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Europe Roundup: Euro gains following ECB meeting,European stocks fall, Gold slips, Oil down 2% as China COVID-19 cases trigger clampdowns-January 22nd ,2021

Market Roundup

•UK Dec Retail Sales (MoM)  0.3%,1.2% forecast, -3.8% previous

•UK Dec Public Sector Net Cash Requirement  40.644B, 23.518B previous

•UK Dec Public Sector Net Borrowing  33.38B, 27.30B forecast, 30.84B previous

•UK Dec Core Retail Sales (MoM) 0.4%,0.8% forecast, -2.6% previous

•UK Dec Core Retail Sales (YoY)  6.4%,7.0% forecast, 5.6% previous

•UK Dec Retail Sales (YoY)  2.9%,4.0% forecast, 2.4% previous

•French Jan Manufacturing PMI  51.5, 50.5 forecast, 51.1 previous

•French Jan   Services PMI  46.5, 48.5 forecast, 49.1 previous

•French Jan Markit Composite PMI  47.0, 49.0 forecast, 49.5 previous

•German Jan Manufacturing PMI  57.0, 57.5 forecast, 58.3 previous

•German Jan Composite PMI  50.8, 50.3                forecast, 52.0 previous

•German Jan Services PMI  46.8, 45.3 forecast, 47.0 previous

•EU Jan Markit Composite PMI  47.5 , 47.6 forecast, 49.1 previous

•EU Jan Services PMI  45.0, 44.5                forecast, 46.4 previous

•EU Jan Manufacturing PMI  54.7, 54.5 forecast, 55.2 previous

•UK Jan Composite PMI  40.6, 50.7 forecast, 50.4 previous

•UK Jan Services PMI  38.8, 49.9 forecast, 49.4 previous

•UK Jan Manufacturing PMI  52.9, 57.3  forecast, 57.5 previous 

Looking Ahead - Economic Data (GMT) 

•13:30 Canada Nov Retail Sales (MoM)  0.1% forecast, 0.4% previous     

•13:30 Canada Nov Core Retail Sales (MoM)  0.3% forecast, 1.0% previous

•14:45 US Jan Services PMI  53.6 forecast, 54.8 previous

•14:45 US Jan Manufacturing PMI  56.5  forecast, 57.1 previous

•14:45 US Jan Markit Composite PMI  55.3 previous

•15:00 US Dec Existing Home Sales (MoM)   -2.0% forecast, -2.5% previous

•15:00 US Dec Existing Home Sales  6.55M forecast, 6.69M previous

•15:30 US Natural Gas Storage-174B forecast, -134B previous

•16:00 US Crude Oil Inventories -1.167M forecast, -3.247M previous

Looking Ahead - Economic events and other releases (GMT)

• No   significant events

Fxbeat

EUR/USD: The euro gained against dollar on Friday a day after   the European Central Bank meeting, where the bank’s message was perceived as more hawkish than expected.The ECB maintained its highly accommodative monetary policy, but market participants saw the ECB as emphasizing it would not need to use all the firepower of its pandemic emergency bond purchases (PEPP) if favourable financing conditions can be maintained without exhausting the envelope. Immediate resistance can be seen at 1.2194 (Daily high), an upside break can trigger rise towards 1.2234 (23.6%fib).On the downside, immediate support is seen at 1.2136 (38.2%fib), a break below could take the pair towards  1.2093 (50DMA).

GBP/USD: Sterling edged lower against the dollar on Friday as data showed retail sales bounced back weakly in December after shops in England emerged from a four-week November lockdown.Retail sales volumes rose 0.3% in December, much less than economist expectationsfor a 1.2% increase. England is now in its third national lockdown and officials have not confirmed when it will end. Immediate resistance can be seen at 1.3735 (Higher BB), an upside break can trigger rise towards 1.3816 (23.6%fib).On the downside, immediate support is seen at 1.3651 (5DMA), a break below could take the pair towards 1.3520 (38.2 % fib).

USD/CHF: The dollar declined against the Swiss franc on Friday as hopes of U.S. economic stimulus by newly inaugurated President Joe Biden weakened dollar . Sentiment was also hit by worries of new coronavirus restrictions in China which reported 103 COVID-19 cases on Friday. Republicans in the U.S. Congress have indicated they are willing to work with President Joe Biden on his administration’s top priority, a $1.9 trillion U.S. fiscal stimulus plan, though some are opposed to the price tag.Democrats took control of the U.S. Senate on Wednesday, though they will still need Republican support to pass the program. Immediate resistance can be seen at 0.8876 (5 DMA), an upside break can trigger rise towards 0.8885 (38.2% fib).On the downside, immediate support is seen at 0.8833 (23.6% fib), a break below could take the pair towards 0.8800 (Psychological level).

USD/JPY: The dollar gained against the Japanese yen on Friday after three straight days of losses, and riskier currencies fell, as bleak economic data gave global equity markets reason to pause after another week of record highs. The dollar had fallen against a basket of currencies for the past three sessions as market optimism about U.S. President Joe Biden’s fiscal stimulus plans prompted traders to seek riskier assets, producing gains. But that trend paused on Friday as market sentiment pulled back. Strong resistance can be seen at 103.73 (38.2% fib), an upside break can trigger rise towards 103.86 (50DMA).On the downside, immediate support is seen at 103.44 (50%fib), a break below could take the pair towards 103.00 (Psychological level).

Equities Recap

European stock index futures rose on Tuesday after European Union leaders reached a “historic” deal on a massive stimulus plan for their coronavirus-hit economies.

At (GMT 12:40 ),UK's benchmark FTSE 100 was last trading down at 0.81 percent, Germany's Dax was down  by 0.68 percent, France’s CAC finished was down by 1.04 percent.

Commodities Recap

Gold prices fell more than 1% on Friday as U.S. Treasury yields and the dollar held firm, although expectations of a big U.S. fiscal stimulus kept bullion on course for its first weekly gain in three.

Spot gold had dipped 1.3% to $1,845.21 per ounce by 1233 GMT, retreating from its highest since Jan. 8 hit on Thursday. U.S. gold futures  fell 0.9% to $1,849.50.

Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.

Brent crude futures fell $1.31, or 2.3%, to $54.79 a barrel by 1230 GMT, after a 2 cent gain on Thursday.

U.S. West Texas Intermediate (WTI) crude futures dropped $1.3 cents, or 2.45%, to $51.83, a day after slipping 18 cents.

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