Weekly Global Economic Data and its Impact

Updated on: 1st December 2022

Best Hedging Strategy For Importers, import port

EUROZONE GDP YoY

The Reserve Bank of India raised its key repo rate by 35 bps to 6.25% during its December meeting, the fifth rate hike in a row, amid slowing inflation due to moderation in food prices, as widely expected.

India: Interest Rate

The Reserve Bank of India raised its key repo rate by 35 bps to 6.25% during its December meeting, the fifth rate hike in a row, amid slowing inflation due to moderation in food prices, as widely expected.

Non Farm Payrolls in (000)

The US economy unexpected added 263k jobs in November of 2022, beating market forecasts of 200k, and following an upwardly revised 284k in October

US Unemployment Rate

The unemployment rate in the US was unchanged at 3.7% in November 2022, matching market expectations and remaining close to September’s 29-month low of 3.5%.

India FX Resrves $Bn

Foreign Exchange Reserves in India increased to 550.14 Bn in November 25 from 547.25 Bn in the previous week.

US Jobless Claims

Initial Jobless Claims in the United States decreased to 225 thousand in the week ending November 26 of 2022 from 241 thousand in the previous week.

India FX Reserves $Bn

Foreign Exchange Reserves in India increased to 547.25 Bn in November 18 from 544.72 Bn in the previous week.

UK Interest Rate

The Bank of England voted by a majority of 7-2 to raise interest rates by 75 bps to 3% during its November meeting, the largest rate hike since 1989, increasing the cost of borrowing to the highest level since late-2008

Eurozone Unemployment Rate

The unemployment rate in Euro Area edged down to 6.6% in September of 2022 from a an upwardly revised 6.7% in the prior month, equaling the record low hit in July

US Interest Rate

The Federal Reserve raised the target range for the federal funds rate by 75bps to 3.75%-4% during its November 2022 meeting. It marks a sixth consecutive rate hike and the fourth straight three-quarter point increase, pushing borrowing costs to a new high since 2008.

Germany Unemployment Change

The seasonally adjusted number of unemployed people in Germany rose by 8 thousand from the previous month to 2.518 million in October 2022, below expectations of a 15 thousand addition.

US ISM Manufacturing PMI

The ISM Manufacturing PMI fell to 50.2 in October of 2022 from 50.9 in September, pointing to the slowest growth in factory activity since the contraction in mid 2020

US JOLTs Job Openings

The number of job openings in the United States rose by 437,000 to 10.72 million in September 2022, partially offsetting a sharp decline in August and easily beating market expectations of 10.0 million.

Eurozone Core CPI (YoY)

Core Inflation rate in Euro area which excludes prices for energy, food, alcohol & tobacco increased to a fresh record high of 5% in October of 2022 from 4.8% in September. Figures compare with market expectations of 4.9%

Eurozone GDP (YoY)

Annual inflation rate in the Euro Area continued to break record high levels and jumped to 10.7% in October of 2022 from 9.9% in September. Figures came higher than market forecasts of 10.2%, preliminary estimates showed.

EuroZone CPI (YoY)

Annual inflation rate in the Euro Area continued to break record high levels and jumped to 10.7% in October of 2022 from 9.9% in September. Figures came higher than market forecasts of 10.2%, preliminary estimates showed.

US GDP Growth Rate

The US economy grew an annualized 2.6% on quarter in Q3 2022, beating forecasts of a 2.4% rise and rebounding from a contraction in the first half of the year.

UK CPI(YoY)

The annual Inflation in the UK rose to 10.1% in Sepemeber of 2022 from 9.9% in August, returning to the 40 year high hit in July and surassing market expectations of 10% rate.

US Eurozone CPI(YoY)

The Eurozone Annual Inflation rate was revised down to 9.9% in September 2022 from a preliminary estimate of 10%. Still, it was the highest rate since comarable records began in 1991, as the euro hit a 20-year low and the bloc’s energy crisis deepened

US Jobless Claims

The number of Americans filing new claims for unemployment benefits rose by 29,000 to 219.000 in the week that ended October 1st, jumping from the five-month low hit in the prior week and sharply above expectations of 203,000, suggesting some loosening in labor market conditions.

Exports, Imports & Trade Deficits(USD Bn)

Trade deficit continues to be above 25 bn mark at 26.7 bn.

India FX Reserves $Bn

Foreign Exchange Reserves in India decreased to 537.52 Bn in September 23 from 545.65 Bn in the previous week.

EUROZONE CPI (YoY)

Annual inflation rate in the Euro Area jumped to 10% in September of 2022 from 9.1% in August, reaching double-digits for the first time ever, preliminary estimates showed

US Jobless Claims

The number of Americans filing new claims for unemployment benefits fell by 16,000 to 193,000 in the week that ended September 24, the lowest since the end of April and well below market expectations of 215,000.

US GDP Growth Rate

The US economy contracted an annualized 0.6% on quarter in Q2 2022, matching the second estimate, and confirming the economy technically entered a recession, following a 1.6% drop in Q1.

India FX Reserves $Bn

Foreign Exchange Reserves in India decreased to 545.65 Bn on September 16 from 550.87 Bn in the previous week.

US Jobless Claims

In the week ending September 17, the advance figure for seasonally adjusted initial claims was 213,000, an increase of 5,000 from the previous week’s revised level. The previous week’s level was revised down by 5,000 from 213,000 to 208,000.

US Interest Rate

The Fed raised the federal funds rate by 75 bps to the 3%-3.25% range during its September meeting, the third straight three-quarter point increase and pushing borrowing costs to the highest since 2008.

US Existing Home Sales

Existing home sales in the US edged 0.4% lower to a seasonally adjusted annual rate of 4.8 million in August of 2022, the lowest reading since May of 2020, and following a downwardly revised 5.7% drop in July.

Dollar Index

The dollar index approached 111 on Wednesday, the highest level since June of 2002, amid flight to safety as the war in Ukraine is set to escalate after President Putin announced a partial military mobilization in Russia while investors await the FOMC decision later in the day The Federal Reserve is expected to deliver another outsized interest rate hike of 75bps and signal a strong commitment to bringing down inflation. The central bank will also release quarterly projections for inflation, the economy, and the future path of interest rates, with markets betting interest rates will rise further this year and next.

US Building Permits

Building permits in US, a proxy for future construction, tumbled 10% to an annualized rate of 1.517 million in August of 2022, well below market expectations of 1.61 million.

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