Today’s Key Inflation and Growth Data Insights
Today key inflation and growth data is out from the US and Europe, with a focus on Eurozone retail sales, Canadian GDP, and U.S. personal consumption data. The dollar remains steady, while oil prices decline and gold extends its pullback.
Key Data Out Today
- Eurozone Retail Sales (MoM, Jan): +0.2% (Prev: -1.6%)
- Eurozone Consumer Price Index (Feb, PREL): Expected at 0.4% MoM and 2.3% YoY
- Canada GDP (Q4, Annualized): Forecast 1.9% (Prev: 1%)
- U.S. Core PCE Inflation (YoY, Jan): Expected at 2.6% (Prev: 2.8%)
- U.S. Personal Income (MoM, Jan): Expected 0.3% (Prev: 0.4%)
Commodities
- Crude Oil ($69.73, ↓0.88%)
Oil prices continue to slide as concerns over global demand and production increases weigh on sentiment. Brent crude also fell 0.85% to $72.94 per barrel. - Gold ($2863.85, ↓0.41%)
Gold prices extended their retreat as higher bond yields and a stronger dollar kept pressure on the metal. Silver also fell slightly to $31.20 per ounce.
Currency Movements
EUR/USD (1.0387, ↓0.10%)
The euro remains under pressure after weaker-than-expected German inflation data and mixed Eurozone retail figures. Investors are waiting for ECB signals on monetary policy.
GBP/USD (1.2578, ↓0.17%)
The pound struggles as BoE’s Ramsden speech failed to provide clarity on the central bank’s rate outlook. Markets remain cautious ahead of U.S. PCE inflation data.
AUD/USD (0.6211, ↓0.40%)
The Aussie dollar dropped following weak commodity prices and risk-off sentiment. Traders are focused on next week’s RBA policy outlook.
NZD/USD (0.5599, ↓0.70%)
The kiwi is the worst performer today as global risk appetite weakens, and markets anticipate a cautious stance from the Reserve Bank of New Zealand.
USD/JPY (149.97, ↑0.11%)
The yen weakened slightly despite lower U.S. yields, as investors continue unwinding safe-haven trades.
USD/CAD (1.4445, ↑0.05%)
The loonie remains weak ahead of Canadian GDP data, with markets expecting a modest rebound in growth.
USD/MXN (20.48, ↓0.01%)
The peso remains relatively stable despite ongoing global market volatility.
USD/INR (87.40, ↑0.08%)
The Indian rupee is slightly weaker, tracking higher oil prices and dollar demand.
Market Outlook
Keep an eye on the U.S. PCE inflation release, which could shape Federal Reserve rate expectations going forward. The focus will also be on Canada’s GDP data, which could impact the Bank of Canada’s policy stance. With Eurozone inflation and retail data mixed, traders will be looking at ECB rhetoric for further direction.