Spain February final HICP confirmed flash estimates at 2.9% Y/Y (vs 2.9% in January) and 0.4% M/M (a...
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AUDUSD continues to trade at its recent highs. Despite the latest bounce, the trend structure remains bearish. The Feb 3 fresh cycle low confirmed a continuation of the downtrend and maintains the price sequence of lower lows and lower highs. A resumption of the bear leg would open 0.6045, a Fibonacci projection. Key resistance is at 0.6301 (pierced), the 50-day EMA, and 0.6331, the Jan 24 high. A clear break of both levels would be bullish.
Some attention on the European open, although a new record high might not be on the card, the Dax, Estoxx, CAC and FTSE futures are all on the edge of their respective record highs, so nothing can be ruled out for Cash Indices.
The Swedish unemployment claims rate was 7.0% for the third consecutive month in January. This supports our view that while overall labour market conditions remain subdued, it appears as though we have passed the peak pace of deterioration. This underscores expectations for the Riksbank to remain on hold in March, as its assesses the impact of past hikes on the economy.