Ekonomické zprávy

Asian session review: the US dollar shows positive dynamics

TimeCountryEventPeriodPrevious valueForecastActual
00:15AustraliaRBA's Governor Philip Lowe Speaks    
04:30JapanTertiary Industry Index December0.1%0.1%-0.4%
07:00United KingdomRetail Price Index, m/mJanuary0.6%-0.2%0%
07:00United KingdomProducer Price Index - Input (MoM)January-1.1%0.2%-0.1%
07:00United KingdomProducer Price Index - Input (YoY) January16.2%14.7%14.1%
07:00United KingdomProducer Price Index - Output (YoY) January14.6%13.3%13.5%
07:00United KingdomProducer Price Index - Output (MoM)January-0.8%0.1%0.5%
07:00United KingdomHICP ex EFAT, Y/YJanuary6.3% 5.8%
07:00United KingdomRetail prices, Y/YJanuary13.4%13.2%13.4%
07:00United KingdomHICP, m/mJanuary0.4%-0.4%-0.6%
07:00United KingdomHICP, Y/YJanuary10.5%10.3%10.1%

During today's Asian trading, the US dollar rose moderately against major currencies, offsetting yesterday's decline, while investors continue to evaluate the latest US inflation data.

The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.26%, to 103.50.

The US Department of Labor reported yesterday that consumer prices rose by 6.4% per annum in January. Thus, inflation slowed down compared to 6.5% per annum in December. However, analysts expected a slowdown in price growth to 6.2% per annum. A slower-than-expected slowdown in inflation increases the likelihood that the Fed will continue to stick to a tight monetary policy.

Now the market is waiting for the US retail sales data for January (to be published at 13:30 GMT) to better assess the state of the US economy. According to consensus estimates, sales jumped by 1.8% per annum in January after falling by 1.1% per annum in December.

The pound fell 0.7% against the US dollar on the back of UK data, which weakened the likelihood of an aggressive interest rate hike by the Bank of England. Money markets pare rate hike wagers aggressively, pricing a 4.55% peak by September compared to 4.69% on Tuesday.

Data published by the Office for National Statistics (ONS) showed that consumer prices rose by 10.1% per annum in January after rising by 10.5% per annum in December. It marks a third consecutive month of slowing inflation and the lowest rate since September 2022. Economists had expected CPI growth of 10.3% per annum. Meanwhile, core CPI - which excludes energy, food, alcohol and tobacco - rose 5.8% per annum after rising 6.3% per annum in December. This was the weakest growth since June 2022. Consensus estimates suggested an increase by 6.2% per annum. On a monthly basis, the consumer price index fell by 0.6%, offsetting a 0.4% increase in December. Economists had expected a 0.4% decline in prices in January.

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