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Europe Roundup: Euro climbs versus dollar, European shares slumps, Gold gains, Oil prices extend losses as OPEC+ uncertainty lingers-July 8th,2021

Market Roundup

• Swiss June Unemployment Rate s.a. 2.8%, 2.9% forecast,3.0% previous

• Swiss June Unemployment Rate n.s.a. 3.1%, 2.9% forecast, 3.1% previous

• German May Exports (MoM)  13.1B,0.6% forecast, 0.3% previous

•German May Trade Balance 15.4B forecast, 15.9B previous

•German Imports (MoM) 3.4%,  0.4% forecast, -1.7% previous

•Irish Jun CPI (MoM)  0.2%,0.1% previous

• Irish Jun HICP (YoY) 1.6%, 1.9% previous

Looking Ahead - Economic Data (GMT)

•12:30 US Continuing Jobless Claims 3,335K forecast, 3,469K previous

•12:30 US Jobless Claims 4-Week Avg 392.75K previous

•12:30 US Initial Jobless Claims 350K forecast, 364K previous

•13:00 Russia Central Bank reserves (USD) 592.4B previous

•14:00 US Gasoline Inventories -2.176M forecast, 1.522M previous

•14:00 US Crude Oil Inventories -4.033M, -6.718M previous

Looking Ahead - Economic events and other releases (GMT)

No significant events

Fx beat

EUR/USD: The euro climbed across the board on Thursday as investors dumped risky positions in currency markets in a broad-based unwinding by some hedge funds. While the dollar initially rose in early London trading, the euro jumped across the board as the selloff gathered pace as some hedge funds unwound some of their large bets against the single currency versus some other majors. The euro climbed 0.4% to $1.1838 against the dollar. Immediate resistance can be seen at 1.1858 (38.2%fib), an upside break can trigger rise towards 1.1919 (50%fib).On the downside, immediate support is seen at 1.1780 (23.6%fib), a break below could take the pair towards 1.1728(Lower BB).

GBP/USD: Sterling eased against both the dollar on Thursday, trading within recent ranges as analysts pointed to falling volatility levels.After a sizeable drop against the dollar in the middle of June, sterling has been range-bound, holding above the $1.37 mark. On Thursday, it traded 0.2% lower on the day at $1.3777 by 0820 GMT. Sterling has found some support this week on British Prime Minister Boris Johnson’s plans to end social and economic COVID-19 restrictions in England.


But investors remain cautious as the government also warned that the number of coronavirus cases could climb as measures are relaxed. Immediate resistance can be seen at 1.3824 (38.2%fib), an upside break can trigger rise towards 1.3898 (50%fib).On the downside, immediate support is seen at 1.3732(23.6%fib), a break below could take the pair towards 1.3684 (Lower BB).

 USD/CHF: The dollar declined against the Swiss franc on Thursday as spiking cases of the delta variant of the coronavirus across the globe have also soured sentiment over a recovery. Cases in Britain are soaring, while in Spain and Portugal the accelerating infection rate has already forced authorities to impose new restrictions. At ( GMT 12:14),greenback was  trading lower 1.06% versus the Swiss franc to 0.9157.Immediate resistance can be seen at 0.9200 (38.2%fib), an upside break can trigger rise towards 0.9216(5DMA).On the downside, immediate support is seen at 0.9147(50%fib), a break below could take the pair towards 0.9096 (61.8%fib).

USD/JPY: The dollar declined against the Japanese yen on Thursday  as the growing spread of the COVID-19 Delta variant cast doubts over an economic recovery, while a rout in Chinese technology stocks appeared to have spilled over.Investors globally turned risk averse, sending dollar lower on worries about Beijing's crackdown on foreign-listed Chinese firms and a sustained global economic recovery. At (GMT 12:15),greenback trading lower 0.86% versus the yen to .109.64.Strong resistance can be seen at 109.69(50%fib), an upside break can trigger rise towards 109.96(32.6%fib).On the downside, immediate support is seen at 109.59(Lower BB), a break below could take the pair towards 109.39 (61.8%fib).

Equities Recap  

European stocks fell on Thursday, with cyclical sectors such as miners, automakers, and banks leading the declines, as global mood soured on economic recovery worries.

At (GMT 12:20),UK's benchmark FTSE 100 was last trading lower at 2.14 percent, Germany's Dax was down by 2.35% percent, France’s CAC was trading down by 2.72%% percent.

Commodities Recap

Gold gained on Thursday, building on a five-day winning streak as the U.S. dollar eased and Treasury yields extended their slump to a more than four month low.

Spot gold was up 0.6% to $1,814.00 per ounce at 1135 GMT. U.S. gold futures were up 0.7% to $1,814.30.

Oil prices fell for a third day on Thursday amid uncertainty over supply after the collapse this week of talks among major producers which could potentially cause the current output agreement to be abandoned.

Brent crude oil futures slipped by 23 cents, or 0.3%, to $73.20 a barrel by 0644GMT, while U.S. West Texas Intermediate futures were down 33 cents, or 0.5%, at $71.87 a barrel.

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