|   Market Roundups


  |   Market Roundups


America's Roundup: Dollar snaps two-week losing streak on global growth concerns, Wall Street drops, Gold gains, Oil slips on trade fears but soars in week after Saudi production attacked-Sep 21st 2019

Market Roundup

• Canada Jul Core Retail Sales (MoM)  -0.1%, 0.2%  forecast, 0.9%               previous

• Canada Jul Retail Sales (MoM) 0.4%,0.4% forecast, -0.1% previous

• Belgium Sep Consumer Confidence   -11, -9 previous

• Eurozone Sep Consumer Confidence-6.5, -7.0 forecast, -7.1 previous

• Brazil   Federal Tax Revenue 137.74B previous 

• Brazil   CAGED Net Payroll Jobs 43.82K 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 against the greenback on Friday, as progress in U.S.-China trade talks and that the Federal Reserve would not lower rates aggressively. U.S. and Chinese deputy trade negotiators are set to continue talks that began on Thursday in an effort to lay the groundwork for high-level discussions in early October that will determine whether the world’s biggest economies can reach a trade deal. The euro was down 0.34 percent at $1.1003. An index that tracks the dollar against a basket of six major currencies was up 0.31% at 98.58. It was on course to gain 0.3% on the week.. Immediate resistance can be seen at 1.1041 (21 DMA), an upside break can trigger rise towards 1.1107 (50 DMA).On the downside, immediate support is seen at 1.0997 (Daily Low),a break below could take the pair towards 1.0964 (Lower BB).

GBP/USD: Sterling declined against dollar on Friday, after Irish Foreign Minister said that London and the European Union were not yet close to a Brexit deal. A report in the Financial Times that British Prime Minister Boris Johnson had told colleagues he did not expect to be able to reach full “legally operable” deal covering the Irish border at a meeting of EU leaders also weighed on sterling. The losses came after a rally overnight following European Commission President Jean-Claude Juncker saying that agreement on a Brexit deal with the United Kingdom was still possible. Sterling dropped 0.4% to $1.2463 after earlier hitting a two-month high of $1.2582. Friday’s falls come in the context of a British currency that has risen from $1.20 in less than three weeks, as investors slashed their bets against the pound because of perceived receding risks of a no-deal Brexit. Immediate resistance can be seen at 1.2583 (Daily high), an upside break can trigger rise towards 1.2600 (Psychological level).On the downside, immediate support is seen at 1.2480 (5 DMA), a break below could take the pair towards 1.2431 (9 DMA).

USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as the greenback broadly climbed and domestic data showed that retail sales rose less than expected in July. Canadian retail sales were up 0.4% in July from June, advancing for the first time in three months, on stronger sales of new cars at motor vehicle and parts dealers, Statistics Canada said. Analysts had forecast a 0.6% increase in overall sales. The price of oil, one of Canada's major exports, was supported by rising Middle East tensions after a key Saudi Arabian supply hub was knocked out in an attack last weekend. The Canadian dollar was trading 0.2% lower at 1.3285 to the greenback. Immediate resistance can be seen at 1.3304 (200 DMA), an upside break can trigger rise towards 1.3353 (Higher BB).On the downside, immediate support is seen at 1.3226 (11 DMA), a break below could take the pair towards 1.3100  (Psychological level).

USD/JPY: The U.S. dollar dipped against the yen on Friday,  as concerns about slower global growth prospects and political tensions boosted its safe-haven appeal. Markets focused on U.S.-China trade talks in Washington before high-level discussions next month. U.S. and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday. The dollar was 0.43 percent lower versus the Japanese yen at 107.54. Investors are also focused on whether further interest rate cuts are likely this year, after the Fed cut benchmark rates for the second time this year on Wednesday. New projections showed policymakers at the median expected rates to stay within the new range through 2020.Strong resistance can be seen at 107.54 (11 DMA), an upside break can trigger rise towards 108.00 (Psychological level).On the downside, immediate support is seen at 107.16 (50 DMA), a break below could take the pair towards 106 .70 (11 DMA).

Equities Recap

European stocks clocked their fifth straight week of gains on Friday with investors buying into the oil and gas and banking sectors, and Novo Nordisk rising after U.S. approval of its oral diabetes drug.

The UK's benchmark FTSE 100 closed down by 0.16 percent, Germany's Dax ended up by 0.08 percent, and France’s CAC finished the  day up by 0.56 percent.

Wall Street’s main indexes dropped on Friday, after the Montana Farm Bureau said Chinese agriculture officials who were due to visit U.S. farm states next week canceled their trip, dampening optimism on U.S.-China trade talks.

Dow Jones closed down by 0.59 percent, S&P 500 ended down 0.49 percent, Nasdaq finished the day down by 0.80 percent.

Treasuries Recap

U.S. Treasury yields were steady on Friday as the New York Federal Reserve conducted another repo operation to ease conditions in the short-term lending markets, and as investors continued to evaluate whether further interest rate cuts this year are likely.

Benchmark 10-year notes were last up 1/32 in price to yield 1.772%, down from 1.774% on Thursday. The yield curve between two-year and 10-year notes.

Commodities Recap

Gold edged higher on Friday, heading for its first weekly rise in four, as investors focused on Middle East tensions while palladium hit a record peak on short supply.

Spot gold  , meanwhile, gained 0.6% to $1,508.63 per ounce, up about 1.5% so far this week. U.S. gold futures  settled up 0.6% at $1,515.10.

Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia’s energy industry last weekend.

Brent crude  futures fell 12 cents to settle at $64.28 a barrel, while U.S. West Texas Intermediate (WTI) crude  futures ended 4 cents lower at $58.09 a barrel.

  • Market Data

Welcome to EconoTimes

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