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America’s Roundup: Dollar rises after upbeat U.S. data ,Wall St at record levels on trade hopes, Oil edges lower after U.S. crude and gasoline build-November 28th,2019

Market Roundup

• US status shows U.S. economic growth picked up slightly in Q3

• US Trump says trade deal in “final throes”

• US Price of U.S. oil falls 0.3%

• US Continuing Jobless Claims 1,640K,1,690K forecast, 1,697K previous

• US Oct Core Durable Goods Orders (MoM)  0.6%,0.2% forecast, -0.4% previous

• US Core PCE Prices (Q3)  2.10%,2.20% forecast, 1.90% previous

• US Corporate Profits (QoQ) (Q3) 1.3%  , 3.7% previous

• US Oct Durable Goods Orders (MoM)   0.6%,-0.5% forecast, -1.4% previous

• US Oct Durables Excluding Defense (MoM) 0.1%,-0.3% forecast, -1.8%  previous

• US GDP (QoQ) (Q3) 2.1%,1.9% forecast, 2.0% previous

• US GDP Price Index (QoQ) (Q3)  1.7%,1.7% forecast, 2.6% previous

• US GDP Sales (Q3) 2.0%,2.0% forecast, 2.0% previous

• US Oct Goods Orders Non Defense Ex Air (MoM)  1.2% , -0.3% forecast, -0.5% previous

• US Initial Jobless Claims 213K,  223K forecast, 228K previous

• US Jobless Claims 4-Week Avg 219.75K   , 221.25K previous

• US PCE Prices (Q3)  1.5%,1.5%  forecast, 2.4% previous

• US Real Consumer Spending (Q3) 2.9%, 2.9% previous

• US Nov Chicago PMI 46.3, 47.0 forecast, 43.2 previous 

• US Oct Core PCE Price Index (YoY)  1.6%,1.7% forecast, 1.7% previous   

• US Oct Core PCE Price Index (MoM) 0.1%,0.2%.  forecast, 0.0% previous               

• US Oct PCE price index (MoM)  0.2%,0.1% forecast, 0.0% previous        

• US Oct Pending Home Sales (MoM)  -1.7%,0.2% forecast, 1.5% previous

• US Oct Personal Income (MoM)  0.0%  , 0.3% forecast, 0.3% previous

• US Oct Real Personal Consumption (MoM)  0.1%,0.2%  previous            

Looking Ahead - Economic Data (GMT)

• 23:50 Japan Foreign Bonds Buying 119.4B previous

• 23:50 Japan Foreign Investments in Japanese Stocks 110.3B previous

• 23:50 Japan Oct Retail Sales (YoY) -3.8% forecast, 9.1% previous                                                                                                              
• 00:00 New Zealand Nov ANZ Business Confidence   -30.8, -42.4 previous               

• 00:00 New Zealand Nov NBNZ Own Activity  -3.5% previous        

• 00:00 Australia Building Capital Expenditure (MoM) (Q3) -3.3% previous

• 00:00 Australia  Plant/Machinery Capital Expenditure (QoQ) (Q3) 2.5% previous

• 00:00 Australia Private New Capital Expenditure (QoQ) (Q3)  -0.1%forecast, -0.5% previous

Looking Ahead - Events, Other Releases (GMT)

• No significant events                       

Currency Summaries

EUR/USD:The euro declined against dollar on Wednnesday, after a batch of U.S. economic data brightened the economic outlook. Dollar was also bolstered by hopes that the United States and China were close to signing an initial deal that would end a 16-month trade war.At (GMT 1848),   euro was down 0.08 percent at $1.10041. An index that tracks the dollar versus a basket of six major currencies was up 0.26 at 98.38. Immediate resistance can be seen at 1.1041 (50 DMA), an upside break can trigger rise towards 1.1082 (100 DMA).On the downside, immediate support is seen at 1.0987 (14th Nov low), a break below could take the pair towards   1.0900 (Psychological level).

GBP/USD: Sterling edged higher against greenback on Wednesday, recovering from early losses following the third poll in a row that showed a narrowing lead for the governing Conservative Party before Britain’s Dec. 12 election.The pound initially fell as much as 0.3% in early London trading after YouGov data released on Tuesday showed the Conservatives’ lead over the opposition Labour Party tightening to 11 points. Having fallen as much as 0.3% to a low of $1.2827 in early London trading, sterling recovered over the course of the day. At (GMT 1853) it was 0.1% firmer at $1.2912.  Immediate resistance can be seen at 1.2895 (9 DMA), an upside break can trigger rise towards 1.2987 (Nov 18th high).On the downside, immediate support is seen at 1.2819 (Daily low), a break below could take the pair towards 1.2764 (300 DMA).

USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Wednesday, holding near an earlier five-day high as optimism that a trade deal would be reached between the United States and China helped support global stocks. The Bank of Canada, which will make a policy decision next week, has expressed concern about the impact of trade conflicts on Canada's commodity-linked economy. The central bank is now expected to hold rates through to the end of next year. At (1858 GMT), the Canadian dollar was trading nearly unchanged at 1.3277 to the greenback. Immediate resistance can be seen at 1.3335 (Hgher BB), an upside break can trigger rise towards 1.3382 (Sep 3rd high).On the downside, immediate support is seen at 1.3258 (11 DMA), a break below could take the pair towards 1.3211 (50 DMA).

USD/JPY: The dollar strengthen against the Japanese yen on Wednesday, as growing signs the United States and China my reach trade deal trade deal boosted risk appetite. The yen, usually bought when investors turn nervous, has faltered in recent sessions as equity markets soared. The dollar gained another 0.1 percent to 109.13 yen on Wednesday. At 1900 GMT, the dollar was 0.40 percent higher versus the Japanese yen at 109.47. Strong resistance can be seen at 108.97 (200 DMA), an upside break can trigger rise towards 109.47 (Nov 8th High).On the downside, immediate support is seen at 108.66 (9 DMA  ), a break below could take the pair towards 108.26 (50 DMA).

Equities Recap

European shares hit a four-year high on Wednesday as comments from U.S. President Donald Trump sparked hopes of an imminent resolution to the prolonged trade war with China.      

The UK's benchmark FTSE 100 closed up by 0.95 percent, Germany's Dax ended up by 0.63 percent, and France’s CAC finished the down by 0.54 percent.

Wall Street’s main indexes notched fresh record highs at the open on Wednesday, as latest data pointed to a resilient domestic economy and investors remained optimistic about a resolution to the prolonged U.S.-China trade war.

At (GMT 1902), Dow Jones was up by 0.16 percent, S&P 500 was up 0.60 percent, Nasdaq was   up by 1.18 percent.

Treasuries Recap

 U.S. Treasury yields rose on Wednesday after data showed that new orders for key U.S.-made capital goods increased by the most in nine months in October, boosting confidence that the U.S. economy is solid.

Benchmark 10-year note yields were last at 1.760%, up from 1.740% late Tuesday.

Commodities Recap

Gold fell on Wednesday as equities climbed to record levels bolstered by hopes that the United States and China were close to signing an initial trade deal.

Spot gold dipped 0.4% to $1,454.41 per ounce as of 10:27 a.m. ET (1527 GMT), slipping five sessions in six.U.S. gold futures also shed 0.4% to $1,454.30 per ounce. 

Oil fell about 1% on Wednesday after a report showing U.S. crude inventories grew unexpectedly last week and gasoline stocks surged, but optimism that a U.S.-China trade deal would be reached soon limited losses.                               

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