Posted at 19 November 2020 / Categories Market Roundups
•EU Sep Current Account n.s.a. 33.5B, 21.8B previous
•EU Sep Current Account 25.2B, 19.9B previous
•Spanish Trade Balance -1.48B, -1.74B previous
• EU Sep Construction Output (MoM) -2.93%, 2.57% previous
•UK Nov CBI Industrial Trends Orders -40, -39 forecast, -34 previous
•Russia Central Bank reserves (USD) 587.6B previous
Looking Ahead Economic Data
•13:30 US Jobless Claims 4-Week Avg 755.25K previous
•13:30 US Initial Jobless Claims 707K forecast, 709K previous
•13:30 US Continuing Jobless Claims 6,470K forecast, 6,786K previous
•13:30 Canada ADP Nonfarm Employment Change -240.8K previous
•13:30 US Nov Philly Fed Prices Paid 28.50 previous
•13:30 US FOMC Member Mester Speaks 28.50 previous
•13:30 US Nov Philly Fed New Orders 42.6 previous
•13:30 US Nov Philly Fed Employment 12.7 previous
•13:30 US Nov Philly Fed CAPEX Index 36.50 previous
•13:30 US Nov Philly Fed Business Conditions 62.7 previous
•13:30 US Nov Philadelphia Fed Manufacturing Index 22.0 forecast, 32.3 previous
•15:00 US Oct Leading Index (MoM) 0.7% forecast, 0.7% previous
•15:00 US Oct Existing Home Sales (MoM) -1.2% forecast, 9.4% previous
•15:00 US Oct Existing Home Sales 6.45M forecast, 6.54M previous
•15:00 US Natural Gas Storage 15B forecast, 8B previous
•15:00 US KC Fed Manufacturing Index 23 previous
•15:00 US KC Fed Composite Index 13 previous
•16:00 Russia PPI (YoY) 0.0% previous
•16:00 Russia PPI (MoM) 0.6% previous
•16:30 US 4-Week Bill Auction 0.085% previous
•16:30 US 8-Week Bill Auction 0.090% previous
Looking Ahead - Events, Other Releases (GMT)
•14:30 German Buba Mauderer Speaks
•15:00 EUECB President Lagarde Speaks
•17:00 German Buba Wuermeling Speaks
•17:35 US FOMC Member Mester Speaks
EUR/USD: The euro declined against dollar on Thursday as concerns about rising domestic coronavirus cases offset optimism about a vaccine. The number of reported global daily deaths from the coronavirus stood at 10,816 on Tuesday, the highest single-day death count. The United States, the worst-affected country worldwide, has reported about 11.38 million infections and 248,574 deaths since the pandemic started. Immediate resistance can be seen at 1.1850 (38.2%fib), an upside break can trigger rise towards 1.1884 (23.6%fib).On the downside, immediate support is seen at 1.1818 (50%fib), a break below could take the pair towards 1.1784 (61.8% fib).
GBP/USD: The pound fell against dollar on Thursday against a rebounding dollar in generally cautious global markets, while pound traders waited for hints about the likelihood of the UK and European Union reaching a post-Brexit trade deal before the Dec. 31 deadline.Britain left the EU in January and both sides are in talks to agree a future trading relationship after Britain loses access to the customs union and single market in 2021. At 1230 GMT, the pound was down 0.4% versus the dollar, at $1.3237, looking set to break its winning streak of the past four days. Immediate resistance can be seen at 1.3272 (38.2%fib), an upside break can trigger rise towards 1.3362 (23.6%fib).On the downside, immediate support is seen at 1.3206(50%fib), a break below could take the pair towards 1.3128 (61.8 % fib).
USD/CHF: The dollar gained against the Swiss franc on Thursday as broad optimism about COVID-19 vaccines ran into worries about rising infection numbers and risks to the fragile global economic recovery. U.S. jobs figures will be closely watched on Thursday as a key factor ahead of the Fed’s next moves, and at 1000 GMT European Central Bank President Christine Lagarde appears at a European Parliament Committee hearing in Frankfurt. At 12:30GMT, the dollar was 0.01 percent lower versus the Swiss franc at 0.9388 . Immediate resistance can be seen at 0.9125 (38.2%fib), an upside break can trigger rise towards 0.91172 (23.6% fib).On the downside, immediate support is seen at 0.9082 (50% fib), a break below could take the pair towards 0.9041(61.8%fib).
USD/JPY: The dollar gained against the Japanese yen on Thursday as further positive COVID-19 vaccine news helped temper concerns about rising infection rates. Pfizer shares gained 2.14% after the drugmaker said its COVID-19 vaccine was 95% effective and the company would apply for emergency U.S. authorization within days. Pfizer’s announcement came on the heels of a similar report from Moderna on the effectiveness of its vaccine. Strong resistance can be seen at 104.10 (38.2% fib), an upside break can trigger rise towards 104.46 (50% fib).On the downside, immediate support is seen at 103.71 (5 DMA), a break below could take the pair towards 103.16 (Lower BB).
European stocks opened lower on Thursday following sharp losses on Wall Street as investors feared another round of shutdowns due to soaring coronavirus cases in the United States and Europe.
At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading down at 0.68 percent, Germany's Dax was down by 0.75 percent, France’s CAC finished was down by 0.65 percent.
Gold fell to a one-week low on Thursday as the dollar regained momentum, while overall optimism that advancements in vaccine development would speed an economic recovery also eroded bullion’s safe haven appeal.
Spot gold fell 0.5% to $1,862.16 per ounce by 0953 GMT, having earlier hit its lowest since Nov. 9 at $1,854.60.U.S. gold futures slipped 0.7% to $1,861.20.
Oil futures dipped on Thursday as a surge in coronavirus cases and tighter economic restrictions around the globe weighed on fuel demand expectations, also dragging down equities globally.
Brent crude futures were down 27 cents to $44.07 a barrel by 0911 GMT. U.S. West Texas Intermediate crude slipped 43 cents to $41.39 a barrel. A rising dollar made oil more expensive for holders of other currencies.