Europe Roundup: Euro falls to two-decade low on recession fears, European shares fall , Gold dips Brent falls as recession fears deepen demand concerns-July 5th,2022
America’s Roundup: Dollar rises on safe-haven demand, Wall Street ends mixed, Gold drops over 2%, Oil tumbles 9% on recession demand destruction fears-July 6th,2022
Europe Roundup:Pound gains as traders monitor upcoming BoE signals, European shares gains, Gold edges lower, Oil prices reverse losses, gain on concerns over supply shortages-July 4th,2022
Europe Roundup: Sterling flat versus dollar, Gold rises, Oil prices edge higher ahead of G7 talks on new Russian sanctions-June 27th, 2022
Europe Roundup: Sterling dips on Brexit risks and economic woes, European shares rise,Gold firms, Oil extends gains as major producers flag capacity limits-June 28th,2022
America’s Roundup: Dollar bounces from two-day slide,Wall Street plunges, Gold gains, Oil rebounds as new Iran sanctions fuel more supply concerns-June 17th,2022
Market Roundup: Sterling rises as BoE's Pill sees further rate rises ahead, European shares gain, Gold dips, Oil rises on market caution over tight supply-June 21st,2022
Europe Roundup: Sterling retreats as UK inflation hits new 40-year high, European shares fall,Gold extends fall, Oil slumps by around $5-June 22nd,2022
Europe Roundup: Euro dips, dollar rises as growth fears mount, European shares falls, Gold extends falls, Oil prices up 3% on supply outages-July 1st,2022
America’s Roundup: U.S. dollar gains from one-week low, Wall Street ends up, Gold falls, Oil slumps 6% to four-week low on recession worries-June 18th,2022
America’s Roundup: Dollar dips after Fed statement, Wall Street closes higher, Gold rallies, Oil prices fall over 2% as Fed hikes interest rates-June 16th,2022
Europe Roundup: Euro rises with focus on ECB, European stocks muted, Oil prices stable as market balances recession fears with tight supply-June 20th,2022
America’s Roundup: Dollar gains on hawkish comments from Powell, Wall Street ends mixed, Gold little changed, Oil slides 2% on rising U.S. fuel stocks and output-June 30th,2022
Europe Roundup: Sterling gains against weaker dollar , European shares rises, Gold firms, Oil surges above $1 but on course for second weekly declined on recession fears-June 24th,2022
Europe Roundup: Euro struggles around $1.05 on gloomy PMIs, European shares falls, Gold dips, Oil rebounds as investors assess recession risks-June 23rd,2022
America’s Roundup: Dollar pulls back as markets reassess Fed interest rate path, Wall Street ends higher, Gold edges higher, Oil settles up but posts a weekly decline on recession worries-June 25th,2022
America’s Roundup: Dollar gains as inflation jitters return, Wall Street ends sharply lower, Gold erases losses, Oil falls 2.5% as U.S. refiners ramp up output-May 19th,2022
•Canada Apr Core CPI (MoM) 0.7%,0.4% forecast, 1.0% previous
•Canada Apr Core CPI (YoY) 5.7%,5.4% forecast, 5.5% previous
•US Apr Housing Starts (MoM) -0.2%, 0.3% previous
•US Apr Housing Starts 1.724M,1.765M forecast, 1.793M previous
•US Apr Building Permits (MoM) -3.2%, 0.3% previous
•US Apr Building Permits 1.819M,1.812M forecast, 1.870M previous
•Canada Apr CPI (MoM) 0.6%,0.5% forecast,1.4% previous
•US Crude Oil Inventories -3.394M,1.383M forecast,8.487M previous
•US Gasoline Inventories -4.779M,-1.333M previous
Looking Ahead - Economic Data (GMT)
• 01:30 Australia Apr Employment Change 30.0K forecast,17.9K previous
•01:30 Australia Apr Unemployment Rate 3.9% forecast, 4.0% previous
•01:30 Australia Apr Full Employment Change 20.5K previous
Looking Ahead - Economic events and other releases (GMT)
•02:00 New Zealand Annual Budget Release
EUR/USD: The euro reversed an earlier rise to a one-week high on Wednesday, a day after European Central Bank policymaker Klaas Knot said a 50 basis point rate increase in July was possible if inflation broadens. Meanwhile, risk appetite faded as nagging doubts about inflation and the drag from rate rises overshadowed bits and pieces of good news about the global growth outlook. On Wednesday, more ECB policymakers were banging the drum for interest rate hikes in the coming months. Money markets now expect as much as 108 bps of rate hikes through the rest of the year. The single currency was last 0.3% lower at $1.05175. Immediate resistance can be seen at 1.0492(14DMA), an upside break can trigger rise towards 1.0557 (38.2% fib).On the downside, immediate support is seen at 1.0443 (23.6% fib), a break below could take the pair towards 1.0350 (Lower BB).
GBP/USD: The pound fell against the dollar on Wednesday after data showed British inflation rising to 9%, the highest level in 40 years. The drop reverses most of the gains made on Tuesday when the pound touched its highest level since May 5.Strong labour market data had boosted expectations that the Bank of England would have to further increase interest rates, but the latest inflation numbers are fuelling fears that the threat of recession may temper how far the central bank can go. Consumer price inflation hit 9% in April, making Britain’s inflation rate the highest of Europe’s five biggest economies and almost certainly the Group of Seven countries. Immediate resistance can be seen at 1.2372 (14DMA),an upside break can trigger rise towards 1.2436(38.2%fib).On the downside, immediate support is seen at 1.2333 (23.6%fib), a break below could take the pair towards 1.2229 (16th may low).
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Wednesday as rising inflation and lower oil prices weighed on Canadian dollar. Canada's annual inflation rate rose faster than expected in April, official data showed on Wednesday, and analysts warned soaring used-car and gasoline prices could stoke the trend, raising pressure on the central bank to tighten policy quickly. The headline annual inflation rate hit 6.8% in April, Statistics Canada data showed, slightly ahead of analyst forecasts.Immediate resistance can be seen at 1.2895(23.6%fib), an upside break can trigger rise towards 1.2912(May 2nd high).On the downside, immediate support is seen at 1.2853(21DMA), a break below could take the pair towards 1.2830(38.2%fib).
USD/JPY: The dollar edged higher against the Japanese yen on Wednesday as the sell-off in risk assets boosted the safe-haven appeal of the greenback. Federal Reserve Chair Jerome Powell on Tuesday said the U.S. central bank would ratchet interest rates up as high as needed to tame inflation, including taking rates above neutral. Treasury yields fell, although a steep path for rates remained the prevailing market consensus as the benchmark 10-year note yield hit a one-week high of 3.015% after Powell’s hawkish comments. Strong resistance can be seen at 128.61(23.6%fib), an upside break can trigger rise towards 129.36 (21DMA).On the downside, immediate support is seen at 127.36 (Lower BB), a break below could take the pair towards 127.03(38.2%fib).
European shares slipped on Wednesday led by technology stocks, as worries about inflation and monetary policy tightening dampened optimism around China's economic recovery.
UK's benchmark FTSE 100 closed down by 1.07 percent, Germany's Dax ended down by 1.29 percent, France’s CAC finished the day down by 1.20 percent.
Wall Street ended sharply lower on Wednesday, with Target losing around a quarter of its stock market value and highlighting worries about the U.S. economy after the retailer became the latest victim of surging prices.
Dow Jones closed down by 3.57percent, S&P 500 closed down by 4.04 percent, Nasdaq settled down by 4.73 % percent.
Gold reversed course to rise on Wednesday as a slide in U.S. Treasury yields helped offset pressure from a firmer dollar and the Federal Reserve’s plans for aggressive interest rate hikes.
Spot gold rose 0.1% to $1,816.49 per ounce by 2:10 p.m. ET (1810 GMT). U.S. gold futures settled down 0.2% at $1,815.9.
Oil prices fell 2.5% on Wednesday, reversing early gains as traders grew less worried about a supply crunch after government data showed U.S. refiners ramped up output, and as crude futures followed Wall Street lower.
Brent crude settled down $2.82, or 2.5%, at $109.11 a barrel. U.S. West Texas Intermediate (WTI) crude fell $2.81, or 2.5%, to $109.59 a barrel.