Europe Roundup: Sterling drops, timing of BoE rate cuts in focus, European shares slip, Gold dips, Oil sputters near three-month lows as demand concerns mount-November 8th,2023
America’s Roundup: Dollar set for weekly slide as US inflation cools ,Wall Street ends up, Gold steady, Oil jumps 4% after week-long selloff, but falls for a fourth week-November 18th,2023
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
America’s Roundup: Dollar gains on retail sales data, Wall Street gains, Gold steadies, Oil prices dive on big US crude stock build, record output-November 16th,2023
America’s Roundup: Dollar hits over 2-1/2-month low ,Wall Street closes up, Gold edges lower, Oil prices surges more than 2% amid expectations of OPEC intensifying production cuts-November 21st,2023
Europe Roundup: Euro steadies against dollar, European shares mixed, Gold hits over 2-week peak ,Oil falls as demand concerns outweigh prospect of further OPEC+ cuts-November 21st,2023
Europe Roundup: Sterling dips as dollar firms in run up to US inflation report, European shares hits 2-month high , Gold subdued, Oil prices edge higher as OPEC+ meets to discuss supply cuts-November 30th,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
Europe Roundup: Sterling falls versus dollar, focus on economic data, BoE,European shares fall, Gold falls, Oil prices at 2-1/2 month lows as China data offset supply cuts-November 7th,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
America’s Roundup: Dollar holds steady as traders seek more Fed cues, Wall Street ends mixed, Gold retreats, Oil slides over 2% on demand worries-November 9th,2023
Europe Roundup: Euro falls after weaker German export data, European shares fall,Gold gains, Oil falls on uncertainties surrounding OPEC+ cuts-December 4th,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: 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
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
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 drops after shift in Fed policy, Wall Street gains, Gold surges over 2%, Oil prices dip as producers, refiners avoid worst of hurricane-August 29th,2020
• Canada GDP Annualized (QoQ) (Q2) -38.7%, -39.6% forecast, -8.2% previous
•Canada GDP (QoQ) (Q2) -11.5%,-2.1% previous
•Canada GDP Implicit Price (QoQ) (Q2) -1.20%, 0.50% previous
•US Jul Personal Income (MoM) 0.4%, -0.2% forecast, -1.1% previous
•US Jul Personal Spending (MoM) 1.9%, 1.5% forecast, 5.6% previous
•US Jul Real Personal Consumption (MoM) 1.6%, 5.2% previous
•Canada GDP (YoY) (Q2) -13.01%, -0.91% previous
•US Jul PCE price index (MoM) 0.3%, 0.4% previous
•US Jul PCE Price index (YoY) 1.0, 0.8 previous
•US Jul Core PCE Price Index (MoM) 0.3%, 0.5% forecast, 0.2% previous
•US Jul Core PCE Price Index (YoY) 1.3%,1.2% forecast, 0.9% previous
•US Jul Retail Inventories Ex Auto 0.6%, -0.8% previous
•US Jul Goods Trade Balance -79.32B, -70.99B previous
•Canada June GDP (MoM) 6.5%, 5.6% forecast,4.5% previous
•US Wholesale Inventories (MoM) -0.1%,-1.4% previous
• US Aug Chicago PMI 51.2, 52.0 forecast, 51.9 previous
• US Aug Michigan Inflation Expectations 3.1%, 3.0% forecast, 3.0% previous
• US Aug Michigan 5-Year Inflation Expectations 2.70%2.70% forecast,2.60% previous
•US Aug Michigan Current Conditions 82.9, 82.5 forecast, 82.8 previous
• US Aug Michigan Consumer Expectations 68.5, 66.5 forecast, 65.9 previous
•US Aug Michigan Consumer Sentiment 74.1, 72.8 forecast, 72.5 previous
•Canada Jun Budget Balance (YoY) -120.35B, -86.77B previous
•Canada Jun Budget Balance -33.58B,-43.93B previous
•US Jul Dallas Fed PCE 2.00%, 1.70% previous
• U.S. Baker Hughes Oil Rig Count 180, 183 previous
Looking Ahead - Economic Data (GMT)
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Looking Ahead - Economic events and other releases (GMT)
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EUR/USD: The euro rose against dollar on Friday as the U.S. Federal Reserve's new policy framework suggested that interest rates would remain low. The greenback resumed its slide against a basket of major currencies in the wake of Fed Chair Jerome Powell's remarks at the virtual Jackson Hole conference. Powell said the U.S. central bank would seek to keep inflation at 2%, on average, so that periods of too-low inflation would likely be followed by an effort to lift inflation above 2% for some time. The dollar index was last 0.5% lower at 92.513.As the dollar weakened, the euro climbed 0.4% to $1.1875.Immediate resistance can be seen at 1.1919 (Daily high), an upside break can trigger rise towards 1.1947(23.6% fib).On the downside, immediate support is seen at 1.1837 (38.2% fib ), a break below could take the pair towards 1.1815(Daily low).
GBP/USD: Sterling rose above $1.33 for the first time in 2020 and touched an eight-month high as the dollar fell across the board in the aftermath of a speech by Federal Reserve Chairman Jerome Powell. In his address to the virtual Jackson Hole Symposium, Powell fuelled expectations that U.S. interest rates could remain low for a long time to come by signalling the central bank would aim for inflation to average 2%, rather than exactly hit that level. Immediate resistance can be seen at 1.3350 Daily high), an upside break can trigger rise towards 1.3423 (Dec 16th 2019 High).On the downside, immediate support is seen at 1.3200 (Psychological level), a break below could take the pair towards 1.3171(5 DMA).
USD/CAD: The Canadian dollar climbed to a fresh seven-month high against its U.S. counterpart on Friday, on pace for a fourth straight day of gains as the U.S. dollar remained broadly weak and after data showed a record surge in Canada’s real gross domestic product in June. Canada’s real GDP surged by a record 6.5% in June, as the economy continued to claw back from steep declines in March and April, though economic activity still remained below pre-pandemic levels, Statistics Canada said on Friday. The Canadian dollar was at 1.3094 to the greenback, stronger than Thursday’s close of 1.3123 .Immediate resistance can be seen at 1.3153 (5DMA), an upside break can trigger rise towards 1.3175 (11DMA).On the downside, immediate support is seen at 1.3045 (Daily low), a break below could take the pair towards 1.3000 (Psychological level).
USD/JPY: The dollar declined against the Japanese yen on Friday as Japanese yen surged on safe-haven buying after Prime Minister Shinzo Abe resigned for health reasons. There had been speculation about Abe’s health all week but the resignation of Japan’s longest-serving premier rattled investors, given that he has spearheaded efforts to revive growth through his reflationary “Abenomics” policies. The dollar was last down 1.0% against the yen at 105.35. Strong resistance can be seen at 105.53(38.2% fib), an upside break can trigger rise towards 106.00 (21 DMA).On the downside, immediate support is seen at 105.15 (Daily low), a break below could take the pair towards 104.91 (Lower BB).
European stocks slipped on Friday as investors dumped this year’s outperformers including technology and healthcare stocks and bid up banking shares after the U.S. Federal Reserve unveiled its new policy framework.
UK's benchmark FTSE 100 closed down by 1.51 percent, Germany's Dax ended down by 2.56 percent, France’s CAC finished the day down by 2.85 percent.
U.S. stocks fell sharply for the second day on Wednesday after Federal Reserve Chairman Jerome Powell warned of an extended period of weak growth and stagnant incomes due to the coronavirus pandemic, dashing hopes of a quick economic recovery.
Dow Jones closed up by 0.57% percent, S&P 500 closed up by 0.67 % percent, Nasdaq settled down by 0.60% percent.
Longer-term U.S. Treasury yields rose on Friday as U.S. Federal Reserve officials fleshed out the central bank's new approach to inflation, while investors rebalanced intermediate-dated debt following large auctions earlier this week.
The benchmark 10-year yield was down a basis point at 0.7359% in afternoon trading, while the five-year note was down 3 basis points at 0.2799%.
Gold rebounded over 2% on Friday, a day after a steep sell-off, as the U.S. dollar weakened and the U.S. Federal Reserve signaled a prolonged low interest rate strategy.
Spot gold rose 2.1% to $1,968.59 per ounce by 12:41 pm EDT (1641 GMT), taking gains this week to about 1.5%. Prices fell as much as 2.2% on Thursday after U.S. Treasury yields gained following Fed Chair Jerome Powell’s speech.U.S. gold futures rose 2.5% to $1,980.90.
Oil prices inched lower on Friday as Hurricane Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage and companies began to restart operations.
Brent crude futures for October fell 4 cents to settle at $45.05 a barrel, before expiring on Friday. U.S. West Texas Intermediate (WTI) crude fell 7 cents to $42.97 a barrel.
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