FxWirePro: GBP/NZD grinding higher as frustrated shorts pare back after mixed US jobs report 
Market Roundup
• UK Construction Output (MoM) (Jul) 0.4%,0.4% forecast, 0.5% previous
•U.K. Construction Output (YoY) (Jul) -1.6%,-1.0% forecast,-1.7% previous
•U.K. GDP (MoM) (Jul) 0.0%,0.2% forecast,0.0% previous
•U.K.GDP (YoY) (Jul) 1.2%,1.4% forecast, 0.7% previous
•U.K Index of Services 0.6%,0.6% forecast, 0.8% previous
•U.K Industrial Production (MoM) (Jul) -0.8%, 0.3% forecast, 0.8% previous
•U.K Industrial Production (YoY) (Jul) -1.2%,-0.2% forecast, -1.4% previous
•U.K Manufacturing Production (MoM) (Jul) -1.0%,0.2% forecast, 1.1% previous
•U.K Monthly GDP 3M/3M Change (Jul) 0.5%,0.6% forecast, 0.6% previous
Looking Ahead Economic Data(GMT)
•12:30 US Core CPI (MoM) (Aug) 0.2% forecast, 0.2% previous
•12:30 US Core CPI (YoY) (Aug) 3.2% forecast, 3.2% previous
•12:30 US Core CPI Index (Aug) 318.87 previous
•12:30 US CPI (YoY) (Aug) 2.5% forecast, 2.9% previous
•12:30 US CPI (MoM) (Aug) 0.2% forecast, 0.2% previous
•12:30 US CPI Index, n.s.a. (Aug) 314.98 forecast, 314.54 previous
•12:30 US CPI Index, s.a (Aug) 313.53 previous
•12:30 US CPI, n.s.a (MoM) (Aug) 0.12% previous
•12:30 US Real Earnings (MoM) (Aug) -0.2% previous
• 14:30 US Crude Oil Inventories 0.900M forecast, -6.873M previous
• 14:30 US EIA Refinery Crude Runs (WoW) 0.036M previous
• 14:30 US Crude Oil Imports -0.853M previous
• 14:30 US Cushing Crude Oil Inventories -1.142M previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro strengthened on Wednesday as dollar dipped after investors increased the chances of Democrat Kamala Harris beating Republican rival Donald Trump in November's presidential election after a scheduled debate. The debate, which featured clashes over immigration, foreign policy, and healthcare, provided limited specific policy details but was rich in exchanges of criticism. As a result, the dollar weakened. Market attention now shifts to the U.S. inflation reading later in the day, though the Federal Reserve has emphasized that employment is currently a more critical focus than inflation. The euro gained 0.20% to $1.1041, recovering from its overnight slide to $1.1015 for the first time since Aug. 19. Immediate resistance can be seen at 1.1060(38.2%fib), an upside break can trigger rise towards 1.1116(23.6%fib).On the downside, immediate support is seen at 1.1014(50%fib), a break below could take the pair towards 1.0968 (61.8%fib).
GBP/USD: Sterling strengthened against the dollar on Wednesday after data showed Britain's economy stagnated unexpectedly in July, as manufacturing output fell. British economic output showed no change in month-on-month terms in July, as it did in June, data from the Office for National Statistics showed.A poll of economists had forecast 0.2% month-on-month growth in gross domestic product. Bank of England is expected to keep interest rates unchanged next week, although markets show traders believe it could cut once more this year, probably in November Sterling edged up 0.05% to $1.3085, after sliding to $1.3071 earlier in the session. Immediate resistance can be seen at 1.3110(Daily high), an upside break can trigger rise towards 1.3156(23.6%fib).On the downside, immediate support is seen at 1.3064(38.2%fib), a break below could take the pair towards 1.3000(psychological level).
USD/CHF: The dollar declined against the Swiss franc on Wednesday as attention shifted to key U.S. inflation data, which could influence the Federal Reserve's next policy decision. The U.S. Consumer Price Index (CPI) data is set to be released at 12:30 GMT, with expectations of a 0.2% month-on-month increase in August, unchanged from the previous month. Additional data points this week include the U.S. Producer Price Index and initial jobless claims. According to a majority of economists in a recent poll, the Fed is expected to implement a 25 basis point rate cut at each of the three remaining policy meetings in 2024, with only nine out of 101 economists anticipating a 50 basis point cut next week. Immediate resistance can be seen at 0.9418 (14 DMA), an upside break can trigger rise towards 0.9473 (38.2% fib).On the downside, immediate support is seen at 0.9371 (23.6% fib), a break below could take the pair towards 0.9300 (Psychological level).
NZD/USD: New Zealand dollar slipped lower against greenback on Wednesday as kiwi dollar was pressured by declining commodity prices and concerns about the Chinese economy. Data this week has shown Chinese exports solid but imports sluggish and consumer price rises falling short of market expectations, pointing to lacklustre domestic demand.looking ahead ,investors are awaited U.S. inflation data for more clues on the size of a likely Federal Reserve interest rate cut next week.At (GMT12:11) Kiwi dollar was trading at down 0.05% at $0.6147 against the U.S. dollar. Immediate resistance can be seen at 0.6181(38.2%fib), an upside break can trigger rise towards 0.6229 (Sep 5th high).On the downside, immediate support is seen at 0.6125(50%fib), a break below could take the pair towards 0.6060(61.8%fib).
USD/JPY: The dollar hit eight month low against the yen on Wednesday as yen was boosted from comments from Bank of Japan board member Junko Nakagawa, who reiterated that the central bank would continue to raise interest rates if the economy and inflation move in line with its forecasts. Her comments helped the yen hit its highest since the start of the year against the dollar, as markets took them as a renewed sign the BOJ could raise rates in coming months. The dollar stood at 141.81 yen on Wednesday, down about 0.41%, after briefly falling below 141 for the first time since Jan. 2. The BOJ is set to leave rates unchanged at its next meeting on Sept. 20, but more than half the economists polled last month predict further tightening by the year's end. Strong resistance can be seen at 143.71 (Sep 9th high), an upside break can trigger rise towards 145.00 (Psychological level). On the downside, immediate support is seen at 141.90(23.6%fib), a break below could take the pair towards 141.49 (Lower BB).
Equities Recap
European shares firmed on Wednesday, driven by gains in the tech and basic resources sectors, as investors awaited a key U.S. inflation reading for insights into the Federal Reserve's interest rate decision next week.
At (GMT 12:00 ),UK's benchmark FTSE 100 was last trading up at 0.19 percent, Germany's Dax was up by 0.43 percent, France’s CAC finished was up by 0.32 percent.
Commodities Recap
Gold prices edged higher on Wednesday as the dollar eased, with traders focusing on key U.S. inflation data that could impact the Federal Reserve's next policy decision.
Spot gold was up 0.2% at $2,520.64 per ounce, as of 1033 GMT. U.S. gold futures edged 0.3% higher to $2,549.50.
Oil climbed more than 2% on Wednesday, recovering some of the previous day's losses as a drop in U.S. crude inventories and concerns about Hurricane Francine disrupting U.S. output offset worries about weak global demand.
Brent crude futures were up $1.41, or 2.04%, to $70.60 a barrel at 1048 GMT, while U.S. crude futures gained $1.79, or 2.7%, to $67.54.
