|   Market Roundups


  |   Market Roundups


America’s Roundup: Dollar ticks higher in thin trading, Wall Street closes down, Gold gains, Oil streadies ahead of OPEC+ meeting next week-December 31st,2021

Market Roundup

•US Continuing Jobless Claims 1,716K,1,868K forecast, 1,859K previous

•US Jobless Claims 4-Week Avg 199.25K, 206.25K previous

•US Initial Jobless Claims 198K, 208K forecast ,205K previous

•US Dec Chicago PMI 63.1, 62.0 forecast ,61.8 previous

•US Natural Gas Storage -136B,-125B forecast , -55B previous

Looking Ahead - Economic Data (GMT) 

• No data ahead

Looking Ahead - Economic events and other releases (GMT)

• No significant events

Currency Summaries

EUR/USD: The euro fell in thin holiday trading on Thursday as   surging cases of coronavirus weighed on single currency. Omicron coronavirus infection cases continue to be in the spotlight, but sentiment is being driven by signs of milder symptoms and fewer hospitalizations, which suggests this strain poses a lower risk to the economy than previous variants. Markets seem confident that-though it is more contagious-the Omicron variant of coronavirus will do little to derail the economic recovery from the Covid-19 pandemic. Immediate resistance can be seen at 1.1339 (38.2%fib), an upside break can trigger rise towards 1.1366 (23.6%fib).On the downside, immediate support is seen at 1.1321(50%fib), a break below could take the pair towards 1.1296(61.8%fib).

GBP/USD: Sterling strengthened against dollar on Thursday as investors turned back towards riskier currencies and equities. Sterling reached as high as $1.3505, its best mark in six weeks, before meeting resistance and falling back. Investors cheered a U.S. Labor Department report that the number of Americans filing for new unemployment claims dropped to a seasonally adjusted 198,000 in the week leading up to Christmas, from a revised 206,000 a week earlier. Economists polled   had forecast weekly applications would rise to 208,000. Immediate resistance can be seen at 1.3508(23.6%fib), an upside break can trigger rise towards 1.3547(Higher BB).On the downside, immediate support is seen at 1.3445(5DMA), a break below could take the pair towards 1.3435(38.2%fib).

USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Thursday as easing worries over the impact of the Omicron variant boosted sentiment, although weaker crude prices caped further gains. Governments, despite coronavirus cases reaching record highs, are attempting to prevent economic damage by loosening isolation requirements rather than resorting to lockdowns, which boosted sentiment.Oil prices eased on Thursday after the world's top importer China cut the first batch of crude import allocations for 2022. Immediate resistance can be seen at 1.2786 (38.2%fib), an upside break can trigger rise towards 1.2845 (23.6%fib).On the downside, immediate support is seen at 1.2735 (50%fib), a break below could take the pair towards 1.2682 (61.8%fib).

USD/JPY: The dollar rose higher against the Japanese yen on Thursday as a dip in weekly jobless claims data helped ease fears that a surge of COVID-19 infections would curb the economic recovery. New claims for U.S. unemployment benefits fell in the week leading up to Christmas and benefits rolls slid to their lowest level of the pandemic era the previous week, data showed, signaling no impact on employment from the rapidly spreading Omicron variant. The yen   has run into broad year-end selling over the past week, with the dollar reaching its highest since mid-November at 115.06 yen. Strong resistance can be seen at 115.19 (23.6% fib), an upside break can trigger rise towards 115.45 (Higher BB).On the downside, immediate support is seen at 114.83 (5 DMA), a break below could take the pair towards 114.60 (38.2% fib).

Equities Recap                

European shares declined  on Thursday after a sobering warning from the World Health Organization that the coronavirus may never go away and signals that top central banks may have hit the bottom with interest rates.

UK's benchmark FTSE 100 closed down by  0.24 percent, Germany's Dax ended up by 0.21 percent, France’s CAC finished the day up by 0.16 percent.        

Wall Street closed lower on Thursday, retreating late in thin holiday volume from record highs set early in the session on strong U.S. data including a drop in weekly claims for U.S. unemployment benefits.

Dow Jones closed down  by  0.25% percent, S&P 500 closed down by 0.30 % percent, Nasdaq settled down  by 0.16%     percent.

Treasuries Recap

Benchmark 10-year U.S. Treasury yields dipped from one-month highs on Thursday, with no major catalysts to drive market direction and many traders out before the New Year’s holiday.

Benchmark 10-year note yields were last at 1.52%, after reaching 1.56% on Wednesday, the highest since Nov. 29. The yields are on track for the largest yearly increase since 2013, of 60 basis points.

Commodities Recap          

Oil prices rose slightly on Thursday on expectations that fuel demand held up despite soaring Omicron coronavirus infections and that OPEC and its allies would continue to increase imports only incrementally.

Brent crude futures settled at $79.32 a barrel, up 9 cents, or 0.11%. U.S. crude futures rose 43 cents, or 0.56%, to settle at $76.9 a barrel, the seventh straight session of gains.

Gold prices rose in thin trade on Thursday, giving up earlier losses as the U.S. Treasury yields eased from one-month highs, offsetting pressure from a firm dollar.

Spot gold was last up 0.5% at $1,813.16 per ounce by 1347 EDT (1847 GMT), while U.S. gold futures settled up 0.5% at $1,814.10.

  • Market Data

Welcome to EconoTimes

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