economic data Archives - MKTPlace https://mktplace.org/tag/economic-data/ all about trading, Fintech, Business, AI & technology in one place Thu, 25 Mar 2021 11:59:56 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.2 https://mktplace.org/wp-content/uploads/2021/03/favicon.png economic data Archives - MKTPlace https://mktplace.org/tag/economic-data/ 32 32 GBP/USD Edges Lower amid Plunging UK Inflation https://mktplace.org/gbpusd-edges-lower-amid-plunging-uk-inflation/ https://mktplace.org/gbpusd-edges-lower-amid-plunging-uk-inflation/#respond Wed, 18 Feb 2015 12:00:22 +0000 http://www.tradersdna.com/?p=33048

The British pound edged lower against the US dollar on Tuesday, as UK inflation fell to its lowest level since 1989, although core inflation reassured investors Britain was not facing any systemic price collapse.

The GBP/USD tumbled 0.25 percent to 1.5321. The pair is testing initial support at 1.5320. A break below this level exposes 1.5277, followed by 1.5216. On the upside, initial resistance is likely found at 1.5424, followed by 1.5485 and 1.5528.

In economic data, UK consumer prices declined more than forecast in January, stemming from cheaper energy and food costs. Monthly CPI plunged 0.9 percent, the Office for National Statistics said on Tuesday. In annual terms, UK inflation was 0.3 percent in January, the lowest level since record keeping began in 1989.

Core inflation, which strips away volatile goods such as food and energy, advanced at an annual rate of 1.4 percent, the highest level in three months and reassuring investors Britain was not succumbing to Japan-style deflation. The steady rise in core inflation also removed doubts the Bank of England would delay raising interest rates this year. The latest fall in consumer prices is in line with the BOE’s forecast. According to central bank Governor Mark Carney, consumer prices will probably fall below zero before making their long climb back to target levels in the next two years.

In US data, homebuilder confidence weakened unexpectedly in February, as heavy snowfall throughout much of the United States weighed on home sales and buyer traffic. The National Association of Home Builders’ housing market index declined two points to 55 in February, compared with forecasts calling for a one point increase. A reading above 50 means home builders are generally optimistic about housing market conditions.

Despite the downtick, housing market conditions are likely to improve in the coming months, as more plentiful jobs and declining mortgage rates boost home sales. The US economy added 257,000 nonfarm payrolls in January, marking the 12th consecutive month employers added more than 200,000 jobs.

“For the past eight months, confidence levels have held in the mid- to upper 50s range, which is consistent with a modest, ongoing recovery,” said NAHB chief economist David Crowe. “Solid job growth, affordable home prices and historically low mortgage rates should help unleash growing pent-up demand and keep the housing market moving forward in the year ahead.”

The Department of Commerce will report on US housing starts and building permits on Wednesday.

]]> https://mktplace.org/gbpusd-edges-lower-amid-plunging-uk-inflation/feed/ 0 EUR/USD Edges Higher Amid Greek Bailout Talks, Disappointing US Data https://mktplace.org/eurusd-edges-higher-amid-greek-bailout-talks-disappointing-us-data/ https://mktplace.org/eurusd-edges-higher-amid-greek-bailout-talks-disappointing-us-data/#respond Sat, 14 Feb 2015 07:00:10 +0000 http://www.tradersdna.com/?p=33023

The EUR/USD advanced for a second consecutive day on Friday as Greece resumed talks with its Troika of creditors, while the US dollar continued to retreat following disappointing retail sales data.

The EUR/USD climbed 0.12 percent to 1.1413, easing off an earlier high of 1.1445. The pair is pacing toward a weekly gain of 0.75 percent. Near-term support is likely found at 1.1325. On the upside, initial resistance is likely found at 1.1461. A break above this level would expose 1.15.

Talks between Greece and its international creditors resumed on Friday in an effort to keep the country financed after February 28, the deadline for the current bailout program. Eurozone finance ministers will hold a second round of talks on Monday. Negotiations broke down earlier this week after Greece and its Eurozone counterparts failed to establish common ground on a new agreement.

Meanwhile, a fresh wave of violence broke out in eastern Ukraine after European leaders agreed to a peace deal in Minsk earlier this week, as rebel forces and Ukrainian troops fought for control over the strategic town of Debaltseve.

Growing instability in Ukraine could dampen near-term support for the euro and other “riskier” assets, as investors opt for the security of safe-haven assets like gold and the Japanese yen.

In economic data, Eurozone GDP rose faster than forecast in the fourth quarter, generating cautious optimism about the region’s nascent recovery. Eurozone GDP rose 0.3 percent quarter-on-quarter and 0.9 percent annually, official data showed. The gains were spearheaded by Germany, which rebounded sharply in the fourth quarter, growing at an annual rate of 1.6 percent.

The struggling Greek economy contracted in the fourth quarter, declining 0.2 percent.

Meanwhile, US data continued to disappoint on Friday, as consumer confidence tumbled from January’s 11-year high. The Thomson Reuters/University of Michigan consumer sentiment index dipped to 93.6 in February from 98.1 in January. A median estimate of economists called for no change.

American consumers are concerned about rising oil prices and were generally less upbeat about the labour market after hearing about layoffs in the oil and gas sector. Consumers’ appraisal of the current situation declined to 103.1 from 109.3, while the barometer of future expectations decreased to 87.5 from 91.

The greenback was generally weaker across the board on Friday. The US dollar index declined further to 94.04, falling 0.05 percent. The index is down 1 point from Wednesday’s high of 95.09.

]]> https://mktplace.org/eurusd-edges-higher-amid-greek-bailout-talks-disappointing-us-data/feed/ 0 USD/CAD Weekly Outlook https://mktplace.org/usdcad-weekly-outlook/ https://mktplace.org/usdcad-weekly-outlook/#respond Mon, 02 Feb 2015 12:31:53 +0000 http://www.tradersdna.com/?p=32932

The USD/CAD advanced for a tenth consecutive week last week, climbing to a nearly six-year high of 1.2794. The pair gained more than 9.5 percent in January, as the Canadian dollar continued to struggle with plunging oil prices and a shaky domestic recovery.

The USD/CAD was trading at 1.2700 in Monday’s early Asian session, as investors set their sights on a deluge of economic data from both countries. Below is a breakdown of this week’s major market movers.

Monday

On Monday the United States Department of Commerce will report on personal income and outlays for December. A slight increase in personal income is expected, although consumer spending is forecast to drop 0.2 percent in December following gains of 0.6 percent the prior month.

Separately, the Institute for Supply Management will release its monthly manufacturing PMI. US manufacturing activity is forecast to remain steady in January following a protracted slowdown in the second half of the year.

Tuesday

On Tuesday the US government will report on factory orders, which measure demand for durable and non-durable goods. According to forecasts, factory orders were unchanged in December after falling 0.7 percent the previous month.

Wednesday

ISM will release its monthly non-manufacturing PMI on Wednesday, an important gauge of US service activity. US services PMI is forecast to rise 1 percentage point to 57.2 in January.

Separately, the ADP Institute will release an advance estimate of US private sector employment growth. Last month the ADP said US private payrolls rose by 241,000 in December. Economists expect a January tally of 215,000.

Thursday

The United States and Canada will report on international trade in the latter half of the week. The US trade deficit reached an 11-month low of $39 billion in December, as oil imports fell to their lowest level in two decades. Meanwhile, Canada’s trade deficit widened in December, as oil exports fell to their lowest level since January 2012.

Friday

The most anticipated data releases of the week come Friday when both countries report on employment. According to forecasts, the US economy added 230,000 nonfarm payrolls in January after registering the strongest year of job creation since 1999. If forecasts hold, January would mark the 12th consecutive month of above-200,000 job gains.

Canadian employment is forecast to rise 5,100 in January after contracting unexpectedly the month before. Statistics Canada last week lowered the number of jobs gained in 2014 from 185,700 to 121,300. The statistics agency also revised the unemployment rate for December from 6.6 percent to 6.7 percent.

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