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UBS has appointed a new Chief Executive Officer, Sergio Emortti to drive the recent Credit Suisse buyout. The Australian dollar lost steam following a drop in consumer prices. The dollar wobbled early Wednesday ahead of housing data. The ECB’s Schnabel and German Buba Mauderer will be speaking later in the New York session.
AUDUSD fell -0.58% pulled down by less-than-expected inflation data released early Wednesday. The Consumer Price Index in Australia declined to 6.8% from 7.8% the previous year. The greenback got a boost from improved CB consumer confidence released on Tuesday along with a rise in treasury yields.
Fed’s Michael Barr strengthened the US banking system saying it is sound and resilient before the Senate Banking Committee. Market participants will be looking at Pending Home Sales and crude oil inventories due in the New York trade. The pair is trading past 0.6700 as bears may revisit 0.6650 and 0.6620.
GBPCHF was down -0.29% paring 2-day losses ahead of key economic data from the UK and Switzerland. Later today the CHF quarterly bulletin will be published where a monetary policy report along with business cycle trends will be talked about.
The UK growth data for the final quarter of the previous year will be due on Friday and is forecast to remain unchanged at -0.2% on a quarterly basis while the year-on-year figure is anticipated to rise to 0.4%. The pair tanked from 1.13600 as it fell towards the 1.1300 and 1.12700 levels.
EURNZD edged higher by +0.44% riding on an upbeat risk mood in the European session. Hawkish commentary from ECB members lifted the euro ahead of the Eurozone CPI data due this week which may help with further gains. On the day there is no high-impact data from the Euro area. In New Zealand, building consents for February will be released later in the day. The pair rose above 1.7400 after establishing a low at 1.7285 with an immediate high at 1.7450.
European stocks soared higher early Wednesday as bank support triggers risk appetite. UK100 was up +1.13% following a breach of the 7500 near-term resistance and gains are capped by the 7580 level. CAC40 added +1.26% after bouncing off the 7100 support and 7250 remains a near-term barrier. DAX advanced by +0.92% and critical levels to watch out for are 15300 resistance and 15150 support.
US stock futures climbed higher as investors rode on optimism ahead of US economic data. US500 futures soared by +0.70% towards the 4010 level and a failure to break above that level could see near-term targets at 3950 support. US100 futures surged by +0.78% after finding support above the 12600 level and upside gains remain capped by the 12800 level. US30 futures added +0.60% gains towards the 32600 level after bulls bounced off the 32300 support.
In commodities, Oil extended gains on dollar weakness. USWTI crude oil futures advanced by +0.64% towards the 74.00 level, a previous support-turned-resistance. A failure to break above that level could cause a near-term retracement towards the 71.50 level. Brent crude oil stocks gained +0.60% after bouncing off the 77.50 level and bulls could target the 80.00 level in the near term.
