Market Roundup
•French Nov Car Registration (YoY) -27.0%, -9.5% previous
•French Nov Car Registration (MoM) -26.3%,1.6% previous
•German Nov Car Registration (MoM) -3.0%,-3.6% previous
•Italian Nov Car Registration (YoY) -8.3%, -0.2% previous
•Italian Nov Car Registration (MoM) -11.8%, 0.5% previous
•UK Nov Car Registration (YoY) -27.4%,-1.6% previous
•French Dec Business Survey 93, 93 forecast ,92 previous
•Swiss SNB Interest Rate Decision -0.75%,-0.75% forecast , -0.75% previous
•EU Nov CPI (MoM) -0.3%,-0.3% forecast,0.2% previous
•EU Nov CPI (YoY) -0.3%, -0.3% forecast, -0.3% previous
•EU Nov Core CPI (YoY) 0.2%, 0.2% forecast, 0.2% previous
•UK Dec BoE Interest Rate Decision 0.10%,0.10% forecast, 0.10% previous
•UK Dec BoE QE Total 875B, 825B forecast, 875B previous
•UK Dec BoE MPC vote unchanged 9, 9 forecast, 9 previous
•US Dec Philly Fed New Orders 2.3, 37.9 previous
•US Dec Philly Fed Prices Paid 27.10,, 38.90 previous
•Canada ADP Nonfarm Employment Change- 40.8K, 79.5K previous
•US Jobless Claims 4-Week Avg 812.50K ,776.00K previous
•US Initial Jobless Claims 885K, 800K forecast, 853K previous
•US Continuing Jobless Claims 5,508K, 5,598K forecast, 5,757K previous
•US Philly Fed Employment 8.5 ,27.2 previous
•US Dec Philly Fed CAPEX Index 23.80 ,25.50 previous
•US Dec Philly Fed Business Conditions 39.2, 44.3 previous
•US Nov Building Permits 1.639M, 1.550M forecast, 1.544M previous
•US Nov Building Permits (MoM) 6.2% ,-0.1% previous
•US Nov Housing Starts (MoM) 1.2% 4.9% previous
•US Nov Housing Starts 1.547M ,1.530M, 1.530M previous
Looking Ahead - Economic Data (GMT)
•US Dec Philadelphia Fed Manufacturing 11.1, Index 20.0, 26.3 previous
•15:30 US Natural Gas Storage-120B forecast , -91B previous
•16:00 US Dec KC Fed Composite Index 11 previous
•16:00 US Dec KC Fed Manufacturing Index 20 previous
Looking Ahead - Economic events and other releases (GMT)
•16:00 ECB's Schnabel Speaks
•17:30 ECB's De Guindos Speaks
Fxbeat
EUR/USD: The euro strengthened against dollar on Thursday as hopes of more stimulus in the United States and potential COVID-19 vaccine rollouts in Europe boosted euro. Germany and France said they were set to begin inoculating their citizens with the Pfizer-BioNtech vaccine in the last week of December, once it is approved by the European Medicines Agency. The euro was up 0.2% on Thursday at $1.2315 and within striking distance of $1.2400.Immediate resistance can be seen at 1.2248 (23.6% fib), an upside break can trigger rise towards 1.2200 (Psychological level).On the downside, immediate support is seen at 1.2225 (38.2%fib), a break below could take the pair towards 1.2202 (50% fib).
GBP/USD: Sterling rose against struggling dollar on Thursday as reports of progress in Brexit trade talks boosted appetite for the British currency. With just two weeks left to the end of a Brexit transition period on Dec. 31, Britain and the European Union are in the final stretch of talks to keep about 1 trillion dollars of annual trade free of tariffs and quotas. The pound is benefiting from an improvement in the narrative on the chances of a Brexit trade deal this week, almost a year after Britain formally left the European Union. Sterling extended gains on Thursday to $1.3616, up 0.8% against the dollar at 1230 GMT. Immediate resistance can be seen at 1.3626 (23.6%fib), an upside break can trigger rise towards 1.3700 (Psychological level).On the downside, immediate support is seen at 1.3572 (38.2%fib), a break below could take the pair towards 1.3540 (50%fib).
USD/CHF: The dollar declined against the Swiss franc on Thursday after the Federal Reserve stuck to its current policy guns while hopes for more U.S. stimulus weakened greenback. Congressional negotiators were closing in on a $900 billion COVID-19 aid bill in the United States, according to lawmakers and aides, boosting stock markets across the globe.The dollar index continued to retreat during morning trading in Europe, falling at one point to a new low of 89.867 against a basket of currencies after breaking below 90 for the first time since April 2018. Immediate resistance can be seen at 0.9855(38.2%fib), an upside break can trigger rise towards 0.8877 (50%fib).On the downside, immediate support is seen at 0. 8823(23.6%fib), a break below could take the pair towards 0.8800 (Psychological level).
USD/JPY: The dollar declined against the Japanese yen on Thursday as as growing signs of a bumper U.S. stimulus package dented the dollar’s appeal. Democrats and Republicans sounded more positive over a $900 billion COVID-19 aid bill while the Federal Reserve said it would keep pouring cash into financial markets through its bond buying programmes until the U.S. economy was on a more sound trajectory. Strong resistance can be seen at 102.99 (38.2%fib), an upside break can trigger rise towards 103.22 (50%fib).On the downside, immediate support is seen at 103.00 (38.2%fib), a break below could take the pair towards 102.88 (23.6%fib).
Equities Recap
European shares remained at 10-month highs on Thursday, as hopes of more stimulus in the United States and potential COVID-19 vaccine rollouts in Europe strengthened the case for a global economic recovery.
At (GMT 13:30 ),UK's benchmark FTSE 100 was last trading up at 0.03 percent, Germany's Dax was up by 0.83 percent, France’s CAC finished was up by 0.40 percent.
Commodities Recap
Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices.
Brent crude futures was up 14 cents at $51.22 a barrel by 1110 GMT, having traded as high as $51.90.
U.S. West Texas Intermediate (WTI) crude futures rose by 20 cents to $48.02 a barrel, having traded as high as $48.59. Both benchmarks hit their highest since early March.
Gold prices rose as much as 1% on Thursday as the dollar index extended its slide on progress with U.S. stimulus plans and the Federal Reserve’s commitment to pump more cash into the economy and keep interest rates low.
Spot gold was up 0.5% to $1,874.14 per ounce at 1030 GMT, having hit a near one-month high of $1,882.76 earlier in the session. U.S. gold futures were up 1.1% to $1,878.50.
