Europe Roundup: Pound weakens after UK retail sales unexpectedly falla in October,European shares gain,Gold hits two-week high ,Oil prices gains 2% as Iraq backs more output cuts from OPEC+-November 17th,2023
Americas’ Roundup: Dollar gains as attention turned towards the upcoming release of US jobs data,Wall Street ends lower, Gold firms, Oil falls 4% as build in gasoline stocks fuel demand concerns-December 7th,2023
Europe Roundup: Sterling dips against dollar, European shares falter, Gold prices tick higher, Oil prices slip on US crude build and China demand worries-November 16th,2023
Europe Roundup: Sterling firms against dollar, European shares climb ,Gold steady, Oil wavers on weak demand outlook in US and China, Fed hedging-November 13th,2023
Europe Roundup: Sterling edges lower versus stronger dollar, European shares gain, Gold extends decline, Brent oil hovers around $80 after this week's downward spiral-November 9th,2023
America’s Roundup: Dollar regains strength on rate bets ,Wall Street ends down, Gold retreats ,Oil falls on uncertainties surrounding the possibility of OPEC+ implementing additional cuts-December 5th,2023
America’s Roundup: Dollar rises from 3-1/2-month low, rate cut bets intact, Wall Street ends mixed, Gold steadies, Oil prices gain near 2% on expectations of deeper OPEC+ cuts-November 30th,2023
Europe Roundup: Sterling eases after cooler British inflation data, European stocks jump, Gold hits one-week high, Oil dips on prospect of peak US production, despite strong demand signals-November 15th ,2023
America’s Roundup: Dollar steady as U.S. jobless claims boost Fed rate cut bets, Wall Street ends mixed, Gold climbs, Oil prices slump to 4-month low on U.S., Chinese economic concerns-November 17th,2023
Europe Roundup: Sterling steady after UK wage data; U.S. inflation in focus, European shares near one-month high, Gold flat, Oil climbs as IEA lifts demand growth forecast-November 14th,2023
America’s Roundup: Dollar gains after Federal Reserve officials sound caution, Wall Street ends mixed, Gold slips, Oil prices decrease by more than 2% as OPEC+ production cuts fall short of expectations-December 1st,2023
America’s Roundup: US dollar weakens following dovish comments by Fed Chair Powell, Gold climbs, Wall Street ends higher, Oil prices dips more than 2% as investors were caution on OPEC+ cuts December 2nd,2023
Europe Roundup: Euro edges higher against dollar, European shares climb, Gold gains, Oil prices stabilise after slump on underwhelming OPEC+ cuts-December 1st,2023
Europe Roundup: Euro weakens as traders place bets on rate cuts in Q1 ,European shares gain , Gold firms ,Oil prices tumble adding to four-day losing streak-December 6th,2023
America’s Roundup: Dollar touched lowest since mid August,Wall Street ends slightly higher, Gold extends gains, Oil settles up 2%; focus on OPEC+, storm-hit Kazakh output-November 29th,2023
America’s Roundup: Dollar steady despite weaker than expected jobs data, Wall Street ends mixed, Gold slips, Oil prices drop to nearly a five-month low on doubts regarding OPEC+ production cuts
Europe Roundup:Euro gains on upbeat Eurozone GDP data, European shares rises, Gold gains,Oil prices rise as chances of OPEC+ supply boost dim-July 29th,2022
•French GDP (QoQ) (Q2) 0.5%, 0.2% forecast, -0.2% previous
•French Jun Consumer Spending (MoM) 0.2%,-0.6% forecast, 0.4% previous
•French GDP (YoY) 4.2% ,4.5% previous
•German Jun Import Price Index (YoY) 29.9% forecast, 30.6% previous
• German Jun Import Price Index (MoM) 29.9%, 30.6% previous
•Swiss Jun Retail Sales (YoY) 1.2%0.8%, -1.6% previous
• German Jul Unemployment Rate 5.4%, 5.4% forecast, 5.3% previous
• German Unemployment Change 48K, 15K forecast,133K previous
•German GDP (QoQ) (Q2) 0.0%, 0.1% forecast, 0.2% previous
•German GDP (YoY) (Q2) 1.5% , 1.8% forecast, 4.0% previous
•EU Jul CPI (YoY) 8.9% ,8.6% forecast, 8.6% previous
•Italian Jul CPI (MoM) 0.4%, 0.6% forecast,1.2% previous
•EU GDP (YoY) 4.0%,3.4% forecast, 5.4% previous
•EU GDP (QoQ) 0.7% ,0.2% forecast, 0.6% previous
Looking Ahead - Economic Data (GMT)
•12:30 US Employment Wages (QoQ) (Q2) 1.20% previous
•12:30 US Employment Cost Index (QoQ) (Q2) 1.2% forecast, 1.4% previous
•12:30 US Jun Personal Income (MoM) 0.5% forecast, 0.5% previous
•12:30 US Jun Personal Spending (MoM) 0.9% forecast,0.2% previous
•12:30 US Jun PCE price index (MoM) 0.6% previous
•12:30 US Jun PCE Price index (YoY) 6.3 previous
•12:30 US Jun Core PCE Price Index (MoM) 0.5% forecast, 0.3% previous
•12:30 US Jun Core PCE Price Index (YoY) 4.7% forecast, 4.7% previous
•12:30 Canada May GDP (MoM) -0.2% forecast, 0.3% previous
•12:30 Canada GDP (YoY) 2.89% previous
•13:45 US Jul Chicago PMI 55.0 forecast, 56.0 previous
•14:00 US Jul Michigan Consumer Sentiment 51.1 forecast, 51.1 previous
•14:00 US Jul Michigan 5-Year Inflation Expectations 2.80% previous
•14:00 US Jul Michigan Consumer Expectations 47.3 previous
•14:00 US Jul Michigan Current Conditions 57.1 previous
•14:58 US Jun Dallas Fed PCE 3.00% previous
•15:00 Canada Apr Budget Balance -25.75B previous
•15:00 Canada Apr Budget Balance (YoY) -95.57B
•17:00 US Baker Hughes Oil Rig Count 599 previous
• 17:00 U.S. Baker Hughes Oil Rig Count 758 previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
EUR/USD: The euro strengthened against dollar on Friday as euro zone growth beat expectations, while the dollar dipped as traders await fresh U.S. data for clues to the outlook for rates. The euro zone economy grew much faster than expected in the second quarter, but economists said it might be the economy's last hurrah before ever-higher inflation and supply chain problems cause a mild recession in the second half of the year.The stronger growth came despite stagnation in the bloc's biggest economy Germany, where high inflation and fears of a gas crisis triggered by the war in Ukraine have caused consumer and business sentiment to plummet. The EU's statistics office said euro zone gross domestic product rose 0.7% quarter-on-quarter in the April-June period for a 4.0% year-on-year gain. Immediate resistance can be seen at 1.0249(50%fib), an upside break can trigger rise towards 1.0285(21DMA).On the downside, immediate support is seen at 1.0185(21DMA), a break below could take the pair towards 1.0108(23.6%fib).
GBP/USD: Sterling steadied against the dollar traders to ramped up bearish bets before a Bank of England policy meeting next week. Investors are waiting for the Bank of England monetary policy meeting next Thursday, there have been few domestic drivers for sterling in recent weeks. The BoE will likely shy away from such a large interest rate rise in August and stick with the more modest 25 bps increases it has been delivering, but it is a close call, a poll of economists found this week. Latest positioning data show investors have consolidated their bearish bets on the pound at $4.3 billion, not far from a near two-year peak of $6.2 billion in May. Immediate resistance can be seen at 1.2218(50DMA), an upside break can trigger rise towards 1.2326(38.2%fib).On the downside, immediate support is seen at 1.2104(23.6%fib),a break below could take the pair towards 1.2051(30DMA).
USD/CHF: The dollar was little changed against the Swiss franc on Friday as traders awaited fresh U.S. data for clues to the outlook for rates. As inflation surges across major markets and central bankers fight to raise rates without killing off growth, riskier markets like stocks have tended to react positively to any perceived softening in sentiment on the part of policymakers. After Thursday data showed the U.S. economy contracted in the second quarter, stocks rose as traders bet rates would rise more slowly. Euro zone numbers on Friday, meanwhile, beat expectations, yet recession fears are mounting as energy inflation continues to bite in the face of conflict in Ukraine .Immediate resistance can be seen at 0.9583(38.2%fib), an upside break can trigger rise towards 0.9646(11DMA).On the downside, immediate support is seen at 0.9500(50%fib), a break below could take the pair towards 0.9419 (61.8%fib).
USD/JPY: The dollar dipped against the Japanese yen on Friday on bets that U.S. interest rates are nearing a peak after data showed the world's biggest economy unexpectedly contracted in the June quarter. Futures markets predict that U.S. interest rates will peak by December this year compared with June 2023 at the start of July and the Federal Reserve will cut interest rates by 50 bps next year to support slowing growth. The upshot of this rapid drop in rate rise expectations has been a big driver for the dollar's weakness against the yen with the greenback slumping nearly 2.5% versus the Japanese unit this week, its biggest weekly drop since late March. Against the dollar, the yen climbed 0.8% on Friday to 133.17 yen to its highest levels since mid-June. Strong resistance can be seen at 134.24 (50DMA), an upside break can trigger rise towards 136.18(23.6%fib).On the downside, immediate support is seen at 132.70 (38.2%fib), a break below could take the pair towards 129.14 (50%fib).
European stock markets are expected to open on a positive note on Friday amidst data that showed the U.S. economy contracting by 0.90 percent in the second quarter, that triggered both fears of a recession as a well as hopes of a slowdown in the Fed's rate hiking spree.
At (GMT 12:17),UK's benchmark FTSE 100 was last trading up at 1.18% percent, Germany's Dax was up by 0.54% percent, France’s CAC was up by 1.64 %percent.
Gold hit a more than three-week high on Friday and was bound for a weekly rise, supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen.
Spot gold rose 0.3% to $1,761.05 per ounce by 1040 GMT, and has gained about 2% this week.U.S. gold futures gained 0.4% to $1,776.20.
Oil prices rose in European trading on Friday as attention turned to next week's OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost.
Brent crude futures for September settlement, due to expire on Friday, gained $2.30 to trade at $109.44 a barrel by 1200 GMT after touching their highest since July 5. The more active October contract was up $2.24 at $104.07.
U.S. West Texas Intermediate (WTI) crude futures rose $2.20 to $98.62 a barrel.
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