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Germanys October PPI rose 1.8% year-on-year, compared with an expected decline of 1.9% and a previous decline of 1.70%.Germanys October PPI rose 0.1% month-on-month, in line with expectations and down from -0.10% previously.Switzerlands trade balance in October was CHF 4.319 billion, revised from CHF 4.073 billion to CHF 3.99 billion in the previous month.On November 20th, analysts stated that Moodys will review Italys credit rating on Friday, potentially offering its first upgrade in nearly 25 years, reflecting growing market confidence in the public finances of the Eurozones third-largest economy. In May, Moodys upgraded Italys rating outlook from "stable" to "positive," while maintaining its "Baa3" rating, the lowest investment grade. At the time, Moodys cited stronger-than-expected fiscal performance and a more stable political environment as the main reasons for the outlook adjustment. Subsequently, the Meloni government further lowered its 2025 budget deficit target to 3% of GDP, complying with the EUs maximum deficit limit a year ahead of schedule. Since May 2002, when Moodys downgraded Italy from Aa3 to Aa2, it has not upgraded its rating. And since its downgrade in October 2018, it has remained unchanged. UniCredit stated that a potential upgrade would further confirm the continued positive trend in the overall assessment of Italys creditworthiness. Among major rating agencies, Moodys remains the most cautious.Barclays has raised its year-end 2026 target for the S&P 500 to 7,400, up from its previous forecast of 7,000.

The AUD/NZD Exchange Rate Retests Its Monthly Low Below 1.0850 As Aussie Inflation and GDP Decline

Alina Haynes

Mar 01, 2023 11:53

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The AUD/NZD pair has been heavily offered by market players after the Australian Consumer Price Index (CPI) data for the prior month experienced a sharp drop. Additional rate increases are anticipated even though RBA Governor Philip Lowe already increased the Official Cash Rate (OCR) to 3.25 percent in an effort to curb sticky inflation. This is because it would be imprudent to proclaim success in the struggle against rising price pressures.

 

Other than the Aussie inflation statistics, the Q4 Gross Domestic Product (GDP) estimates came in below expectations. The Australian Bureau of Statistics published a decrease in GDP (Q4) data from the consensus estimate of 0.8% and the Q3 number of 0.6% to 0.5%. When annualized, the Economy has met forecasts at 2.7%.

 

The New Zealand Dollar and the Australian Dollar will continue to trade despite the release of the Caixin Manufacturing PMI data. IHS Markit is expected to show an increase in economic data to 50.2 from 49.2 in the prior release.

 

While the consensus forecast called for a 1.5% rise, this week's New Zealand Retail Sales (Q4) figures showed a 0.6% decline. Future inflation in New Zealand is likely to be moderated by a decline in household demand because businesses will be compelled to give products and services at reduced rates to maintain present demand levels.


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