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Spains unadjusted industrial production rose 2.1% year-on-year in March, compared with a previous reading of -1.30%.Spains seasonally adjusted industrial production rose 1.8% year-on-year in March, revised from -1.10% to -0.9% in the previous month.May 8th - According to the National Development and Reform Commission (NDRC), the domestic refined oil price adjustment window will open at 24:00 on May 8th. According to the NDRC Price Monitoring Center, during this round of refined oil price adjustment cycle (24:00 on April 21st to 24:00 on May 8th), international oil prices initially rose and then fell. Starting at 24:00 on May 8th, domestic gasoline and diesel prices will increase by 320 yuan and 310 yuan per ton respectively. On average nationwide, the price of 92-octane gasoline, 95-octane gasoline, and 0-grade diesel will increase by 0.25 yuan, 0.27 yuan, and 0.27 yuan per liter respectively. Filling a 50-liter tank with 92-octane gasoline will cost an extra 12.5 yuan.Switzerlands consumer confidence index for April will be released in ten minutes.May 8th - Rising oil prices have made inflation a more pressing concern for the Federal Reserve recently. However, the employment-related aspect of its dual mandate is also worth noting, given the recent volatility in non-farm payroll reports. Therefore, the April jobs report is a crucial economic indicator to watch closely. For example, the U.S. added 160,000 jobs in January, but lost 133,000 in February. March saw a rebound with 178,000 new jobs. Overall, the U.S. is projected to add 205,000 jobs by March 2026, averaging 68,000 per month. David Payne, economist and journalist at The Kiplinger Letter, stated, "These figures suggest that despite slow labor force growth, U.S. job growth remains strong."

In ahead of US NFP and Eurozone Inflation data, EUR/USD seeks a range break near 1.0600

Alina Haynes

Jan 05, 2023 15:11

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During the Asian session, the EUR/USD pair attempted to break out of the consolidation range it formed above the round-level support of 1.0600. Given the risk-on market mentality, it is expected that the major currency pair will continue its upward trend.

 

In Asia, S&P500 futures are indicating a modest retracement, but the overall risk profile remains sturdy following Wednesday's strong advances. The US Dollar Index (DXY) is languishing below 104.00 and is likely to continue on edge as further reduction of inflation expectations in the United States is expected to keep safe-haven assets under pressure in the short term.

 

According to the Federal Open Market Committee (FOMC) minutes, all Federal Reserve (Fed) policymakers favored a more gradual rate of policy tightening. For Fed members to abandon their hawkish view on monetary policy, greater evidence of inflation moderation is required.

 

According to Reuters, the president of the Minneapolis Fed, Neel Kashkari, emphasized on Wednesday that the Fed must avoid hastily lowering the policy rate and reigniting inflation. In order to attain the inflation target of 2%, he suggested that the interest rate should peak at approximately 5.4% and then remain stable.

 

This week, investors will closely monitor the second catalyst considered by the Federal Reserve when crafting monetary policy. Friday's Nonfarm Payrolls (NFP) are projected to be 200K, a decrease from the previous report's 263K. In addition, investors will pay attention to the Average Hourly Earnings (Dec) data, which is expected to be 5% lower. Given that consumers will continue to have more discretionary spending, a rise in wage expenses may cause the Consumer Price Index to grow (CPI).

 

Investors anticipate the release of the Eurozone's Harmonized Index of Consumer Prices (HICP) on Friday. According to the consensus, the headline HICP is projected to decrease from 10.1% to 9.7%. Consensus has diminished as a result of falling energy prices and the government's one-time reimbursement of family energy expenses. Certainly, the European Central Bank (ECB) will be fascinated by this in the future.

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