Macro Roundup (Feb 12)

SHANGHAI, Feb 12 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

Last night

LME base metals traded lower on Monday. Zinc and lead dropped more than 2%, copper fell 0.9%, nickel slipped 0.8%, tin lost 0.4% and aluminium closed flat.

SHFE base metals, except for copper, saw similar performances overnight. Nickel saw the biggest loss of 1.5%, zinc declined 1%, lead slid 0.3%, tin fell 0.2% and aluminium sank 0.1% while copper gained 0.1%.

The US dollar index rose above 97 on Monday as an economic slowdown in Europe, weak emerging markets and the strong US job market drove investors to the safe-haven currency.

China's foreign exchange reserves rose to $3.0879 trillion at the end of January,showed data from the State Administration of Foreign Exchange (SAFE) on Monday. Reserves increased $15.2 billion, or 0.5%, from the end of December 2018.

It is believed that factors including stronger, non-dollar denominated currencies and higher prices of financial assets contributed to the rising reserves.

"Despite the unstable and uncertain international environment, China's forex reserves largely remained stable," said Wang Chunying, SAFE spokesperson and chief economist.

Day ahead

Economic data slated for release today include US December Job Openings and Labor Turnover Survey (JOLTS) and weekly crude inventory data from the American Petroleum Institute (API).

Chariman of the Federal Reserve, Jerome Powell, Fed governor Michelle Bowman, Governor of the Bank of England, Mark Carney and Bundesbank President Jens Weidmann will deliver speeches.

The OPEC monthly report is also due today.