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Italys composite PMI came in at 53.6 in August, up from 52.5 in the previous month.Italys services PMI for August was 55.2, below the expected 54 and the previous reading of 52.5.September 3rd - According to the China Passenger Car Association (CPCA), preliminary statistics show that from August 1st to 31st, the national retail sales of new energy passenger vehicles reached 1.069 million units, a 4% decrease compared to the same period last August, but a 12% increase compared to the same period last month. Since the beginning of the year, the cumulative retail sales of new energy passenger vehicles have reached 6.737 million units, an 11% decrease compared to the same period last August. From August 1st to 31st, the national wholesale sales of new energy passenger vehicles by manufacturers reached 1.506 million units, a 16% increase compared to the same period last August, and a 4% increase compared to the same period last month. Since the beginning of the year, the cumulative wholesale sales of new energy passenger vehicles by manufacturers have reached 9.754 million units, a 9% increase year-on-year.Market news: Japan will hold a special parliamentary session in early October.On September 3, Foreign Ministry Spokesperson Guo Jiakun held a regular press conference. A reporter asked: Mexican Foreign Minister Velasco will visit China from September 6 to 7. How does China evaluate the current state of China-Mexico relations? What are Chinas expectations for this visit? Guo Jiakun stated that Mexico is a major country in Latin America and an important emerging market. China and Mexico are comprehensive strategic partners. For more than 50 years since the establishment of diplomatic relations, bilateral relations have continued to develop in depth, with fruitful results in exchanges and cooperation in various fields. The two sides maintain close coordination and cooperation in international and regional affairs. This visit is Mr. Velascos first visit to China since assuming the post of Foreign Minister in April this year. China looks forward to exchanging in-depth views with Mexico on bilateral relations and international and regional issues of common concern during this visit, continuously enhancing political mutual trust, deepening mutually beneficial cooperation, promoting the stable development of China-Mexico relations, and better benefiting the people of both countries.

The EUR/USD exchange rate fluctuates below 1.0850 as focus shifts to US PPI and Retail Sales data

Alina Haynes

Jan 16, 2023 10:59

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As U.S. markets are closed on Monday in honor of Martin Luther King Jr.'s birthday, the EUR/USD pair is attempting to establish a trend. As investors anticipate the release of Producer Price Index (PPI) and Retail Sales data from the United States, the main currency pair is trading below 1.0840.

 

S&P500 futures had some selling pressure early in the Asian session, but have since recovered their losses and turned positive, signaling an improvement in risk appetite on the market. Under the influence of a positive market mentality, the US Dollar Index (DXY) is attempting to break below the immediate support level of 101.75.

 

The U.S. Consumer Price Index (CPI) slowed in December, bolstering the case for the Federal Reserve (Fed) to announce a smaller interest rate increase in the near future. As the Fed seeks to end policy tightening, the USD Index may continue its downward trend for an extended period of time in the future.

 

According to analysts at Wells Fargo, the conclusion of monetary tightening should put an end to the dollar's advances by early 2023. In fact, we believe the trade-weighted dollar has already reached its cyclical peak." Once the Fed begins reducing its policy interest rate at the beginning of the following year, they anticipate an even more pronounced USD depreciation in 2024.

 

On Wednesday, investors will focus on the release of US Producer Price Index (PPI) data. The street anticipated a decline as a result of the decline in gasoline prices, which has enabled manufacturers to drop prices at factory gates as a result of reduced production costs. In addition, price reductions will counteract a decline in retail demand. Additionally, Retail Sales figures will be extensively examined.

 

Meanwhile, Eurozone investors are pleased that Germany's preliminary Gross Domestic Product (GDP) expanded 1.9% on an annualized rate in 2022, compared to the market consensus of 1.8% and the previous release of 2.5%.

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