Market Roundup
•US Building Permits (Sep) 1.425M,1.428M forecast, 1.470M previous
•US Building Permits (MoM) (Sep) -3.1% ,-2.9% forecast, 4.6% previous
•USD Chicago Fed National Activity (Sep) -0.28 , 0.12 previous
•US Continuing Jobless Claims 1,897K , 1,880K forecast, 1,867K previous
•US Initial Jobless Claims 227K ,243K forecast, 241K previous
•US Jobless Claims 4-Week Avg. 238.50K, 236.25K previous
•US Manufacturing PMI (Oct) 47.8, 47.5 forecast, 47.3 previous
•US S&P Global Composite PMI (Oct) 54.3, 54.0 previous
•US Services PMI (Oct) 55.3, 55.0 forecast, 55.2 previous
•US New Home Sales (MoM) (Sep) 4.1%,-4.7% previous
•US New Home Sales (Sep) 738K,719K forecast, 716K previous
Looking Ahead Economic Data(GMT)
•05:00 Japan Coincident Indicator (MoM) (Aug) -3.7% forecast, 3.1% previous
•05:00 Japan Leading Index (MoM) (Aug) -2.6% forecast, 0.2% previous
•05:00 Japan Leading Index (Aug) 106.7 forecast, 109.3 previous
•05:00 Singapore CPI (YoY) (Sep) 1.9% forecast, 2.2% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro edged higher on Thursday as a slightly better-than-expected reading in Germany's purchasing managers index, a gauge of the health of the private sector, gave the euro a slight lift. German business activity contracted in October but less steeply than the previous month, according to a survey published on Thursday. The HCOB German flash composite Purchasing Managers index, compiled by S&P Global, rose to 48.4 from 47.5 in September, beating analysts forecasts for a reading of 47.6. Any reading below 50 indicates contraction. The euro edged up 0.2% to $1.0799. Immediate resistance can be seen at 1.0816(SMA5 ), an upside break can trigger rise towards 1.0847(38.2%fib).On the downside, immediate support is seen at 1.0785(23.6%fib), a break below could take the pair towards 1.0700(Psychological level).
GBP/USD: Sterling firmed against the dollar on Thursday as investors assessed the outlook for the Bank of England's monetary policy. The Bank of England needs to improve the ways it is able to track developments in the non-banking system, which is less transparent relative to the banking system, Bank of England Governor Andrew Bailey said on Tuesday.The pound firmed 0.4% to $1.29695 against the dollar, not far from the $1.30 mark after sliding to the lowest since mid-August in the previous session. On the data front, survey of British business activity showed companies reported the slowest growth in 11 months in October, as uncertainty ahead of the Labour government's first budget dampened confidence. Immediate resistance can be seen at 1.3054(38.2%fib), an upside break can trigger rise towards 1.3123(50%fib).On the downside, immediate support is seen at 1.2912(Oct 23rd low), a break below could take the pair towards 1.2901 (Lower BB).
USD/CAD: The Canadian dollar edged down to an 11-week low against its U.S. counterpart on Thursday as investors bet the Bank of Canada would need to cut interest rates further to bolster a sluggish domestic economy . The Canadian central bank has cut its benchmark interest rate by 125 basis points since June to 3.75%. Its easing campaign included a half-percentage-point reduction on Wednesday, the first cut of that size in 15 years outside of the pandemic. The price of oil , one of Canada's major exports, was trading nearly 1% lower at $70.10 a barrel on worries that slow economic growth in Europe could reduce energy demand. The loonie was trading 0.1% lower at 1.3850 to the U.S. dollar, or 72.20 U.S. cents, after touching its weakest level since Aug. 5 at 1.3868.Immediate resistance can be seen at 1.3865(23.6 %fib), an upside break can trigger rise towards 1.3886(Aug 2nd high).On the downside, immediate support is seen at 1.3844(5SMA), a break below could take the pair towards 1.3782 (38.2 %fib).
USD/JPY: The dollar eased from three month high against the yen on Thursday as greenback slipped as data supported views for a slower pace of rate cuts by the Fed. New applications for U.S. unemployment aid unexpectedly fell last week, but the number of people collecting benefits in mid-October was the highest in nearly three years, indicating it was becoming harder for those losing jobs to land new positions.Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 227,000 for the week ended Oct. 19, the Labor Department said. Economists polled by Reuters had forecast 242,000 claims for the latest week. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, fell 0.4%to 104.02.The greenback weakened 0.6% against the Japanese yen to 151.84. Immediate resistance can be seen at 153.12 (23.6 %fib), an upside break can trigger rise towards 153.00(Psychological level). On the downside, immediate support is seen at 151.51(5DMA), a break below could take the pair towards 151.19(38.2%fib)
Equities Recap
European shares gave up early gains to close little changed on Thursday as investors assessed signs of stalling business activity and a raft of earnings from the likes of online gaming group Evolution, carmaker Renault and consumer major Unilever..
UK's benchmark FTSE 100 closed up by 0.13 percent, Germany's Dax ended up by 0.34 percent, France’s CAC finished the day up by 0.08 percent.
The Nasdaq and the S&P 500 gained on Thursday, driven by Tesla's positive earnings forecast and a decline in Treasury yields from a three-month high, which buoyed market sentiment despite declines from some corporate results..
Dow Jones closed down by 0.33% percent, S&P 500 closed up by 0.21% percent, Nasdaq settled up by 0.76% percent.
Commodities Recap
Oil prices eased about 1% in volatile trade on Thursday on reports the U.S. and Israel will try to restart talks on a possible ceasefire in Gaza.
Brent futures settled 58 cents, or 0.8%, lower at $74.38 a barrel, while U.S. West Texas Intermediate crude (WTI) slipped 58 cents, or 0.8%, to end at $70.19.
Gold prices rose by nearly 1% on Thursday to trade near record highs as safe-haven demand from persistent geopolitical concerns bolstered prices, while palladium saw a 9% surge on concerns of supply sanctions on top-producer Russia.
Spot gold was up 0.7% at $2,735.55 per ounce by 1:40 p.m. ET (1740 GMT), having retreated from a record high of $2,758.37 on Wednesday. U.S. gold futures settled 0.7% higher at $2,748.9.
