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Europe Roundup: Euro steady as doubts over EU recovery fund arise,European shares gains,Gold gains, Oil prices steady,awaiting confirmation of surprise U.S. inventory build-May 28th,2020

Market Roundup

• Spanish May HICP (YoY)  -0.9%,-0.9% forecast,-0.7% previous

• Spanish April Retail Sales (YoY)  -31.6%,-14.1% previous

•Spanish CPI (MoM) 0.0%,0.3% previous

• Spanish CPI (YoY)  -1.0%,-0.7% previous

• Spanish HICP (MoM)    0.0%,0.4% previous

• Italian April Consumer Confidence  94.3, 88.5 forecast,101.0 previous

• Italian April Business Confidence 71.2, 79.0 forecast, 89.5 previous

• EU May Consumer Inflation Expectation  28.6, 29.1 previous

• EU May Business and Consumer Survey  67.5, 70.3 forecast, 67.0 previous

• EU May Business Climate  -2.43, -1.81    previous    

• EU May Industrial Sentiment -27.5, -27.0 forecast, -30.4 previous

• EU May Services Sentiment  -43.6, -28.6 forecast, -35.0 previous

• Belgium May CPI (MoM)  0.07%, 0.16% previous

• Italian April PPI (MoM)  -2.6%,-1.0% previous

• France Jobseekers Total 4,315.7K, 3,488.6K previous    

• German May  HICP (YoY)  0.5%    , 0.5% forecast, 0.8% previous    

• German May HICP (MoM)  0.0%, -0.1% forecast, 0.4% previous

 • German May CPI (MoM) -0.1%,-0.1%    forecast, 0.4%  previous

• German May CPI (YoY)  0.6%,0.6% forecast, 0.9% previous

• Canada Current Account (Q1) -17.3B,-10.0B forecast, -8.8B previous

• US Real Consumer Spending (Q1) -6.8%,-7.6% previous

• US GDP (QoQ) (Q1) -5.0%,-4.8% forecast 2.1% previous

• US GDP Sales (Q1) -3.7%,-4.3% previous 
• US April Core Durable Goods Orders (MoM)  -7.4%,-14.0% forecast, -0.2%  previous    

• US April Durables Excluding Defense (MoM)  -16.2%, -16.5% previous    

• US Initial Jobless Claims 2,123K, 2,100K forecast, 2,438K previous

• US Continuing Jobless Claims  21,052K, 25,750K forecast, 25,073K previous

• US Jobless Claims 4-Week Avg  2,608.00K, 3,042.00K previous

 • 13:00 Russia Central Bank Reserves (USD) 565.3B, 562.9B previous

• 13:30 US April Pending Home Sales Index  88.2 previous

• 13:30 US April Pending Home Sales (MoM)  -15.0%,-20.8% previous

• 14:30 US Natural Gas Storage 107B, 81B previous

• 14:30 US May KC Fed Composite Index   -30 previous

• 14:30 US KC Fed Manufacturing Index  -62 previous

• 15:00 US Crude Oil Inventories -1.944M, -4.983M previous

• 15:00 US Cushing Crude Oil Inventories-4.261 M forecasts, -5.587M previous

• 15:00 US Gasoline Inventories 0.100M forecast, 2.830M previous

Looking Ahead - Events, Other Releases (GMT)

•15:00 FOMC Member Williams Speaks


EUR/USD: The euro was steady against dollar on Thursday as investors questioned whether a 750 billion euro ($826.35 billion) European Union plan to prop up the bloc’s coronavirus-hit economies would be delivered. The EU executive unveiled a plan on Wednesday to support economies hammered by the pandemic, hoping to end months of squabbling over how to fund a recovery that exposed faultlines across the 27-nation bloc.Under the proposal, the EU Commission will disburse two-thirds of the funds in grants and the rest in loans to cushion the unprecedented slump expected this year. Immediate resistance can be seen at 1.1064 (50% fib), an upside break can trigger rise towards 1.1167 (61.8% fib).On the downside, immediate support is seen at 1.0958(38.2% fib), a break below could take the pair towards 1.0877(21 DMA).

GBP/USD: The pound was flat against the dollar   on Thursday, near the lows reached the days before on reports that Brexit talks are at an impasse.Sterling fell 1% after Britain told the European Union on Wednesday it needed to break a fundamental impasse to clinch a Brexit trade deal by the end of the year.British Prime Minister Boris Johnson will resume Brexit talks in person in Brussels next month, the Times newspaper reported on Thursday. The government insists it will not extend the transition period.The pound is near its lowest levels in more than three decades, as it grapples with Brexit, the prospect of negative interest rates in Britain, a deep recession and a growing pile of debt. Immediate resistance can be seen at 1.2325 (50 % fib), an upside break can trigger rise towards 1.2400 (Psychological level).On the downside, immediate support is seen at 1.2230 (9 DMA), a break below could take the pair towards 1.2104 (38.2 %fib).

USD/CHF: The dollar Strengthened against the Swiss franc on Thursday  as rising Sino-U.S. tensions increased demand for greenback. The escalating war of words between the world’s two biggest economies put heavy pressure on the yuan, which spilled over into the Antipodean currencies as the mood turned cautious compared with the ebullience in equities markets. At ( GMT 13:00),greenback edged higher 0.08% versus the Swiss franc to 0.9685 Immediate resistance can be seen at 0.9710 (38.2% fib) upside break can trigger rise towards 0.9783 (23.6% fib).On the downside, immediate support is seen at 0.9648(50 % fib), a break below could take the pair towards 0.9587(61.8% fib).

USD/JPY: The dollar was little changed against the Japanese yen on Thursday as worries about escalating U.S.-China trade tensions dented market optimism. Investors kept a close eye for new U.S. action against China after U.S. President Donald Trump said Washington would respond strongly this week against Beijing's move to impose a proposed security law on Hong Kong. Any escalation would hammer a global economy already on track for a deep recession.. Strong resistance can be seen at 107.90 (38.2% fib), an upside break can trigger rise towards 108.00 (Psychological level).On the downside, immediate support is seen at 107.47 (11 DMA), a break below could take the pair towards 106.59 (50% Fib). 

Equities Recap

European shares rose for the fourth straight session on Thursday, as optimism over businesses reopening and a massive stimulus plan for the European Union outweighed concerns over rising U.S.-China tensions.

At (GMT 13:00),UK's benchmark FTSE 100 was last trading up at 1.03 percent, Germany's Dax was up by 0.58 percent, France’s CAC was trading up by 1.05  percent.

Commodities Recap

Gold rebounded on Thursday as deteriorating U.S.-China relations over Beijing’s move to impose a national-security law in Hong Kong fanned concerns over quick economic recovery and drove investors towards the safe-haven metal.

Spot gold was up 0.8% at $1,722.70 per ounce by 1054 GMT, recovering from a two-week low of $1,693.22 touched in the previous session. U.S. gold futures rose 0.8% to $1,739.70.

Oil futures steadied on Thursday as the market awaited confirmation of industry data that showed a surprise increase in U.S. crude stocks, which offset hopes for a demand recovery as coronavirus lockdowns ease.

Brent crude futures were down 0.06%, or 2 cents, at $34.72 a barrel at 1311 GMT after dropping by more than $1 to $33.62 in early trade.

U.S. West Texas Intermediate (WTI) crude futures were down 0.3%, or 10 cents, at $32.71. U.S. futures earlier slipped as much as 5% to a low of $31.14.

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