Time | Country | Event | Period | Previous value | Forecast | Actual |
---|
07:00 | United Kingdom | Manufacturing Production (MoM) | September | 0.3% | 0.2% | -0.1% |
07:00 | United Kingdom | Industrial Production (MoM) | September | 1.0% | 0.2% | -0.4% |
07:00 | United Kingdom | Manufacturing Production (YoY) | September | 4.2% | 3.1% | 2.8% |
07:00 | United Kingdom | Business Investment, y/y | Quarter III | 12.9% | | 0.8% |
07:00 | United Kingdom | Business Investment, q/q | Quarter III | 4.5% | 2.6% | 0.4% |
07:00 | United Kingdom | Industrial Production (YoY) | September | 4.0% | 3.1% | 2.9% |
07:00 | United Kingdom | Total Trade Balance | September | -1.9 | | -2.8 |
07:00 | United Kingdom | GDP m/m | September | 0.2% | 0.4% | 0.6% |
07:00 | United Kingdom | GDP, y/y | Quarter III | 23.6% | 6.8% | 6.6% |
07:00 | United Kingdom | GDP, q/q | Quarter III | 5.5% | 1.5% | 1.3% |
07:00 | United Kingdom | GDP, y/y | September | 6.9% | 5.4% | 5.3% |
09:00 | Eurozone | ECB Economic Bulletin | | | | |
USD against other major currencies in the European session on Thursday as hotter-than-anticipated U.S. October CPI data raised expectations that the Federal Reserve would need to be more aggressive with its policy tightening next year.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.11% to 94.96.
The Labor Department announced yesterday that the U.S. consumer price index (CPI) soared 0.9% m/m in October. This marked the biggest one-month advance in headline CPI since June. Over the last 12 months, the CPI surged 6.2% y/y, recording its largest 12-month increase since November 1990. Economists had forecast the CPI to rise 0.6% m/m and 5.8% y/y in the 12-month period. According to the report, the October increase in all items index was broad-based, with gains in the indexes for energy (+4.8% m/m), shelter (+0.5% m/m), food (+0.9% m/m), used cars and trucks (+2.5% m/m), and new vehicles (+1.4% m/m) among the major contributors. Meanwhile, the core CPI excluding volatile food and fuel costs increased 0.6% m/m and jumped 4.6% in the 12-month period (the most since August 1991). Economists had expected the core CPI to increase 0.4% m/m and 4.3% y/y last month.
The hotter-than-expected CPI data raised concerns about the prospects for interest rates in the U.S. even though the Fed’s officials indicated they are in no rush to raise rates, reiterating their views that the current spike in inflation is transitory.
According to the CME FedWatch Tool, the probability for a rate hike in June 2022 increased to 68.8% from 58.4% a week ago.