Market Recap: October 11, 2024
Today’s market activity is centred around data releases from Europe, the U.S., and Canada, along with energy and metals price movements.
Key Data to Watch
European Data:
- Germany’s Harmonized Index of Consumer Prices (HICP) is expected to remain steady at 1.8% YoY, while the monthly figure is anticipated to be flat at -0.1% MoM for September.
UK Data:
- The UK is releasing its GDP, Industrial Production, and Manufacturing Production figures for August. The market expects a 0.2% increase in both GDP and industrial output, offering a snapshot of the country’s economic activity.
Canada Employment Data:
- Canada is reporting its Net Change in Employment for September, expected to show a gain of 27K jobs. Meanwhile, the Unemployment Rate is forecast to tick up slightly to 6.7%.
U.S. Producer Price Index (PPI):
- The U.S. will reveal September’s PPI data, with the MoM figure forecast at 0.1% and the YoY at 1.6%, signaling mild inflation pressures. Additionally, the core PPI, which excludes food and energy, is projected to rise 0.2% MoM.
U.S. Consumer Sentiment:
- The Michigan Consumer Sentiment Index (preliminary for October) will be published later, expected at 70.8, which will offer insights into consumer confidence levels in the U.S.
Energy Markets
- Crude Oil: Trading at $75.67/bbl, down 0.23% today, although it has gained 1.75% for the week as global supply concerns continue.
- Brent Crude: Brent is priced at $79.11, also down 0.35%, yet showing a weekly gain of 1.37%.
- Natural Gas: Prices are up 0.33% today to $2.68/MMBtu, although it has lost nearly 6% this week amid falling demand.
Currency Movements
- EUR/USD: The euro is trading at 1.09350, showing a 0.01% rise today. However, it’s down 0.36% for the week as German inflation data and other economic concerns weigh on the euro.
- GBP/USD: The British pound is slightly weaker at 1.30477, down 0.10% today and 0.53% for the week as investors remain cautious ahead of key UK data releases.
- AUD/USD: The Australian dollar has seen a small bump, rising 0.01% to 0.67411, but it’s still down 0.75% for the week amid mixed commodity market movements.
- NZD/USD: The New Zealand dollar is up 0.10% at 0.61012, yet it remains down 0.89% for the week as concerns about slowing growth weigh on the kiwi.
- USD/JPY: The dollar is holding steady against the yen, trading at 148.657, with no significant change on the day but remaining flat for the week.
- USD/CHF: The Swiss franc is relatively stable at 0.85715, up just 0.06% today but down 0.12% for the week as safe-haven demand ebbs.
- USDCNY: The Chinese yuan is trading slightly lower at 7.08058, down 0.04% today as China’s ongoing economic challenges weigh on its currency.
- USD/CAD: The Canadian dollar is slightly weaker at 1.36524, down 0.02%, with markets waiting for employment data later today.
- USD/MXN: The Mexican peso is trading at 19.3059, down 0.10% for the week, as investors remain cautious about growth prospects in the region.
Commodities Overview
Gold: Gold has risen 0.42% to $2644.22/t.oz, as global uncertainties continue to drive demand for safe-haven assets.
Silver: Silver has gained 0.51% today, trading at $31.30/t.oz, although it remains down for the week.
Copper: Copper prices have increased by 0.53% to $4.40/lbs, with the metal benefiting from supply constraints, despite a 2.53% weekly decline.
Steel: Steel prices in China are up slightly at 3374 CNY/T, showing resilience with a 12.09% monthly gain despite recent fluctuations.
Things to Watch Out For
As the day progresses, pay attention to data from the U.S. Producer Price Index and Canadian employment data. Movements in energy prices and metals may also have an impact. Keep an eye on those trends as the market unfolds.
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