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  |   Market Roundups


America’s Roundup: U.S. dollar slips from one-year high after employment data, Wall Street slides, Gold jumps 2%, Oil steadies after report China ready to buy more-October 1st,2021

Market Roundup

• US Corporate Profits (QoQ) (Q2) 10.5%,9.7% previous

•US Real Consumer Spending (Q2) 12.0%, 11.9% previous

•US Core PCE Prices (Q2) 6.10%,6.10% forecast, 6.10% previous

•US GDP (QoQ) (Q2) 6.7%, 6.6% forecast, 6.6% previous

•US Initial Jobless Claims 362K, 335K forecast, 351K previous

•US Jobless Claims 4-Week Avg 340.00K, 335.75K previous

•US Continuing Jobless Claims 2,802K,2,800K forecast, 2,845K previous

Looking Ahead - Events, Other Releases (GMT)

•00:30 Japan Sep Manufacturing PMI   51.2 previous

•00:30 Australia Home Loans (MoM) -0.4% previous

•05:00 Japan Sep  House hold Confidence  36.7 previous

Currency Summaries

EUR/USD: The euro declined on Thursday as U.S. dollar strengthened against single despite a rise in U.S. weekly jobless claims  . The greenback overall has been supported by the spike in U.S. Treasury yields amid expectations the Federal Reserve will taper its monetary stimulus beginning in November even as global growth slows. The euro fell to $1.1657, its lowest since November 2020. The euro was among the currencies to lose ground, falling below the $1.16 level , the lowest since late July 2020. It last traded down 0.8% at $1.1569.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 steadied near a nine month low on Thursday amid concerns about British economic growth with inflation expected to jump as the country grapples with a fuel crisis.Sterling was one of the strongest G10 currencies this year as investors bet the British economy would re-emerge faster from the pandemic thanks to Britain’s speedy vaccination programme. But that narrative has crumbled with sterling erasing all of its strong 2021 gains, down around eight cents since its June peak. Immediate resistance can be seen at 1.3473(38.2%fib),an upside break can trigger rise towards 1.3512(50%fib).On the downside, immediate support is seen at 1.3439(Lower BB), a break below could take the pair towards 1.3412(23.6%fib).

USD/CAD: The Canadian dollar was little changed  against its U.S. counterpart on Thursday as oil prices gained and the greenback retreated after downbeat US employment data. Thursday's economic data,   dented some of the earlier dollar's strength.U.S. initial jobless claims rose for a third straight week to 362,000 for the period ending Sept. 25, data showed. Economists polled by had forecast 335,000 jobless applications for the latest week. The loonie was last trading nearly unchanged at 1.2678 to the greenback. Immediate resistance can be seen at 1.2685(38.2%fib), an upside break can trigger rise towards 1.2773(23.6%fib).On the downside, immediate support is seen at 1.2659 (30DMA), a break below could take the pair towards 1.2610 (50%fib).

USD/JPY: The dollar retreated from recent high against yen on Thursday as on dismal U.S. weekly jobs numbers weighed on greenback. The number of Americans filing new claims for unemployment benefits increased last week, data showed on Thursday, which could raise concerns that the labour market is softening. Another report confirmed that U.S. economic growth accelerated in the second quarter, at a 6.7% clip, thanks to pandemic relief money from the government, which boosted consumer spending. The dollar hit 112.07 yen, the highest since February 2020. It was last down 0.5% at 111.36 yen, its biggest daily percentage fall since mid-August. Strong resistance can be seen at 111.43(38.2%fib), an upside break can trigger rise towards 120.00(Psychological level).On the downside, immediate support is seen at 111.07(50%fib), a break below could take the pair towards 110.68(61.8%fib).

Equities Recap

European stocks ended flat on Thursday as declines in travel and leisure limited gains in miners, while ending the month with falls of over 3% on worries about a slowing global economy and higher inflation.

UK's benchmark FTSE 100 closed down by  0.31 percent, Germany's Dax ended down by 0.68 percent, France’s CAC finished the day up by 0.62 percent.                      

Wall Street ended sharply lower on Thursday and the S&P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over COVID-19, inflation fears and budget wrangling in Washington.

Dow Jones closed down by 1.59 percent, S&P 500 closed down by 1.19  percent, Nasdaq settled down   by 0.44 % percent.

Treasuries Recap

Commodities Recap

Gold prices rose more than 2% on Thursday after the dollar fell on dismal U.S. weekly jobs numbers, but recent declines driven by expectations the Federal Reserve will soon start tapering its economic support kept bullion on track for a quarterly drop.

Spot gold was up 1.7% at $1,755.56 per ounce by 1:32 p.m. EDT (1732 GMT), after rising 2.2% to a one-week high earlier in the session. U.S. gold futures settled up 2% at $1,757.

Oil futures were little changed on Thursday as reports China was prepared to buy more oil and other energy supplies to meet growing demand offset price pressure from an unexpected rise in U.S. crude inventories and a strong dollar.

Brent futures for November delivery fell 12 cents, or 0.2%, to settle at $78.52 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 20 cents, or 0.3%, to settle at $75.03.

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