Market Roundup
•French Non-Farm Payrolls (QoQ) (Q4) -0.2%,1.6% previous
•French Dec Imports 42.7B, 42.9B previous
•French Dec Exports 39.3B, 39.3B previous
•French Dec Trade Balance -3.4B, -3.6B previous
•French Dec Current Account -1.20B, -1.40B previous
•French Jan Reserve Assets Total 189,807.0M, 189,505.0M previous
•Sweden Dec Industrial New Orders (YoY) 8.2%, 5.7% previous
•UK Jan Halifax House Price Index (MoM) -0.3%,0.3% forecast, 0.2% previous
•Sweden Industrial Production (MoM) 1.4%,1.5% previous
•UK Halifax House Price Index (YoY) 5.4%,6.0% previous
•Italian Dec Retail Sales (MoM) 2.5%,-6.9% previous
Looking Ahead Economic Data (GMT)
•13:30 Canada Jan Full Employment Change 36.5K previous
•13:30 Canada Part Time Employment Change -99.0K previous
•13:30 US Jan Average Hourly Earnings (MoM) 0.3% forecast,0.8% previous
•13:30 US Jan Private Nonfarm Payrolls 50K forecast, -95K previous
•13:30 US Jan Nonfarm Payrolls 50K, -140K previous
•13:30 US Jan Manufacturing Payrolls 30K forecast, 38K previous
•13:30 Canada Jan Unemployment Rate 8.9% forecast,8.6% previous
•13:30 US Jan Government Payrolls -45.0K previous
•13:30 Canada Jan Participation Rate 64.9% forecast, 64.9% previous
•13:30 US Dec Exports 46.76B previous
•13:30 US Dec Imports 50.10B previous
•13:30 Canada Jan Trade Balance -3.00B forecast, -3.34B previous
•13:30 US Jan Average Weekly Hours 34.7 forecast, 34.7 previous
•13:30 US Jan Unemployment Rate 6.7% forecast,6.7% previous
•13:30 US Jan Average Hourly Earnings (YoY) (YoY) 5.1% forecast, 5.1% previous
•13:30 US Jan Participation Rate 61.5% previous
•13:30 US Dec Trade Balance -65.70B forecast, -68.10B previous
•13:30 US Jan U6 Unemployment Rate 11.7% previous
•13:30 US Jan Employment Change -47.5K forecast, -62.6K previous
•15:00 Canada Jan Ivey PMI 46.7 previous
•15:00 Canada Jan Ivey PMI n.s.a 53.9 previous
•16:00 Russia Jan CPI (YoY) 5.3% forecast, 4.9% previous
•16:00 Russia Jan CPI (MoM )0.8% forecast, 0.8% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro held near 2-months low against dollar on Friday as restrictions to contain the COVID-19 pandemic in Eurozone and down beat German industrial orders kept bearish pressure on euro. Orders for German-made goods fell more than expected on the month in December, data showed on Friday, as the impact of coronavirus restrictions dragged down demand from other euro zone countries. The data published by the Federal Statistics Offices showed orders for industrial goods fell by 1.9% in seasonally adjusted terms, compared with a forecast for a decline of 1.0%. Immediate resistance can be seen at 1.2021 (Daily high), an upside break can trigger rise towards 1.2106 (61.8%fib).On the downside, immediate support is seen at 1.1950 (38.2%fib), a break below could take the pair towards 1.1900 (Psychological level).
GBP/USD Sterling edged higher against the dollar on Friday after the Bank of England avoided sub-zero rates for now, putting the pound on track for its fourth week of gains versus the dollar. Focusing on the prospects for a post-lockdown rebound, the Bank of England gave British lenders at least six months of breathing space on Thursday before negative interest rates are a possibility. Sterling was 0.2% higher at $1.3703 versus the dollar, gaining more than a cent against the greenback since the BOE’s statement in the previous session. Immediate resistance can be seen at 1.3758 (23.6%fib), an upside break can trigger rise towards 1.2800 (Psychological level).On the downside, immediate support is seen at 1.3654 (5DMA), a break below could take the pair towards 1.3593 (38.2%fib).
USD/CHF: The dollar edged higher against the Swiss franc on Friday as progress in vaccine distribution and U.S. stimulus hopes prompted bets on further normalisation in the global economy boosted dollar. Expectations of a large stimulus by U.S. President Joe Biden’s administration also supported risk sentiment while better-than-expected data on U.S. job markets released in the past two days fanned further hopes of a strong payroll report due at 1330 GMT. At 11:40 GMT, the dollar was 0.01 percent higher versus the Swiss franc at 0.9033 . Immediate resistance can be seen at 0.9038 (23.6%fib), an upside break can trigger rise towards 0.9100 (Psychological level).On the downside, immediate support is seen at 0.9002 (5DMA), a break below could take the pair towards 0.8983 (Psychological level).
USD/JPY: The dollar rose against the Japanese yen on Friday as growing confidence that the U.S. economic recovery will outpace global peers boosted greenback. The U.S. currency’s bounce confounded dollar bears and traced a trading pattern known as the “Dollar Smile”, which in previous years has preceded major U.S. economic rebounds and currency surges. The U.S. dollar index stood near a two-month high, having risen 1.1% so far this week, on course for its biggest weekly increase since late October. Strong resistance can be seen at 105.78 (23.6% fib), an upside break can trigger rise towards 108.00 (Psychological level).On the downside, immediate support is seen at 105.40 (38.2%fib), a break below could take the pair towards 105.00 (Psychological level).
Equities Recap
European stocks rose on Friday, tracking an upbeat sentiment from Wall Street on hopes of a faster global economic recovery, while Frankfurt shares lagged after data showed a decline in industrial orders.
At (GMT 11:50 ),UK's benchmark FTSE 100 was last trading up at 0.09 percent, Germany's Dax was up by 0.31 percent, France’s CAC finished was up by 1.10 percent.
Commodities Recap
Gold gained on Friday, recovering from a more than two-month low hit in the previous session, although prices were set for their biggest weekly drop in four due to a stronger dollar.
Spot gold rose 0.3% to $1,798.41 per ounce by 0802 GMT, after falling over 2% to their lowest since Dec. 1 on Thursday. U.S. gold futures gained 0.4% to $1,799.10.
Oil ticked up on Thursday on strong U.S. economic data, falling inventories and the OPEC+ decision to stick to its output cuts, but a stronger U.S. dollar limited the gains.
Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States.
U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.9%, to $56.73 a barrel by 0210 GMT, after touching a high of $56.75, the most since Jan. 22 last year.
Brent crude futures climbed 45 cents, or 0.8%, to $59.28 a barrel, after hitting a high of $59.32, its highest since Feb. 20 last year. Brent is on track to rise 6% this week.
