
At 8.15pm- Chicago PMI. Data is foreseen at 48.1 from previous 46.00.
At 8.30pm- Pending Home Sales m/m. Data is foreseen at 1.4% from previous 8.3%.
At 9.00pm – Crude Oil Inventories. Previous is 3.5M.
All day- G20 Meetings.
At 10.30pm- FOMC Member Bostic Speaks.
At 11.15pm- FOMC Member Williams Speaks.
Above data could have a volatile impact on the dollar
Commodity Samachar
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