Europe Roundup: Sterling dips after weak UK business activity, retail data ,Gold edges higher, Oil prices rise as Russia fuel export ban stokes supply concerns-September 22nd,2023
Europe Roundup: Sterling holds above three-month lows vs dollar, European shares edge higher, Gold steady, Oil hits 2023 highs on tight supply outlook-September 14th,2023
America’s Roundup: Dollar climbs on strong US data, Wall Street rallies, Gold hold near 3-week low , Oil rises to highest in 2023 on tight supply expectations-September 15th,2023
Europe Roundup: Euro dips against dollar, European shares inches higher ,Gold steadies, Oil falls as concerns about China outweigh extended cuts-September 7th ,2023
America’s Roundup: Dollar drifts higher as traders look to upcoming Fed decision, U.S. stocks close lower, Gold holds tight range, Oil prices hit highest since November-September 20th,2023
Europe Roundup: Sterling drops to lowest since March after BoE holds rates, European shares slide, Gold falls, Oil falls as US rate hike expectations offset tight supply outlook-September 21st,2023
America’s Roundup: Dollar weakness as focus shifts to Fed meet next week ,Wall Street tumbles, Gold rises 1%, Oil prices hit 10-month high, gain 4% on weekly basis-September 16th,2023
Europe Roundup: Sterling holds near a three-month low, European stocks extend losses,Gold at one-week low, Oil prices shuffle back as markets shrug off supply jitters-September 6th,2023
Europe Roundup: Sterling stays at three-month low , European stocks stabilise ,Gold firms, Oil ticks higher as tight supply trumps macroeconomic gloom-September 8th,2023
America’s Roundup: Dollar climbs as Fed expectations remain intact after CPI , Wall Street ends mixed, Gold eases, Oil dips as surprise US crude stockbuild faces supply cuts-September 14th,2023
America’s Roundup: Dollar gains after mixed jobs report, Wall Street ends mixed, Gold trims initial gains, Oil rises to highest in over seven months on supply worries-September 2nd,2023
Europe Roundup: Sterling ticks higher against dollar , European shares set to end week higher, Gold gains, Oil set for another weekly gain on tight supply and China optimism-September 15th,2023
Europe Roundup: Sterling eases as weak GDP data fuels recession fears, European shares falls, Gold steadies, Oil rises as supply cuts offset inflation concerns-September 13th,2023
America’s Roundup: Dollar eases as risk appetite improves on China's measures, Gold steady in holiday thin trading, Oil edges up on prospect of extended OPEC+ supply cuts-September 5th ,2023
America’s Roundup: Dollar slips ahead of US inflation data, Wall Street advances, Gold firms, Oil prices settle mostly flat ahead of monthly oil forecasts-September 12th,2023
Europe Roundup: Sterling edges up against weak dollar,European stocks hit 3-week highs, Gold firms, Oil holds breath ahead of OPEC+ supply cut expectations-September 4th,2023
America’s Roundup: Dollar edges down, Wall Street ends mixed , Gold gains, Oil prices hit lowest level since the invasion of Ukraine on recession fears-August 5th,2022
•US Indexes: Dow slips 0.26%, S&P off 0.08%, Nasdaq up 0.41%
• Energy stocks down as oil slumps to pre-Ukraine war level
• Eyes on Friday's nonfarm payrolls report
•China holds military exercises after U.S. official visits Taiwan
• U.S. weekly jobless claims increase
• US Imports 340.40B,341.40B previous
•US Exports 260.80B,255.90B previous
•US Continuing Jobless Claims 1,416K,1,370K forecast, 1,359K previous
•US Initial Jobless Claims 260K,259K forecast, 256K previous
•US Jobless Claims 4-Week Avg. 254.75K, 249.25K previous
•Canada Jun Building Permits (MoM) -1.5%,-1.5% forecast, 2.3% previous
•US Jun Trade Balance -79.60B,-80.10B forecast, -85.60B previous
•Canada Jun Imports 64.86B, 63.11B previous
•US 8-Week Bill Auction 2.280%, 2.210% previous
• US 4-Week Bill Auctio 2.110%, 2.140% previous
Looking Ahead - Economic Data (GMT)
•05:00 Japan Jun Leading Index (MoM) -1.7% previous
•05:00 Japan Jun Coincident Indicator (MoM) -1.9% previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
EUR/USD: The euro strengthened against dollar on Thursday as the positive impact of hawkish Federal Reserve comments faded and investors waited for more signs on the data front to confirm that more large rate hikes to curb inflation were coming. Fed officials have continued to push back against the perception that U.S. interest rates were close to peaking. San Francisco Fed President Mary Daly and Minneapolis Fed President Neel Kashkari voiced their determination overnight to rein in high inflation. But the impact of the hawkish rhetoric on the dollar appeared to be fading, with the currency in a more defensive mood. The dollar index , which measures its performance against six peers, was at 106.36, down about 0.2%. The euro was up at $1.0246. Immediate resistance can be seen at 1.0252(38.2%fib), an upside break can trigger rise towards 1.0292(Higher BB).On the downside, immediate support is seen at 1.0157(21DMA), a break below could take the pair towards 1.0095(23.6%fib).
GBP/USD: Sterling initially dipped on Thursday but recovered ground as investors reacted to the Bank of England's interest rate decision. The Bank of England raised its benchmark rate by half-a-percentage point given the more persistent inflationary pressures and the tight labor market conditions. The monetary policy committee of the central bank voted 8-1 to lift the bank rate by 50 basis points to 1.75%, the highest rate since December 2008. This was the sixth consecutive rate hike.The committee also decided to sell the stock of gilts purchased by the central bank, starting September. The bank intends to reduce government bond holdings of around GBP 10 billion per quarter. Immediate resistance can be seen at 1.2190(38.2%fib), an upside break can trigger rise towards 1.2258(Higher BB).On the downside, immediate support is seen at 1.2100(14DMA),a break below could take the pair towards 1.2066(23.6%fib).
USD/CAD: The Canadian dollar edged lower against its broadly weaker U.S. counterpart on Thursday as a drop in oil prices offset data showing that Canada’s trade surplus widened in June . U.S. crude oil futures settled down 2.3% at $88.54 a barrel, the lowest level since before Russia’s invasion of Ukraine in February. Canada’s trade surplus widened to C$5.1 billion ($4.0 billion) in June, beating analyst expectations, as exports rose 2%. The loonie was trading 0.1% lower at 1.2868 to the greenback , after moving in a range of 1.2819 to 1.2876.Canada’s employment report for July, due on Friday, could offer further clues on the strength of the domestic economy. Immediate resistance can be seen at 1.2893(38.2%fib), an upside break can trigger rise towards 1.2971 (23.6% fib).On the downside, immediate support is seen at 1.2853 (14DMA), a break below could take the pair towards 1.2816(50%fib).
USD/JPY: The dollar dipped against yen on Thursday as recession worries intensified following the Bank of England’s warning of a drawn-out downturn and ahead of key a hotly anticipated U.S. employment report on Friday. Cleveland Federal Reserve Bank President Loretta Mester said on Thursday that the economy is not currently in recession, but the risks of one have risen, while reiterating the central bank’s resolve to continue with aggressive tightening until there is compelling evidence of a let up in inflation. The monthly U.S. non-farm payrolls report will be closely watched on Friday for clues on whether the tight labor market will continue to push up wages. Data early Thursday showed a tick up in jobless claims. Strong resistance can be seen at 133.90 (23.6%fib), an upside break can trigger rise towards 134.00(Psychological level).On the downside, immediate support is seen at 132.68 (38.2%fib), a break below could take the pair towards 131.38(50%fib).
European stocks closed higher on Thursday after a somewhat volatile session, as investors reacted to the Bank of England's interest rate decision, and the latest batch of earnings updates, in addition to looking ahead to the upcoming U.S. non-farm payroll data, due on Friday..
UK's benchmark FTSE 100 closed up by 0.03 percent, Germany's Dax ended up by 0.55 percent, France’s CAC finished the day up by 0.64percent.
Wall Street's main indexes ended mixed in a dull session on Thursday as gains in high-growth stocks offset losses in energy shares, with investors looking ahead to monthly jobs report for clues on the pace of interest rate hikes by the Federal Reserve.
Dow Jones closed down by 0.26% percent, S&P 500 closed down by 0.08% percent, Nasdaq settled up by 0.41% percent.
U.S. Treasury yields fell on Thursday, as a gloomy outlook from the Bank of England fueled global recession concerns while investors readied for U.S. jobs data to wrap up what had been a volatile week for the bond market.
The yield on 10-year Treasury notes was down 5.3 basis points to 2.696%.The yield on the 30-year Treasury bond was up 0.3 basis points to 2.980%.
The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 5.9 basis points at 3.049%.
Gold prices climbed over 1% to hit a fresh one-month peak on Thursday, underpinned by a retreat in the dollar and U.S. Treasury yields, as investors kept a close tab on U.S.-China tensions.
Spot gold rose 1.6% to $1,792.19 per ounce by 1:56 p.m. ET (1756 GMT), having risen to its highest since July 5 earlier. U.S. gold futures settled 1.7% higher at $1,806.90.
Oil prices dropped on Thursday to their lowest levels since before Russia's February invasion of Ukraine, as traders fretted over the possibility of an economic recession later this year that could torpedo energy demand.
Benchmark Brent crude futures settled down $2.66, or 2.75%, at $94.12, the lowest close since Feb. 18. West Texas Intermediate (WTI) crude futures settled down $2.34, or 2.12%, at $88.54, the lowest close since Feb. 2.