European Economics News Preview: UK Nationwide House Price Data Due

House price data from the UK is the major economic news due on an otherwise light Friday.

At 2.00 am ET, UK Nationwide house price data is due for December. House price inflation is expected to ease to 2.3 percent from 4.4 percent in November.

At 3.00 am ET, the Swiss KOF leading indicator is due. Economists forecast the index to rise to 90.5 in December from 89.5 a month ago.

In the meantime, Spain's INE is scheduled to issue flash consumer and harmonized prices for December. EU harmonized inflation is forecast to ease to 6.0 percent from 6.7 percent in November.

At 4.00 am ET, Bank of Spain releases the balance of payments for October.

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source http://www.mt5.com/forex_news/quickview/2205039/

Commodity Market Focus Shifts from Supply to Demand

Inflation, Ukraine and China’s Covid Response will be the three key commodity market themes in the coming year. Via DailyFX - Market News https://ift.tt/9s2GuNK

Hoping For an Early Fed Pivot Does Not Mean We Will Get One

The US Federal Reserve may be more cautious about raising interest rates, but inflation could well force it to carry on doing so for longer than the markets’ cheap-money addicts would like. Via DailyFX - Market News https://ift.tt/9s2GuNK

South Korea Inflation Data Due On Friday

South Korea will on Friday release December figures for consumer prices, highlighting a light day for Asia-Pacific economic activity.

In November, overall inflation was down 0.1 percent on month and up 5.0 percent on year, while core CPI rose 0.3 percent on month and 4.3 percent on year.

Also, the markets in South Korea are closed for New Year's Eve, while the markets in Australia and New Zealand will have half-day sessions.

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source http://www.mt5.com/forex_news/quickview/2205037/

Treasuries Regain Ground Following Recent Weakness

After moving notably lower over the past several sessions, treasuries regained some ground during trading on Thursday.

Bond prices moved steadily higher over the course of the morning and remained firmly positive throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.2 basis points to 3.835 percent.

With the pullback on the day, the ten-year yield gave back ground after ending the previous session at its highest closing level in well over a month.

The rebound by treasuries came as traders went bargain hunting following recent weakness, which reflected ongoing concerns about the outlook for interest rates.

Buying interest may also have been generated in reaction to a Labor Department report showing first-time claims for U.S. unemployment benefits rose by slightly more than expected in the week ended December 24th.

The report said initial jobless claims crept up to 225,000, an increase of 9,000 from the previous week's unrevised level of 216,000. Economists had expected jobless claims to inch up to 222,000.

Overall trading activity remained below average, however, as many traders are still away from their desks due to the holidays.

With Friday marking the final trading day of 2022, activity may pick up somewhat but is likely to remain relatively subdued.

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source http://www.mt5.com/forex_news/quickview/2205036/

Oil Futures Settle Lower As Inventory Data, China Covid Concerns Weigh

Crude oil prices drifted lower on Thursday, weighed down by concerns about a surge in Covid-19 cases in China, and on data showing an increase in U.S. crude inventories in the week ended December 23rd.

With Covid -19 cases rising in China, concerns about a global recession have risen, raising the possibility of a drop in energy demand.

There are concerns China may not be sharing data on any signs of evolving strains that could spark fresh outbreaks in countries around the world.

Already, several countries have announced measures in an effort to keep infections from spreading beyond China's borders. The U.S., Italy, Japan, India and Malaysia have announced that they would increase health measures for travellers from China.

A weak dollar helped limit oil's downside.

West Texas Intermediate Crude oil futures for February ended lower by $0.56 at $78.40 a barrel.

Brent crude futures were down $0.48 at $83.51 a barrel a little while ago.

Data released by U.S. Energy Information Administration (EIA) this morning showed crude inventories in the U.S. rose by 718,000 barrels last week, compared with forecasts for a drop of 1.5 million barrels.

The EIA data also showed gasoline stockpiles fell by 3.1 million barrels last week, as against expectations for a drop of 2.3 million barrels.

Meanwhile, distillate stockpiles increased by 0.3 million barrels last week, as against expectations for a drop of 2 million barrels.

The American Petroleum Institute released a report late Wednesday showing U.S. crude oil inventories fell by 1.3 million barrels in the week ended Dec. 23, which was less than expected.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2205035/

*South Korea Industrial Production +0.4% On Month, -3.7% On Year In November

South Korea Industrial Production +0.4% On Month, -3.7% On Year In November

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source http://www.mt5.com/forex_news/quickview/2204994/