Thu, December 08, 2022

Investors Look Out for UK Employment and Wage Growth Data

Investors Look Out for UK Employment and Wage Growth Data

After the last few weeks of turbulence, investors are waiting for the UK Employment and Wage growth data to better assess the situation on the market. They hope that the document will contain valuable tips. Another lead indicator is also on the horizon. The German ZEW Survey for January will be attainable at almost the same time.

Some Experts presume that the German ZEW Survey will show an improvement in the economy. Meanwhile, U.S. President Donald Trump plans to speak at the World Economic Forum (WEF) in Davos. This event also calls for attention.

The UK Remains Stable, while the Risk-Off encases China

Since the International Monetary Fund cut global growth forecasts, oil prices continue to fall. On the other hand, the USD/CAD pair reached the 1.3050 barriers. EUR/USD bulls are trying to get rise above the 1.11 handle, while the GBP/USD remained steady.

USD/JPY decreased to 109.90 but managed to recover some ground, reaching the 110 handles. JPY bulls weren’t impressed with the Bank of Japan’s growth forecasts and the status-quo.

So far, Chinese stocks have been reaching record highs, thanks to the one phase trade deal agreement. But the market slowed down significantly, cutting its rally short during the last days. The Chinese yuan dropped to the bottom. The Antipodeans also lowered because of the reduced demand for higher-yielding currencies. All in all, Asian stocks suffered substantial losses. The US Treasury yield and S&P 500 futures slowed down.

In China, the virus outbreak caused the market to waver. The lunar new year is nearing. This season usually brings the cash influx. But due to the virus, analysts fear that the income will reduce significantly. On the other hand, it will also influence the market’s growth rate.

While the stocks are wabbling, investors began to move on to the yen and gold. The market faced a strong risk-off wave. In response, gold hit a nine-day record, rising to almost $1568. The US dollar has also extended its broad-based correction since the anti-risk yen picked up bids against the greenback.

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