Daily Alert – Tuesday 13th December 2022: All eyes on today’s US inflation numbers

Mark NugentDaily Alert, Dec 2022

Daily Alert – Tuesday 13th December 2022: All eyes on today’s US inflation numbers

Good morning.

Yesterday was moderately risk-on.

The GBP got a boost from the October GDP number, aided by the prior number, to which it is compared, being low due to the Queen’s funeral.

This morning, we see some quite ugly Claimant Count figures (that’s new unemployment claims: 33,500 new claims vs an expected decrease of 13,300) in the UK and a move up in the unemployment rate to 3.7 percent, as per expectation, but higher than the prior number of 3.6 percent.

Inflation in Germany is as expected, but still a whopping 11.3 percent.

In early afternoon UK-time, we will see US inflation figures for November. Any deviation from expectation stands a good chance of significantly moving the USD and equities. A miss to the upside (a higher number) may drive equities down and the USD up. A miss to the downside may well have the opposite effect.

I will be back tomorrow.

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