|   Market Roundups


  |   Market Roundups


Europe Roundup:Euro gains on vaccine cheer, European shares gain, Gold slips, Oil prices rise on back of COVID vaccine news-November 23rd,2020

Market Roundup

•French Nov Manufacturing PMI  49.1, 50.1 forecast, 51.3 previous

•French Nov Services PMI  38.0, 37.7 forecast, 46.5 previous

•French Nov Markit Composite PMI  39.9, 34.0 forecast, 47.5 previous

•German Nov Composite PMI  52.0, 50.4 forecast, 55.0 previous

•German Nov Services PMI  46.2, 46.3 forecast, 49.5 previous

•German Nov Manufacturing PMI  57.9, 56.5 forecast, 58.2 previous

•EU Nov Services PMI  41.3, 42.5 forecast, 46.9 previous

•EU Nov Markit Composite PMI  45.1, 45.8 forecast, 50.0 previous

•EU Nov Manufacturing PMI  53.6, 53.1 forecast, 54.8 previous

•UK Nov Manufacturing PMI  55.2, 53.3 forecast, 53.3 previous

•UK Composite PMI 47.4, 42.5 forecast, 52.1 previous

•UK Nov Services PMI  45.8 , 52.3 forecast, 52.3 previous

Looking Ahead Economic Data

•13:30 US Oct Chicago Fed National Activity  0.27 previous

•14:00 French 3-Month BTF Auction -0.600% previous

•14:00 French 12-Month BTF Auction -0.598% previous

•14:00 French 6-Month BTF Auction -0.602%   previous

•14:45 US Nov Services PMI  55.0 forecast, 56.9 previous        

•14:45 US Markit Composite PMI  56.3 previous                          

•14:45 US Nov Manufacturing PMI  53.0 forecast, 53.4 previous

Looking Ahead - Events, Other Releases (GMT)

•18:00 US FOMC Member Daly Speaks

•19:00 Canada BoC Deputy Governor Gravelle Speaks

•20:00 Chicago Fed President Evans Speaks


EUR/USD: The euro rose against dollar on Monday as hopes that the arrival of Coronavirus vaccines as early as next month boosted euro. AstraZeneca said its COVID-19 vaccine, developed along with the University of Oxford, could be around 90% effective under one dosing regimen. On the data front, Euro zone business activity contracted sharply in November as fresh virus restrictions across European countries forced many firms in the bloc’s dominant service industry to close temporarily, a survey showed. Manufacturing activity, however, remained a bright spot as many factories remained open during lockdowns. Immediate resistance can be seen at 1.1910 (23.6%fib), an upside break can trigger rise towards 1.1938 (Higher BB).On the downside, immediate support is seen at 1.1874 (38.2%fib), a break below could take the pair towards  1.1848 (50% fib).

GBP/USD: The pound rose against dollar on Monday as more positive news about a potential COVID-19 vaccine propelled investors to buy riskier currencies and offset concerns about whether Britain and the European Union can clinch a Brexit trade deal.London and Brussels this week continue their negotiations to agree a deal on their future trading relationship, though time is now running very short as Britain’s post-Brexit transition period ends in fewer than six weeks. The British currency rose 0.7% to as high as $1.3382 , while against the euro it rose more than half a percent to 88.75 pence, a near two-week high.Immediate resistance can be seen at 1.3385 (Daily high), an upside break can trigger rise towards 1.3408 (23.6%fib).On the downside, immediate support is seen at 1.3310 (38.2%fib), a break below could take the pair towards 1.3235 (50 % fib).

USD/CHF: The dollar declined against the Swiss franc on Monday as progress towards a COVID-19 vaccine rollout, kept the dollar on its downward trend. AstraZeneca said on Monday that its vaccine could be around 90% effective. The British drugmaker will prepare submission of data to authorities around the world that have a framework for conditional or early approval.This was the latest in a string of positive vaccine developments after U.S.-based Moderna Inc said on Nov. 16 its experimental vaccine was 94.5% effective. At 12:30GMT, the dollar was 0.30 percent lower versus the Swiss franc at 0.9080 . Immediate resistance can be seen at 0.9104 (38.2%fib), an upside break can trigger rise towards 0.9119 (38.2%fib).On the downside, immediate support is seen at 0.9077 (50% fib), a break below could take the pair towards 0.9034(61.8%fib).

USD/JPY: The dollar dipped against the Japanese yen on Monday as fresh tensions between Beijing and Washington sapped appetite for the Chinese currency, even as investors eyed longer-term prospects of improving ties under a Biden presidency.The Trump administration is looking at moves that wouldrestrict 89 Chinese aerospace and other companies from buying a range of U.S. goods and tech. At 12:40 GMT, the dollar was 0.10 percent lower versus the yen at 103.74  Strong resistance can be seen at 103.83 (5DMA), an upside break can trigger rise towards 104.05 (38.2% fib).On the downside, immediate support is seen at 103.65 (5 DMA), a break below could take the pair towards 103.21 (Lower BB).

Equities Recap

European shares jumped on Monday as encouraging developments around a coronavirus vaccine spurred bets of a faster economic revival globally, even as a surge in infection rates clouded near-term outlook.

At (GMT 12:40 ),UK's benchmark FTSE 100 was last trading down at 0.01 percent, Germany's Dax was up  by 0.51 percent, France’s CAC finished was up  by 0.40 percent.

Commodities Recap

Gold eased on Monday as AstraZeneca injected fresh optimism into the race for a COVID-19 vaccine, bolstering appetite for riskier assets and overshadowing support for bullion from a weaker dollar.

Spot gold edged 0.1% lower to $1,868.26 per ounce by 0952 GMT and U.S. gold futures fell 0.3% to $1,866.80.

Oil prices rose more than 1% on Monday, extending last week’s gains as traders eyed a recovery in demand due to successful coronavirus vaccine trials.

Brent crude rose 94 cents to $45.90 a barrel by 0913 GMT while U.S. West Texas Intermediate crude gained 76 cents to $43.18 a barrel. Both benchmarks jumped 5% last week.



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