Menu

Search

  |   Market Roundups

Menu

  |   Market Roundups

Search

America’s Roundup: Dollar firms on sudden spike in U.S. Treasury yields,Wall Street ends sharply lower, Gold slides more than 2%, Oil mixed, U.S. crude hits highest since 2019 as refineries restart-February 26th,2021

Market Roundup

• Russia Central Bank reserves (USD)  585.7B, 591.5B previous

• US GDP (QoQ) (Q4) 4.1%,  4.2% forecast,4.0% previous

• US Real Consumer Spending (Q4) 2.4%,2.5% previous

 • US Core PCE Prices (Q4)  1.40%,1.40% forecast, 1.40% previous

• US GDP Price Index (QoQ) (Q4) 2.0%,2.0% forecast, 1.9% previous      

• US Jan Core Durable Goods Orders (MoM) 1.4% , 0.7% forecast, 1.1% previous

• US Jan Durables Excluding Defense (MoM) 2.3%, 0.8% previous

• US Initial Jobless Claims 730K, 838K forecast, 861K previous

• US Jobless Claims 4-Week Avg 807.75K,833.25K previous

• US Continuing Jobless Claims 4,419K, 4,467K  forecast, 4,494K previous              

• US Jan Pending Home Sales (MoM)  --2.8%, 0.2% forecast, -0.3% previous

• US Jan Pending Home Sales Index 122.8, 125.5 previous

• US Feb KC Fed Composite Index  24, 17 previous

• US Feb KC Fed Manufacturing Index 26, 22 previous

Looking Ahead - Economic Data (GMT)

• 23:30 Japan Feb CPI Tokyo Ex Food and Energy (MoM)  0.2% previous

• 23:30 Japan Feb Tokyo CPI (YoY)  -0.5% previous

• 23:30 Japan Feb Tokyo Core CPI (YoY)  -0.4% forecast, -0.4% previous

• 23:30 Japan Feb Industrial Production forecast 1m ahead (MoM)  8.9% previous

• 23:30 Japan Industrial Production forecast 2m ahead (MoM)  0.3% previous

• 23:50 Japan Jan Industrial Production (MoM) 4.0% forecast, -1.0% previous

• 23:50 Japan Foreign Bonds Buying 477.1B previous

• 23:50 Japan Jan Retail Sales (YoY)   -2.6% forecast, -0.2% previous

• 23:50 Japan Jan Industrial Production forecast 2m ahead (MoM) -0.3% previous

• 23:50 Japan Jan Industrial Production (MoM)  4.0% forecast, -1.0% previous

Looking Ahead - Economic events and other releases (GMT)

• No significant events

Fxbeat

EUR/USD: The euro gained against dollar on Thursday as better than expected   Euro zone sentiment boosted euro. Euro zone economic sentiment rose more than expected in February, buoyed by more optimism in industry, services and among consumers, boosting inflation expectations among producers and consumers, data showed on Thursday. The European Commission’s monthly sentiment survey showed economic optimism in the 19 countries sharing the euro rose to 93.4 points this month from 91.5 in January . Immediate resistance can be seen at 1.2242 (Daily high), an upside break can trigger rise towards 1.2309 (23.6%fib).On the downside, immediate support is seen at 1.2172(38.2%fib), a break below could take the pair towards 1.2130 (9DMA).

GBP/USD: Sterling declined against dollar on Thursday   sterling attracted seller as investors took precautions steps against the threat of inflation. Meanwhile, data showed fewer Americans filed new claims for unemployment benefits last week as COVID-19 infections fell, but the near-term outlook remained unclear after winter storms wreaked havoc in the South this month. Sterling was last trading 0.05% lower on the day at $1.4009. Immediate resistance can be seen at 1.4177 (Daily high), an upside break can trigger rise towards 1.4247 (Feb 5th high).On the downside, immediate support is seen at 1.4088(5DMA), a break below could take the pair towards at 1.4055 (38.2%fib).

 USD/CAD: The Canadian dollar weakened on Thursday by the most in four weeks against the greenback, as surging U.S. bond yields pressured global equity markets, with the loonie pulling back from a three-year high. The price of oil, one of Canada's major exports, edged up to its highest close since 2019 as Texas refineries restarted production after last week's freeze. The loonie  was trading 0.7% lower at 1.2596 to the greenback, or 79.39 U.S. cents, its biggest decline since Jan. 27. During the session, the loonie touched its strongest intraday level since February 2018 at 1.2468. Immediate resistance can be seen at 2163(9DMA), an upside break can trigger rise towards 1.2689(38.2%fib).On the downside, immediate support is seen at 1.2557(Daily low), a break below could take the pair towards 1.2615 (11 DMA).

USD/JPY: The dollar strengthened against the yen on Thursday after yields on 10-year U.S. Treasuries jumped as high as 1.6% following weaker than expected bids in a U.S. government debt auction. The move was the latest example of currency markets taking their cue from bonds, which have been moving on the changing outlook for economic growth and inflation following unprecedented government stimulus and monetary easing along with increasing COVID-19 vaccinations. The dollar was up 0.13% against a basket of currencies in the early New York afternoon after dipping as much as 0.26% to 89.677, its lowest since Jan. 8. Strong resistance can be seen at 106.16 (38.2%fib), an upside break can trigger rise towards 106.52(23.6%fib).On the downside, immediate support is seen at 106.10 (50%fib), a break below could take the pair towards 105.58 (61%fib).

Equities Recap

European shares ended lower on Thursday, as higher bond yields and volatility in U.S. markets offset optimism about a euro zone economic recovery, while weak earnings from Standard Chartered and Anheuser-Busch also weighed.

UK's benchmark FTSE 100 closed up by  0.11percent, Germany's Dax ended down by 0. 69percent, France’s CAC finished the day up by 0.24 percent.                        

Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.

Dow Jones closed down  by   1.75% percent, S&P 500 closed down by 2.45% percent, Nasdaq settled down  by 3.52%     percent.

Treasuries Recap

Wall Street’s main indexes recoiled from record highs on Thursday as surging U.S. Treasury yields took the shine off stocks now that a strong economic recovery looked more certain and investors clung to concerns that inflation would rise.

The benchmark 10-year note yield surged more than 20 basis points to a one-year high above 1.6%.

Commodities Recap

Gold prices fell as much as 2.2% to a near one-week low on Thursday as a surge in U.S. Treasury yields and better-than-expected economic data out the United States dented demand for the safe-haven metal.

Spot gold was down 1.8% at $1,772.86 per ounce at 01:49 p.m. ET (1849 GMT), after earlier touching its lowest since Feb. 19 at $1,765.06.

Oil prices were mixed on Thursday with U.S. crude edging up to its highest close since 2019 as Texas refineries restarted production after last week’s freeze, while Brent eased on worries that four months of gains will prompt producers to boost output.

Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday.

U.S. West Texas Intermediate (WTI) crude, meanwhile, ended 31 cents, or 0.5%, higher at $63.53, its highest close since May 2019.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.