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The UK labour market showed strength after the release of upbeat data in early European session. Economic data from China was more than expected but quite less than previous increasing concerns of global recovery. Investors digest mixed data from the Eurozone ahead of the EU CPI data due Wednesday. Crude oil prices appreciate as the OPEC+ monthly report nears.
GBPUSD was up +0.15% boosted by upbeat UK jobs data. Britain`s pay growth rallied in November seeing earnings excluding bonuses rising to 6.4% from 6.1%, pay including bonus from 6.2% to 6.4% and Claimant Count Change from 16.1 thousand to 19.7 thousand in December. The unemployment rate however, remained at 3.7%. Traders digest the UK jobs data ahead of the country`s inflation data on Wednesday. The cable is currently capped by 1.2300 for further upside momentum while bears may retest 1.2100.
EURNZD lost -0.18% as the New Zealand Dollar gets help from pleasing Chinese data. Growth in China was more than anticipated in the 4th quarter of the previous year at 2.9% vs 1.8% expected along with Industrial production at 1.3% vs 0.2% survey and a lower unemployment rate of 5.5% vs 6.0%. Retail sales appreciated in December to -1.8% against expectations of -8.6%. Inflation in Germany dropped to 8.6% from 10.0% although it was same as anticipated while Italian CPI fell to 11.6% from 11.8%. The German ZEW Economic Sentiment rose to 16.9 from -15.0 in January. Further down bears may reclaim 1.6680 while bears may need to break above 1.7100 for a bullish momentum.
USDCAD trades above 1.3400 as Canada’s inflation data looms ahead of the BoC’s rate decision next week. Upbeat crude oil prices on the day failed to give the oil-linked CAD an upper hand against the dollar. Focusing ahead, traders will be anticipating the OPEC+ monthly report from the US along with a speech from FOMC member Williams. The pair rose +0.18% rallying towards a bullish cap at 1.3480.
European stocks slip lower in the mid-European session as investors digest data from China and the German ZEW Economic Sentiment. The FTSE100 lost -0.15% down from 7875 with targets on the downside seen at 7820 and 7730. The CAC40 was down -0.24% after establishing a high at 7058. Bears may reclaim 6830 in the near term. The DAX in Germany was flat at +0.01% after bulls failed to breach 15200 high. An extended drop may give sellers 14688.
US stock futures traded in negative territory adding on to Monday’s losses. The US500 futures were down -0.12% as bulls let go of the 4000 psychological level. Bears may target 3890 resistance-turned-support. The US30 futures tanked by -0.10% after bulls got capped at 34390 December high. Bears may reclaim an immediate support at 33900. US100 futures gave up -0.21% ranging between 11466 and 11537. Further down sellers may retest 11280.
In commodities, gold dropped for the second day this week as the dollar firms up. The precious metal was down -0.45% from $1920 per ounce now trading close to the $1900 mark. Key figures to watch on the downside are $1850 and $1800.
