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America’s Roundup: U.S. dollar slides for 2nd day, Wall Street rises, Gold firms, Oil settles near 3-year high ahead of OPEC+ meeting-October 2nd ,2021

Market Roundup

•US Aug Personal Income (MoM)  0.2%,0.3% forecast, 1.1% previous

•US Aug Real Personal Consumption (MoM) 0.4%, -0.1% previous

•US Aug PCE price index (MoM) 0.4%, 0.4% previous

•US PCE Price index (YoY) 4.3, 4.2 previous

•US Aug Personal Spending (MoM)  0.8%,0.6% forecast ,0.3% previous

•US Aug Core PCE Price Index (YoY)  3.6%,3.6% forecast , 3.6% previous

•US Jul GDP (MoM) -0.1%, -0.2% forecast , 0.7% previous

•US Sep Manufacturing PMI 60.7, 60.5 previous

•US Sep ISM Manufacturing PMI  61.1,59.6 forecast , 59.9 previous

•US Sep ISM Manufacturing Employment  50.2,49.0 previous

•US Sep ISM Manufacturing New Orders Index 66.7,66.7 previous

•US Sep Michigan Consumer Sentiment 72.8,72.8,  71.0 forecast , 71.0 previous

•US Sep Michigan Current Conditions 80.1 ,  77.1 previous

•US Sep Michigan Consumer Expectations  68.1,67.1 previous

•US Aug Dallas Fed PCE  2.80%    ,3.20% previous

Looking Ahead Economic Data (GMT)

•No data ahead

Looking Ahead - Events, Other Releases (GMT)

•No significant events

Currency Summaries

EUR/USD: The euro recovered from earlier decline on Friday as the dollar dipped, tracking declines in U.S. Treasury yields, as investors booked profits after recent sharp gains. On the data front, Consumer price inflation in the 19 countries sharing the euro accelerated to 3.4% year on year in September, from 3% a month earlier, the highest reading since the height of the global financial crisis in September 2008. The euro was 0.1% higher on Friday at $1.1588, but has fallen about 1.3% during the week, and through major support around $1.16, to touch its lowest levels since July 2020. Immediate resistance can be seen at 1.1608 (38.2%fib), an upside break can trigger rise towards 1.1638(50%fib).On the downside, immediate support is seen at 1.1565(23.6%fib), a break below could take the pair towards 1.1500(Psychological level).

GBP/USD: Sterling pared deep weekly losses on Friday thanks to an afternoon rebound as sentiment improved across global financial markets, lifting risk currencies and encouraging investors to pull out from the dollar safe haven.The pound reached its lowest levels of the year earlier this week, weakened by Britain’s shortage of truck drivers and a surge in energy prices while a hawkish-sounding Federal Reserve and worries about Chinese growth boosted the greenback. Sterling was last up 0.6% though at $1.3552, just above a 9-month low at $1.3516. .Immediate resistance can be seen at 1.3581(50%fib),an upside break can trigger rise towards 1.3641(61.8%fib).On the downside, immediate support is seen at 1.3508(38.2%fib), a break below could take the pair towards 1.3424(23.6%fib).

USD/CAD: The Canadian dollar climbed to a fresh seven-month high against its U.S. counterpart on Friday, on pace for a fourth straight day of gains as the U.S. dollar remained broadly weak and after data showed a record surge in Canada’s real gross domestic product in June . The loonie was trading up 0.4% at 1.2630 to the greenback, or 79.18 U.S. cents, after trading in a range of 1.2628 to 1.2738.For the week, the currency advanced 0.2% even as the greenback  notched sharp gains against a basket of major currencies. Immediate resistance can be seen at 1.2683 (38.2%fib), an upside break can trigger rise towards 1.2712(Higher BB).On the downside, immediate support is seen at 1.2612(50%fib), a break below could take the pair towards 1.3535 (61.8%fib).

USD/JPY: The dollar declined against yen on Friday as investors booked profits after recent sharp gains, though the decline was viewed as temporary. Cautious market sentiment due to COVID-19 concerns, wobbles in China's growth and a Washington gridlock ahead of a looming deadline to lift the U.S. government's borrowing limit has lent support to the dollar, seen as a safe-haven asset. In afternoon trading, the dollar index slid 0.3% to 94.046, having gained 0.8% this week, the largest weekly rise since late August. Strong resistance can be seen at 111.26(38.2%fib), an upside break can trigger rise towards 111.75(23.6%fib).On the downside, immediate support is seen at 110.85(50%fib), a break below could take the pair towards 110.61(10DMA).

Equities Recap

European stocks slumped to their lowest in two months on Friday, as warnings from companies and factory activity data highlighted the economic headwinds from supply-chain constraints and elevated prices.

UK's benchmark FTSE 100 closed down by  0.84 percent, Germany's Dax ended down by 0.68 percent, France’s CAC finished the day down by 0.04 percent.                

The Dow and the S&P 500 oscillated between gains and losses on Friday, as investors weighed a warning from Fitch over the United States’ debt ceiling against drugmaker Merck’s progress in developing an oral COVID-19 drug.

Dow Jones closed up  by  1.43% percent, S&P 500 closed up by 1.15 % percent, Nasdaq settled up  by 0.82% percent.

Treasuries Recap

Traders sent longer-term U.S. Treasury yields lower on Friday as they repositioned for the year's fourth quarter, although Washington's budget battles sent up yields on soon-to-mature debt.

The benchmark 10-year yield was down 5 basis points at 1.4771%.

Commodities Recap

Gold inched higher on Friday as a weaker dollar and worries about rising inflation and risks to growth countered bets for looming interest rate hikes, keeping bullion on course for a small weekly gain.

Spot gold was up 0.1% at $1,759.13 per ounce by 1:47 p.m. EDT (1747 GMT). U.S. gold futures settled up 0.1% at $1,758.4.

Oil settled above $78 a barrel on Friday, just shy of a three-year high reached earlier this week, on expectations that OPEC ministers will maintain a steady pace in raising supply.

Brent crude rose 97 cents, or 1.2%, to settle at $79.28 in its fourth weekly rise. U.S. West Texas Intermediate (WTI) rose 85 cents to settle at $75.88 in a sixth week of gains.

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