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America’s Roundup: Dollar index hits highest since May 2017, Wall Street drops, Gold climbs to 7-year high, Oil prices rise as U.S. crude stocks build less than expected-February 21st,2020

Market Roundup

• US Continuing Jobless Claims 1,726K, 1,720K forecast, 1,701K previous

• US Initial Jobless Claims 210K, 210K forecast, 206K previous  
 
• US Jobless Claims 4-Week Avg  209.00K, 212.25K previous    

• US Feb Philadelphia Fed Manufacturing Index   36.7, 12.0 forecast, 17.0  previous

• US Feb Philly Fed Business Conditions  45.4, 38.4 previous

• US Feb Philly Fed CAPEX Index  29.80, 32.90 previous

• US Feb Philly Fed Employment  9.8, 19.3 previous

• Canada ADP Nonfarm Employment Change 25.9K, 71.8K forecast, 46.2K  previous    

• Canada Jan New Housing Price Index (MoM)  0.0%,0.2% forecast, 0.2%    previous

• Russsia Dec GDP Monthly (YoY)  1.6%,2.1% previous

• US Jan  Leading Index (MoM) 0.8%, 0.4% forecast, -0.3% previous

Looking Ahead - Economic Data (GMT) 
   
• 22:00 Australia    Manufacturing PMI  48.9 forecast, 49.6 previous

• 22:00 Australia    Services PMI 52.4, 50.6 previous

• 23:30  Japan Jan National Core CPI (YoY)  0.8%,0.7% previous

• 23:30  Japan Jan National CPI (YoY)  0.7%,0.8%  previous

• 22:00 Japan Services PMI  51.0 previous

Looking Ahead - Economic events and other releases (GMT)

• No significant events

Currency Summaries

EUR/USD: The euro dipped against dollar on Thursday, upbeat dollar across the board the and threat of recessions in  the euro zone weighed on euro. Traders await Purchasing managers indexes and euro zone inflation to be released on Friday for further indication of the Eurozone economy. The euro slipped 0.1% lower to $1.079. Its 3.7% plunge since the start of the year is its worst start to a year since 2015. Immediate resistance can be seen at 1.0799 (5 DMA), an upside break can trigger rise towards 1.0848 (9 DMA).On the downside, immediate support is seen at 1.0766 (Lower BB), a break below could take the pair towards 1.0700 (Psychological level).

GBP/USD: Sterling plunged to a three-month low against the dollar on Thursday as the U.S. currency’s broad-based strength swept away recent pound gains which were driven by the appointment of a new, potentially high-spending British finance minister. The pound paid little attention to data showing a rebound in UK retail sales, ticking higher briefly before resuming its slide. By 2250, it was down 0.5% to $1.2881, having earlier plumbed a low of $1.2850. Immediate resistance can be seen at 1.2931 (5 DMA), an upside break can trigger rise towards 1.2990 (21 DMA).On the downside, immediate support is seen at 1.2850 (Fauly low), a break below could take the pair towards 1.2800 (Psychological level).

USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Thursday as evidence of the coronavirus spreading outside of China bolstered demand for the greenback, with the loonie retreating from a near three-week high it hit earlier in the day .The price of oil, one of Canada's major exports, rose after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of coronavirus outside China. At   (2126 GMT), the Canadian dollar  was trading 0.3% lower at 1.3257 to the greenback. Immediate resistance can be seen at 1.3268 (9 DMA), an upside break can trigger rise towards 1.3300 (Psychological level).On the downside, immediate support is seen at 1.3244 (21 DMA), a break below could take the pair towards 1.3193 (30 DMA).

USD/JPY: The dollar rose against the Japanese yen on Thursday, as investors fretted about dire economic news out of the country. A run of dismal economic news out of Japan has stirred talk the country is already in recession. The dollar rose 0.62% to 112.04 yen, its highest since April. The yen, which benefits during geopolitical or financial stress as Japan is the worlds biggest creditor nation, has slipped about 2% over the last two sessions, its biggest two-day drop since September 2017.Strong resistance can be seen at 112.21 (Daily high), an upside break can trigger rise towards 112.39 (23.6% Fib ).On the downside, immediate support is seen at 111.46 (50% Fib), a break below could take the pair towards 111.08  (61.8% Fib). 

Equities Recap

European shares eased from record highs on Thursday, as a raft of disappointing earnings added to concerns about the global impact of the coronavirus outbreak after research suggested the illness is more contagious than previously thought.

UK's benchmark FTSE 100 closed down by 0.27 percent , Germany's Dax ended down by 0.91 percent, France’s CAC finished the day up by 0.80 percent.

U.S. stocks fell on Thursday, led by declines in technology heavyweights, after reports of new coronavirus cases in China and other countries intensified fears over the virus’s spread and impact on the global economy.
Dow Jones closed down by 0.44 percent, S&P 500 ended down by 0.38 percent, Nasdaq finished the down up by 0.67 percent.

Treasuries Recap

Demand for safe-haven Treasury debt was robust on Thursday morning in spite of strong U.S. economic data, with the 30-year bond yield dipping below the psychologically significant 2% level to the lowest since September 2019.

The 30-year yield was last down 5.8 basis points to 1.958%, while the 10-year note yield was last down 6.2 basis points to 1.508%.

Commodities Recap

Gold prices rose to their highest level in seven-years on Thursday as investors sought safe haven assets after a rise in the number of new coronavirus cases in South Korea added to worries over the global economic impact of the outbreak.

Spot gold was up 0.4% at $1,617.52 per ounce by 1227 GMT, its highest since Feb. 2013.U.S. gold futures rose 0.6% to $1,620.50.    

Oil prices were up slightly on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China.

Brent crude futures  settled up 19 cents, or 0.32%, at $59.31 a barrel.
 

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