Market Roundup
•Swiss Oct Unemployment Rate s.a 3.3% ,3.4% forecast, 3.3% previous
•Swiss Unemployment Rate n.s.a. 3.2%,3.3% forecast, 3.2% previous
• German Sep Trade Balance 17.8B, 15.8B forecast, 15.7B previous
•German Sep Imports (MoM) -0.1%,2.1% forecast, 5.8% previous
•German Sep Exports (MoM) 2.3%, 2.0% forecast, 2.4% previous
•German Sep Current Account Balance n.s.a 26.3B, 16.5B previous
•EU Nov Sentix Investor Confidence -10.0, -15.0 forecast, -8.3 previous
•Portuguese Sep Trade Balance -5.22B, -5.22B previous
Looking Ahead - Economic Data (GMT)
•14:00 French 6-Month BTF Auction -0.653% previous
•14:00 French 3-Month BTF Auction-0.676% previous
•14:00 French 12-Month BTF Auction previous
•15:00 US Oct CB Employment Trends Index 54.80 previous
•16:30 US 3-Month Bill Auction 0.095% previous
•16:30 US 6-Month Bill Auction 0.110% previous
•16:30 US 3-Year Note Auction 0.193% previous
Looking Ahead - Economic events and other releases (GMT)
•14:00 UK BoE MPC Member Haldane Speaks
•18:00 US FOMC Member Mester Speaks
•19:50 US FOMC Member Harker Speaks
Fxbeat
EUR/USD: The euro rose higher against dollar on Monday as upbeat German exports data boosted euro. German exports rose by more than expected in September and foreign trade gave Europe’s largest economy a boost going into the fourth quarter as it struggles to avoid slipping into a double dip contraction. Seasonally adjusted exports rose 2.3% on the month after an upwardly revised 2.9% rise in August, the Federal Statistics Office said. Imports fell by 0.1% after a rise of 5.8% the previous month. The trade surplus expanded to 17.8 billion euros. Immediate resistance can be seen at 1.1901 (23.6%fib), an upside break can trigger rise towards 1.1945 (Higher BB).On the downside, immediate support is seen at 1.1860 (Daily low), a break below could take the pair towards 1.1808(50%fib).
GBP/USD: Sterling edged against dollar on Monday as Democrat Joe Biden’s victory in the U.S. presidential elections saw global markets at new highs and riskier currencies gaining. Global equities rose and the dollar fell to a 10-week low overnight as investors turned optimistic that a Biden presidency would result in a bigger fiscal stimulus package for the United States and calmer global trade. The United Kingdom left the European Union in January, but the two sides are trying to clinch a trade deal before the status-quo transition period ends on Dec. 31.Immediate resistance can be seen at 1.3226 (Higher BB), an upside break can trigger rise towards 1.3285 (23.6%fib).On the downside, immediate support is seen at 1.3159 (38.2% fib), a break below could take the pair towards 1.3107(5 DMA).
USD/CHF: The dollar gained against the Swiss franc on Monday as expectations of better global trade ties and more monetary stimulus under U.S. President-elect Joe Biden improved risk appetite. Markets started to trade on the prospect of a Biden presidency and a Republican-controlled U.S. Senate last week, but the Democratic candidate’s projected victory on Saturday gave more fuel to the move. Expectations that monetary policy in the U.S. will remain easy and global trade relations improve has weakened the dollar in recent days. It posted its biggest weekly loss in more than seven months on Friday. Immediate resistance can be seen at 0.9010 (50% fib), an upside break can trigger rise towards 0.9032(61.8% fib).On the downside, immediate support is seen at 0.8971 (Lower BB), a break below could take the pair towards 0.8961(23.6%fib ).
USD/JPY: The dollar strengthened against the Japanese yen on Monday as risk appetite increased after Joe Biden clinched the U.S. presidency, boosting hopes of better global trade ties . Democrat Biden clinched the presidency on Saturday clearing the threshold of 270 Electoral College votes. Republicans appearto have retained control of the Senate, although the final makeup may not be clear until runoff votes in Georgia in January. A potentially divided U.S. congress may mean a smaller fiscal stimulus package, but that could put the spotlight on the Federal Reserve to prop up the economy. Strong resistance can be seen at 104.60 (38.2% fib), an upside break can trigger rise towards 104.77 (21DMA).On the downside, immediate support is seen at 103.16(23.6%fib), a break below could take the pair towards 103.16(23.6%fib).
Equities Recap
European stock index futures jumped to a three-week high on Monday as a victory for U.S. President-elect Joe Biden in the election raised hopes of better trade ties between Washington and Europe..
At (GMT 12:20 ),UK's benchmark FTSE 100 was last trading up at 5.22 percent, Germany's Dax was up by 5.41 percent, France’s CAC was last up by 7.00 percent.
Commodities Recap
Gold rose on Monday as Joe Biden's win in the U.S. presidential race weighed on the dollar and ignited hopes of more monetary stimulus measures to revive an economy battered by COVID-19.
Spot gold rose 0.4% to $1,960.11 per ounce by 0817 GMT. Earlier in the session, it hit its highest since Sept. 16at $1,965.33. U.S. gold futuresgained 0.4% to $1,958.80.
Oil rose on Monday, with Brent topping $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetite, and the Saudi oil minister said an OPEC+ deal on output cuts could be adjusted to offset rising supply and weak demand.
Brent crude had climbed $1.28 cents, or 3.2%, to $40.73 a barrel by 1116 GMT, and U.S. West Texas Intermediate crude was at $38.40, up $1.26 cents, or 3.4%.
