SOUTH KOREA: Country Wrap: CPI Moves Back Above BOK Target
Market Summary: The KOSPI is up +2.95%, reaching a new all time high of 3,557 whilst the Won is marg...
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LOOK AHEAD: Eurozone Timeline of Key Events (Times BST)
| Date | Time | Country | Event |
| 02-Sep | 1000 | IT | PPI |
| 02-Sep | 1000 | EU | EZ HICP Flash |
| 02-Sep | 1230 | EU | ECB Elderson and Machado Panel at ECB Legal Conference |
| 03-Sep | 0815 | ES | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0830 | EU | ECB Lagarde Speaks at ESRB Conference |
| 03-Sep | 0845 | IT | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0850 | FR | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0855 | DE | S&P Global Services / Composite PMI (f) |
| 03-Sep | 0900 | EU | S&P Global Services / Composite PMI (f) |
| 03-Sep | 1000 | EU | EZ PPI |
| 04-Sep | 0830 | EU | S&P Global Final Eurozone Construction PMI |
| 04-Sep | 1000 | EU | EZ Retail Sales |
| 04-Sep | 1030 | EU | ECB Cipollone at Digital Euro Hearing, EU Parliament |
| 05-Sep | 0700 | DE | Manufacturing Orders |
| 05-Sep | 0745 | FR | Foreign Trade |
| 05-Sep | 0900 | IT | Retail Sales |
| 05-Sep | 1000 | EU | EZ GDP 3rd (Regular) / Employment |
| 08-Sep | 0700 | DE | Trade Balance / Industrial Production |
OIL: Crude Continues Higher As Upcoming OPEC Meeting & US Payrolls In Focus
Oil prices have continued the rally started on Monday. WTI is up 1.4% to $64.90/bbl after reaching $65.10. Brent is 0.4% higher at $68.42/bbl after a peak of $68.58, remaining below resistance at $69.06. The prospect of a near-term easing in sanctions on Russia has faded with the US and EU now looking at extending them after attacks on Ukrainian cities have intensified. The USD index is up 0.1%.
- With the oil market expected to post a substantial surplus in 2026, supply developments are being watched closely.
- OPEC meets on September 7 to decide its October production target. There are still 1.65mbd of previous voluntary output cuts that could be unwound but analysts believe the group will hold production stable.
- Demand also remains in focus with concerns regarding the impact from increased US tariffs but the prospect of Fed easing is calming concerns. Friday’s August US payroll data will be key.
- Later the ECB’s Elderson and Machado appear. US August manufacturing PMI/ISM, July construction, euro area August CPI and July French budget data print.
EURUSD TECHS: Trend Needle Points North
- RES 4: 1.1851 High Sep 10 2021
- RES 3: 1.1829 High Jul 01 and the bull trigger
- RES 2: 1.1789 High Jul 24
- RES 1: 1.1743 High Aug 22
- PRICE: 1.1696 @ 06:08 BST Sep 2
- SUP 1: 1.1574/1.1528 Low Aug 27 / Low Aug 5
- SUP 2: 1.1392 Low Aug 1 and bear trigger
- SUP 3: 1.1373 Low Jun 10
- SUP 4: 1.1313 Low May 30
EURUSD has recovered from last week’s low. The trend set-up is bullish and short-term weakness is considered corrective. Note that the pair has pierced key support around the 50-day EMA, currently at 1.1611. A clear break of the average would signal scope for a deeper retracement and potentially expose key M/T support at 1.1392, the Aug 1 low. Key resistance and the bull trigger is 1.1829, the Jul 1 high. A breach would resume the primary uptrend.
