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America's Roundup: Sterling rises after falling for 8 consecutive sessions, Wall Stret ends higher, Gold slips, Oil gains as Saudi minister stands by OPEC cut-March 12th,2019

Market Roundup

• Theresa May rushes to Strasbourg to find a deal as Brexit crunch looms

• Brexit set to hurt UK investment for years - BoE's Haskel

• US Jan Retail Sales MM, 0.2%, 0.0% forecast, -1.2% previous, -1.6% revised

• US Jan Retail Sales Ex-Autos MM, 0.9%, 0.3% forecast, -1.8% previous, -2.1% revised

• US Dec Business Inventories MM, 0.6%, 0.6% forecast, -0.1% previous, 0.0% revised

• US Dec Retail Inventories Ex-Auto Rev, 1.0%, 1.0% previous

• U.S. inflation forecasts decline, supporting rate-hike holiday

• Trump budget boosts military and wall but targets social services

• Atlanta Fed trims U.S. GDP growth view to 0.2 pct

• Date for U.S.-China trade summit not set -White House

Looking Ahead - Economic Data (GMT)

• 00:30 Australia Feb NAB Business Confidence 4 previous

• 00:30 Australia Feb NAB Business Conditions 7 previous

• 00:30 Australia Jan Housing Finance, -6.1% previous

Looking Ahead - Events, Other Releases (GMT)

• N/A EU Economic and Financial Affairs Council meeting in Brussels

• N/A Participation by ECB vice president Luis de Guindos in ECOFIN meeting in Brussels, Belgium

• 08:45 Participation by ECB's Andrea Enria in Panel 1 "The reconstructed supervisory framework – have we got the pieces right?" at FSI 20th anniversary conference "A cross-sectoral reflection on the past, and looking ahead to the future", organised by the Financial Stability Institute at Bank for International Settlements in Basel, Switzerland

• 09:30 Bank of England publishes Record of the Financial Policy Committee meeting held on Feb. 26, 2019 in London

• 10:45 Participation by ECB board member Sabine Lautenschlager in Panel 2 "Basel I, II, III – evolution of global banking regulation" at FSI 20th anniversary conference "A cross-sectoral reflection on the past, and looking ahead to the future", organised by the Financial Stability Institute at Bank for International Settlements in Basel, Switzerland

• 12:45 Federal Reserve Governor Lael Brainard speaks on "Community Reinvestment Act Modernization" at the National Community Reinvestment Coalition's Just Economy Conference in Washington D.C.

Currency Summaries

EUR/USD: The euro was little changed against dollar on Monday, as mixed U.S. retail sales data and global growth concerns kept investors cautious in favouring the greenback. The dollar index, which measures the greenback against a basket of six key rivals, dipped 0.05 percent to 97.31 .The index was 0.3 percent shy of its recent peak of 97.710 hit last Thursday, its highest since Dec. 14. It is up 1.3 percent this year. The euro was flat at $1.1241. The single currency had fallen to its weakest level since June 2017 on Thursday. Immediate resistance can be seen at 1.1241 (38.2% retracement level), an upside break can trigger rise towards 1.1260 (5DMA).On the downside, immediate support is seen at 1.1167 (23.6% retracement level), a break below could take the pair towards 1.1100 (Psychological level).

GBP/USD: The pound rose against greenback on Monday, as British pound was boosted on reports PM May may be nearing Brexit deal before vote. The pound leaped half a percent and hit the day's high of $1.3150 as some investors strengthened bets that May could secure a divorce deal with the European Union before Britain's scheduled March 29 departure from the bloc. Investors are bracing for parliamentary votes on May's Brexit deal that could decide on what terms   if at all - Britain leaves the EU in less than three weeks. At 2017 GMT sterling was last up 1 percent at $1.3144 . It was also up 0.9 percent against the euro at 85.53 pence. Immediate resistance can be seen at 1.3213 (23.6% retracement level), an upside break can trigger rise towards 1.3251 (March 4th High).On the downside, immediate support is seen at 1.3122 (38.2% retracement level), a break below could take the pair towards 1.3061 (50% retracement level).

USD/CAD: The Canadian dollar edged higher against its U.S. counterpart on Monday, as oil prices rose, but concern about outlook for Canada's economy kept gains in check. Friday's employment data revealed the third month of outsized job gains in the last four. Still, Canada's economy barely grew in the fourth quarter and last week the Bank of Canada turned more dovish on the outlook for interest rates. The price of oil, one of Canada's exports, was lifted on Monday by comments by Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June.The Canadian dollar was last trading 0.08 percent higher at 1.3404 to the greenback, or 74.60 U.S. cents. Immediate resistance can be seen at 1.3399 (39.2% retracement level), an upside break can trigger rise towards 1.3471 (23.6% retracement level).On the downside, immediate support is seen at 1.3399 (50% retracement level), a break below could take the pair towards 1.3362 (61.8% retracement level).

USD/JPY: The U.S. dollar traded in a tight range against the yen on Monday, as investors adopted a wait-and-see approach as they tracked developments in U.S.-China trade talks. China and the United States are still working day and night to achieve a trade deal that matches the interests of both sides and the hopes of the world, including eliminating tit-for-tat tariffs, a senior Chinese official said on Saturday. Concerns that U.S. President Donald Trump will not accept a bad trade deal with China and Trump administration officials have not made any new plans to send a team to Beijing for face-to-face trade talks.The dollar was 0.07 higher versus the Japanese yen at 111.22.  Immediate resistance can be seen at 111.46 (9 DMA), an upside break can trigger rise towards 112.11 (61.8% retracement level).On the downside, immediate support is seen at 110.66 (23.6% retracement level), a break below could take the pair towards 110.29 (Feb 27th low). 

Equities Recap

European shares had their best day in four weeks on Monday, rebounding from three straight sessions in the red thanks notably to merger chatter in the battered banking sector, which help offset worries over a slowdown in the global economy.

UK's benchmark FTSE 100 closed up by 0.3 percent, the pan-European FTSEurofirst 300 ended the day up by 0.78 percent, Germany's Dax ended up by 0.7 percent, France’s CAC finished the day up by 0.7 percent.

U.S. stocks jumped on Monday as the technology sector led a broad-based rebound after five straight sessions of losses, but the Dow's advance was limited by a fall in Boeing shares following a fatal airline crash in Ethiopia.

Dow Jones closed up by 0.80 percent, S&P 500 ended up by 1.47 percent, Nasdaq finished the down up by 2.02 percent.

Treasuries Recap

U.S. Treasury yields rose on Monday after falling for four straight sessions, as overall risk appetite improved and equity markets stabilized, with investors bracing for this week's slate of corporate supply and government debt auctions.

In afternoon trading, U.S. 10-year note yields rose to 2.644 percent, up from 2.625 percent late on Friday.

U.S. 30-year bond yields were also up at 3.033 percent, from 3.009 percent on Friday.

Commodities Recap

Gold fell on Monday, moving further off the key $1,300-per-ounce mark it briefly surpassed in the previous session, as global equities rallied following last week's slide with stronger-than-expected U.S. retail sales allaying some fears of an economic slowdown.

Spot gold was down 0.5 percent at $1,292.21 per ounce by 2:50 p.m. EDT (1850 GMT), while U.S. gold futures settled 0.6 percent lower at $1,291.10. Spot prices hit $1,300.61 on Friday, but quickly dipped back below the $1,300-per-ounce threshold.

Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June.

Brent crude futures were up 84 cents, or 1.28 percent, to settle at $66.58 a barrel.U.S. West Texas Intermediate (WTI) crude futures rose 72 cents, or 1.28 percent, to settle at $56.79 a barrel, a 1.28 percent.
 

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June 25 14:30 UTC Released

USTexas Serv Sect Outlook

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