This is what you need to know to operate today Tuesday December 17:
After a calm start to the week, financial markets remain stable in the first part of Tuesday. Germany’s IFO and ZEW confidence surveys released with mixed results In the second half of the day, market participants will closely monitor Canada’s November consumer price index (CPI) data and retail sales figures from USA. The US economic calendar will also offer data on industrial production and business inventories.
He US Dollar Index (USD) failed to make a decisive move in either direction and closed virtually unchanged on Monday. The DXY index continues to rise and fall in a narrow band slightly below 107.00 in the European session. The Federal Reserve’s (Fed) two-day monetary policy meeting begins today.
Bank of Canada (BoC) Governor Tiff Macklem said at the Vancouver Stock Exchange on Monday that they face risks around the inflation outlook. “We are equally concerned about inflation being higher or lower than expected,” Macklem said. In Canada, the annual CPI is expected to rise 2%, matching the increase in October. USD/CAD posted small gains on Monday and was last seen trading at its highest level since April 2020 above 1.4250.
The UK’s Office for National Statistics (ONS) reported on Tuesday morning that the unemployment rate remained unchanged at 4.3% in the three months to October, as expected. In this period, job changes increased by 173,000. Finally, annual wage inflation, measured by average earnings excluding bonuses, rose to 5.2% from 4.9%. After a choppy Asian session, GBP/USD recovered towards 1.2700 after the labor market report. On Wednesday, the ONS will publish CPI data and the Bank of England (BoE) will announce monetary policy decisions on Thursday.
He EUR/USD remains stable in the European morning and trades slightly above 1.0500 after posting small gains on Monday.
He USD/JPY It closed its sixth consecutive trading day in positive territory on Monday. The pair struggles to maintain its bullish momentum and fluctuates around 154.00 on Tuesday. Japanese Economy Minister Ryosei Akazawa reiterated on Tuesday that the Bank of Japan (BoJ) and the government will work together to carry out appropriate monetary policy. The BoJ will announce its interest rate decision in the Asian session on Thursday.
He Gold ended the first day of the week practically unchanged. XAU/USD extends its sideways move around $2,650 to start the European session.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
