CZECHIA: Feb CPI Meets Expectations, Lipavsky To Contest Elex As ODS Candidate
Mar-05 08:23
- Seznam Zpravy reported that Foreign Minister Jan Lipavsky will run in the upcoming parliamentary election from the Spolu coalition's Prague list, likely from the third spot. The decision is expected to be formally announced during a press conference this morning. Lipavsky took on a cabinet role as a member of the Pirate Party but left the formation after it split from the governing coalition and held onto his portfolio. He will contest the next election from Prime Minister Petr Fiala's ODS, despite earlier negotiating with Chamber of Deputies Speaker Marketa Pekarova Adamova's TOP 09. Both parties are members of the Spolu alliance alongside KDU-CSL. According to local media, Defence Minister Jana Cernochova (ODS) will most likely lead Spolu's Prague list after Pekarova Adamova announced her plan to retire from politics.
- Czechia's headline inflation edged lower to +2.7% Y/Y in February from +2.8% prior, according to preliminary data released by the CZSO this morning. This was in line with the consensus forecast and marginally above the CNB's projection (+2.6%). Central bank staff will not release the traditional comments on inflation data until the publication of the final report on March 11.
- Lawmakers rejected the presidential veto of legislation regulating the salaries of senior politicians and judges, but the opposition warned that it will likely be challenged in the Constitutional Court.
- President Petr Pavel will meet with his Slovak (Peter Pellegrini) and Austrian (Alexander Van der Bellen) counterparts today in the so-called Slavkov format (S3) to discuss cross-border cooperation and foreign policy.
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SPAIN DATA: Jan Manuf PMI Notably Weaker Than Consensus, Price Rises Noted
Feb-03 08:21
The Spanish manufacturing PMI was notably weaker than consensus at 50.9 (vs 53.5 cons, 53.3 prior). While still in expansionary territory for the 12th consecutive month, this was the lowest reading since August.
- Uncertainty weighed on demand, especially in export markets, while there was an uptick in input cost and output charge inflation.
- Note that Eurozone flash PMI did note that the pace of growth in the region ex-France and Germany did slow from December.
Highlights from the release:
- “Although demand was reported to have remained positive, some panellists noted a degree of uncertainty amongst clients. This was especially evident in export markets, with foreign sales rising only marginally since December”.
- “Whilst some panellists reported stronger demand from North Africa, there were reports of weaker sales to key European and Latin American markets.”
- “Reflective of slower output and order book gains, panellists reduced their purchasing and employment growth in January”
- “Input price inflation picked up noticeably”… “Inputs like steel were said to have risen in price, whilst higher transport expenses added to cost burdens”.
- “Firms chose to raise their own output charges quite markedly in January, and therefore signalled a return to rising factory gate prices following four months of decline”.
AUDUSD TECHS: Bears Remain In The Driver’s Seat
Feb-03 08:21
- RES 4: 0.6429 High Dec 12
- RES 3: 0.6384 High Dec 13
- RES 2: 0.6311/31 50-day EMA / High Jan 24
- RES 1: 0.6220 Intraday high
- PRICE: 0.6141@ 08:19 GMT Feb 3
- SUP 1: 0.6088 Intraday low
- SUP 3: 0.6045 1.500 proj of the Sep 30 - Nov 6 - 7 price swing
- SUP 3: 0.6000 Round number support
- SUP 4: 0.5931 1.764 proj of the Sep 30 - Nov 6 - 7 price swing
The medium-term trend condition in AUDUSD remains bearish and the pair has traded to a fresh cycle low, today. This confirms a resumption of the downtrend and maintains the price sequence of lower lows and lower highs. A continuation would open 0.6045, a Fibonacci projection. Moving average studies are in a bear-mode position and this highlights a dominant downtrend. Key resistance is at 0.6311, the 50-day EMA.
MNI: SPAIN JAN MANUF PMI 50.9 (FCST: 53.5); DEC 53.3
Feb-03 08:15
- MNI: SPAIN JAN MANUF PMI 50.9 (FCST: 53.5); DEC 53.3
