Look Ahead 12/9/23: Australia confidence data; UK jobless rate; ZEW; Fevertree
Watch out for FX volatility with consumer and business confidence figures out of Australia, UK unemployment figures, Germany’s ZEW; and results from Fevertree, Gym Group and Wickes.
(Video Transcript)
AUD/USD slips lower
Hello there, I'm Angeline Ong, and welcome to your Look Ahead to Tuesday, 12 September 2023. And we start in Australia, where we have both consumer confidence figures and business confidence numbers on deck. Just showing you the Australian dollar versus the US dollar, because this cross has had so much volatility. It's one of our most traded financial instruments on the IG platform.
There are lots of different stories going on here. Of course, inflation, where it's been high in Australia, and we've seen all those rate hike, that's sort of started to cool ever so slightly. But we also have the tearway US dollar, and also China's slowdown, and also now growing bets that US interest rates may stay higher for longer.
Let's just give you an hourly chart there, because it's hit that resistance on an hourly basis, 6,440, and it's crept lower. However, if we take a look at a slightly longer-term picture, this is a weekly chart. It's trading between this band 6,235 and around 7,000. And at the moment, it's looking like it's moving back down towards 6,200.
Is UK growth floundering?
Elsewhere, we've also got unemployment rate numbers expected out of the United Kingdom. Expectations for July, 4.3%. The UK is also another interesting economy. Inflation has eased slightly here now, and there is now more focus on growth, which seems to be fluttering.
Germany is also a big focus in the next session. Centre for European Economic Research (ZEW), look out for that. This will give us an indication of where economic sentiment is at the moment, the consensus for September, -12.
We're also looking out for numbers, of course, from Fevertree Drinks, first-half biggest Fevertree, a very interesting company. They sell the mixes, the tonics for drinks that pair up really well with gin. And as you can see here, it had a really good run when everyone was in lockdown during Covid.
However, it's had a really strong base to compare with. It's coming off a really high base, and that's why companies like Fevertree and Halfords have had very strong comparisons and now they're kind of struggling slightly because of those strong comparisons.
US inflation figures due
We have Gym Group as well out with first-half number, and Wix out with first-half, of course. The market is all also looking out for that US inflation figure, which is seen as the set piece for this week. And that's it for now.
For more market-moving news, I'll be back on Beat the Street at 13.30 London time to give you a heads-up to the US trading day. IG's Jeremy Naylor will also be on at 7.30 on early morning call ahead of the European market open. Follow me on IG.com and @Angeline Ong on Twitter. This is IGTV.
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