|   Market Roundups


  |   Market Roundups


Europe Roundup: Sterling steadies above $1.41 as risk currencies gain, European shares gain, Gold slips, Oil prices hit 13-mth highs on tighter supplies, Fed assurance on low rates-February 25th,2021

Market Roundup

•French Feb Consumer Confidence  91, 92 forecast,92 previous

•Sweden Feb  Manufacturing Confidence  114.6, 113.3 previous

•Italian Feb Consumer Confidence  101.4, 101.0 forecast, 100.7  previous

•EU Feb Consumer Confidence  -14.8, -14.8 forecast, -14.8 previous

•EU Feb Industrial Sentiment  -3.3, -5.0 forecast, -5.9 previous

•EU Feb Consumer Inflation Expectation   15.7, 15.4 previous

Looking Ahead - Economic Data (GMT)

•13:00 Russia Central Bank reserves (USD) 591.5B previous

•13:30 US Corporate Profits (QoQ) (Q4) 27.0% previous

•13:30 US GDP (QoQ) (Q4)  4.2% forecast,4.0% previous

•13:30 US Real Consumer Spending (Q4) 2.5% previous

•13:30 US GDP Sales (Q4) 3.0% previous

•13:30 US Core PCE Prices (Q4)  1.40% forecast, 1.40% previous

•13:30 US GDP Price Index (QoQ) (Q4) 2.0% forecast, 1.9% previous

•13:30 US Jan Durable Goods Orders (MoM)  1.1% forecast 0.5% previous           

•13:30 US Jan Core Durable Goods Orders (MoM)  0.7% forecast, 1.1%  previous

•13:30 US Jan Durables Excluding Defense (MoM)  0.8% previous

•13:30 US Initial Jobless Claims 838K forecast, 861K previous

•13:30 US Jobless Claims 4-Week Avg     833.25K previous

•13:30 US Continuing Jobless Claims 4,467K  forecast, 4,494K previous   

•15:00 US Jan Pending Home Sales (MoM)  -0.2% forecast, -0.3% previous

•15:00 US Jan Pending Home Sales Index  125.5 previous

•16:00 US Feb KC Fed Composite Index  17 previous

•16:00 US Feb KC Fed Manufacturing Index  22 previous

Looking Ahead - Economic events and other releases (GMT)



•13:30 US FOMC Member Bostic Speaks

•16:10US FOMC Member Bostic Speaks

•20:00US FOMC Member Williams Speaks


EUR/USD: The euro edged higher against dollar on Thursday as better than expected   Euro zone sentiment boosted euro. Euro zone economic sentiment rose more than expected in February, buoyed by more optimism in industry, services and among consumers, boosting inflation expectations among producers and consumers, data showed on Thursday. The European Commission’s monthly sentiment survey showed economic optimism in the 19 countries sharing the euro rose to 93.4 points this month from 91.5 in January . Immediate resistance can be seen at 1.2242 (Daily high), an upside break can trigger rise towards 1.2309 (23.6%fib).On the downside, immediate support is seen at 1.2172(38.2%fib), a break below could take the pair towards 1.2130 (9DMA).

GBP/USD: Sterling jumped above $1.42 against dollar on Thursday, coming within touching distance of $1.43, as investors retained their bullish views on the currency. The pound is the best-performing G10 currency this year, up nearly 4% against the dollar and 3.2% against the euro as investors bet Britain’s rapid COVID-19 vaccine rollout will lead to a quicker economic rebound. Sterling was 0.5% higher on the day at $1.4136   by 12:00 GMT. Immediate resistance can be seen at 1.4177 (Daily high), an upside break can trigger rise towards 1.4247 (Feb 5th high).On the downside, immediate support is seen at 1.4088(5DMA), a break below could take the pair towards at 1.4055 (38.2%fib).

USD/CHF: The dollar edged lower against the Swiss franc on Thursday as dovish testimony from Fed Chair Jerome Powell bolstered concerns about rising inflation. The Federal Reserve's Powell reiterated on Wednesday that U.S. interest rates will remain low and the Fed will keep buying bonds to support the U.S. economy. The Fed's commitment to low rates has some investors worried that inflation could spike on passage of further fiscal stimulus. Immediate resistance can be seen at 0.9084(23.6%fib), an upside break can trigger rise towards 0.9100(Psychological level).On the downside, immediate support is seen at 0.9051(50%fib), a break below could take the pair towards 0.9020 (50%fib).

USD/JPY: The dollar strengthened against the yen on Thursday as broad risk-on tone in markets after Powell’s assurances spurred a rally in commodity-linked currencies such as the Canadian, Australian and New Zealand dollars and the Norwegian crown, pushing safe haven assets like Japanese yen and Swiss franc lower. U.S. Federal Reserve Chair Jerome Powell on Wednesday calmed fears that higher inflation would also lead to a tapering of monetary stimulus, saying the central bank would not change policy until the economy was clearly improving. Strong resistance can be seen at 106.16 (38.2%fib), an upside break can trigger rise towards 106.52(23.6%fib).On the downside, immediate support is seen at 106.10 (50%fib), a break below could take the pair towards 105.58 (61%fib).

Equities Recap

European shares rose on Thursday, led by sectors expected to benefit from a broader economic recovery, as the U.S. Federal Reserve signalled it would maintain a loose monetary policy, while Standard Chartered fell as its profit slumped.

At (GMT 12: 50),UK's benchmark FTSE 100 was last trading up at 0.22 percent, Germany's Dax was down by 0.26 percent, France’s CAC was last up by 0.01 percent.

Commodities Recap

Gold eased on Thursday as U.S. Treasury yields hovered near a one-year high, tarnishing bullion’s appeal, although a softer dollar and the U.S. Federal Reserve’s commitment to an accommodative policy limited its fall.

Spot gold fell 0.6% to $1,792.81 per ounce by 0757 GMT. U.S. gold futures eased 0.4% to $1,791.60.

Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months, underpinned by monetary easing policies and lower crude production in the United States.

Brent crude futures   for April gained 19 cents, 0.3%, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude   for April was at $63.30 a barrel, up 8 cents, 0.1%.

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