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America’s Roundup: Dollar eases off highest since July 2020, Wall Street gains,Gold rises, Oil prices post third weekly drop after volatile week-November 13th,2021

Market Roundup

•US Sep JOLTs Job Openings  10.438M ,10.300M forecast, 10.439M previous

•US Nov Michigan 5-Year Inflation Expectations 2.90% ,2.90% previous

•US Nov Michigan Consumer Expectations 62.8 ,70.0 forecast, 67.9 previous

•US Nov Michigan Inflation Expectations 4.9% ,4.8% previous

•US Nov Michigan Current Conditions 73.2 ,80.0 forecast, 77.7 previous

•US Nov Michigan Consumer Sentiment 66.8 ,72.4 forecast, 71.7 previous

•US U.S. Baker Hughes Total Rig Count 556, 5550 previous

•U.S. Baker Hughes Oil Rig Count454, 450 previous

Looking Ahead Economic Data (GMT)

•No data ahead

Looking Ahead - Events, Other Releases (GMT)

• No significant events

Currency Summaries

EUR/USD: The euro declined on Friday investors turned increasingly bearish on the outlook for the single currency as the European Central Bank appears unlikely to change its extremely dovish policy settings in the near term against the backdrop of a slowing economy. The dollar index , which tracks the greenback versus a basket of six currencies, slid 0.046% to 95.117.The euro was down 0.06% at $1.1443 after falling earlier to an almost 16-month low at $1.1433.Immediate resistance can be seen at 1.1522(38.2%fib), an upside break can trigger rise towards 1.1544(5DMA).On the downside, immediate support is seen at 1.1438 (23.6%fib), a break below could take the pair towards 1.1400(Psychological level).

GBP/USD: Sterling edged higher on Friday after reports suggesting Britain wanted to de-escalate tensions with the European Union and renew efforts to find a solution over a Northern Ireland trade dispute. Sterling was under renewed pressure this week amid worries that disagreements between Britain and the EU could trigger major trade disruption. Since leaving the EU last year, Britain has delayed the introduction of some border checks between the British province of Northern Ireland and EU-member Ireland. Sterling edged 0.2% higher versus the dollar to $1.3413 at 21:00 GMT. Immediate resistance can be seen at 1.3540 (38.2%fib), an upside break can trigger rise towards 1.2678(23.6%fib).On the downside, immediate support is seen at 1.3363(38.2%fib), a break below could take the pair towards 1.3300(Psychological level).

USD/CAD: The Canadian dollar was little changed against the greenback on Friday, holding near its weakest level in more than five weeks as oil prices fell and investors continued to assess data this week showing an acceleration in U.S. inflation. The loonie was trading nearly unchanged at 1.2579 to the greenback , after touching its weakest intraday level since Oct. 6 at 1.2604. The currency was on track for its fourth straight weekly decline, with a loss of 1%. Immediate resistance can be seen at 1.2603 (38.2%fib), an upside break can trigger rise towards 1.2674 (23.6%fib).On the downside, immediate support is seen at 1.2537 (50%fib), a break below could take the pair towards 1.2476 (61.8%fib).

USD/JPY: The dollar dipped against the Japanese yen on Friday as greenback lost  ground  as high inflation wreaked havoc on consumer sentiment. The dollar turned red on Friday morning after the University of Michigan survey showed a plunge in U.S. consumer sentiment in early November to its lowest level in a decade as surging inflation cut into households' living standards, with few believing policymakers are doing enough to mitigate the issue. The dollar was down 0.14% at 113.915 yen after falling as low as 113.77. Strong resistance can be seen at 114.16 (23.6%fib), an upside break can trigger rise towards 114.57(Higher BB).On the downside, immediate support is seen at 113.60(38.2% fib), a break below could take the pair towards 113.44(5DMA).

Equities Recap

European shares chalked up new highs on Friday as shock from unexpectedly strong U.S. inflation data earlier in the week eased.

UK's benchmark FTSE 100 closed down by  0.49 percent, Germany's Dax ended up by 0.07 percent, France’s CAC finished the day up by 0.65 percent.                        

Wall Street gained on Friday with market-leading growth stocks helping the indexes resume their climb as investors shrugged off disappointing economic data.

Dow Jones closed up by  0.50% percent, S&P 500 closed up by 0.72 % percent, Nasdaq settled up by 1.00% percent.

Treasuries Recap

Selling in U.S. Treasury markets paused on Friday as data showed consumer sentiment plunged to a 10-year low on inflation worries, leaving traders trying to gauge the pace of future central bank interest rate hikes.

The yield on the U.S. five-year note was up 2.3 basis points at 1.2357% after earlier in the day reaching 1.263%. The benchmark 10-year note was up 2.4 basis points at 1.5818% on Friday. The 10-year breakeven rate  held near 2.71%, the highest since May 2006.   

Commodities Recap

Gold prices rose on Friday and were on track to post their best week in six months, with bullion’s appeal as an inflation hedge burnished by a surge in U.S. consumer prices.

Spot gold was up 0.3% at $1,866.87 per ounce by 01:54 p.m. ET (1854 GMT), en route to a weekly gain of about 2.8%. U.S. gold futures settled up 0.3% at $1,868.5 per ounce.

Oil prices fell on Friday, wiping out gains from the previous session, on worries that the U.S. Federal Reserve will accelerate plans to boost interest rates to tame inflation.

Brent crude futures fell 70 cents, or 0.8%, to settle at $82.17 a barrel. U.S. West Texas Intermediate (WTI) crude fell 80 cents, or 1%, to settle at $80.79 a barrel.

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