Market Roundup
•UK Sep CPI, n.s.a 109.10 , 108.60 previous
•UK Sep PPI Input (MoM) 1.1%,-0.4% forecast, -0.4% previous
•UK Sep PPI Output (MoM) -0.1% 0.1% forecast, 0.0% previous
•UK Sep PPI Output (YoY) -0.9%,-0.9% forecast, -0.9% previous
•UK Sep RPI (MoM ) 0.3%,0.4% forecast, -0.3% previous
•UK Sep RPI (YoY) 1.1% , 1.2% forecast, 0.5% previous
•UK Sep Public Sector Net Borrowing 35.37B, 32.40B forecast, 35.20B previous
•UK Sep PPI Input (YoY) -3.7%,-5.5% forecast, -5.8% previous
•UK Sep CPI (YoY) 0.5%, 0.5% forecast, 0.2% previous
•UK Sep CPI (MoM) 0.4%, 0.5% forecast, -0.4% previous
•UK Sep Core RPI (MoM) 0.3%, -0.3% previous
•UK Sep Core RPI (YoY) 1.4%,0.8% previous
•UK Sep Public Sector Net Cash Requirement 31.484B, 25.693B previous
•Belgium Oct Consumer Confidence -17, -16 previous
•Greek Aug Current Account (YoY) 0.080B, -0.874B previous
•US Mortgage Refinance Index 3,620.5, 3,612.3 previous
•US Mortgage Market Index 794.2, 798.9 previous
•US MBA 30-Year Mortgage Rate 3.02%,3.00% previous
•Canada Sep New Housing Price Index (MoM) 1.2%, 0.5%forecast ,0.5% previous
•Canada Aug Retail Sales (MoM) 0.4%,1.1% forecast, 0.6% previous
•Canada Aug Core Retail Sales (MoM) 0.5%, 0.9% forecast,-0.4% previous
•Canada Trimmed CPI (YoY) 1.8%,1.7% previous
•Canada Median CPI (YoY) 1.9%, 1.9% previous
•Canada Sep CPI (YoY) 0.5%,0.4% forecast,0.1% previous
•Canada Sep CPI (MoM) -0.1%, -0.1% forecast, -0.1% previous
•Canada Sep Core CPI (MoM) 0.1%, 0.0% previous
Looking Ahead - Economic Data (GMT)
•13:30 US Seevol Cushing Storage Report 3.923M previous
•14:00 US Gasoline Inventories -1.829M forecast, -1.626M previous
•14:30 US Heating Oil Stockpiles -0.398M previous
•14:30 US Gasoline Production-0.282M previous
•14:30 Crude Oil Inventories -1.021M forecast, -3.818M previous
Looking Ahead - Economic Data (GMT)
•14:00 US FOMC Member Mester Speaks
Fxbeat
EUR/USD: The euro rose on Wednesday as dollar dipped after Washington moved closer to agreeing a coronavirus stimulus package. The White House and Democrats in the U.S. Congress moved closer to agreement on a new coronavirus relief package as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party.With just two weeks until the U.S. presidential election, Trump signaled a willingness to go along with more than $2.2 trillion in new COVID-19 relief, a figure Democrats have been pushing for months. The euro rose to a one-month high versus the dollar and was up 0.35% at $1.1862 at 1230 GMT. Immediate resistance can be seen at 1.1873 (23.6%fib), an upside break can trigger rise towards 1.1900 (Psychological level).On the downside, immediate support is seen at 1.1860 (38.2% fib), a break below could take the pair towards 1.1800 (50%fib).
GBP/USD: Sterling jumped to a one-week high against the U.S. dollar on Wednesday after the European Union’s Brexit negotiator Michel Barnier told EU lawmakers a trade deal with Britain was still possible. The pound rose 0.9% to $1.3090, its highest since Oct. 13, after Barnier said a deal was within reach if both sides work hard to overcome the sticking points in the coming days. Britain and the EU are now aiming to reach a trade agreement by the end of the month, having missed a self-imposed deadline of mid-October, and their negotiators will speak later on Wednesday. Immediate resistance can be seen at 1.3096 (38.2% fib), an upside break can trigger rise towards 1.3190 (23.6%fib).On the downside, immediate support is seen at 1.3012 (50%fib), a break below could take the pair towards 1.2942 (61.8%fib).
USD/CHF: The dollar declined against the Swiss franc on Wednesday as investors looked for an agreement on a U.S. coronavirus stimulus package. President Donald Trump said he was willing to accept a $2.2 trillion aid bill despite opposition from his own Republican Party. But investors were nervous over whether any such package would pass the Republican-controlled Senate. The dollar fell to a six-week low against a basket of currencies as hopes for a pre-election stimulus package led traders to buy riskier currencies. It was last down 0.3% at 92.809, amid the doubts any package could pass the Senate. Immediate resistance can be seen at 0.9055 (38.2 % fib), an upside break can trigger rise towards 0.9076 (50%fib).On the downside, immediate support is seen at 0.9029 (23.6%fib), a break below could take the pair towards 0.9000(Psychological level).
USD/JPY: The dollar declined against the Japanese yen on Wednesday as renewed hopes for a new U.S. stimulus package dented demand for dollar. Lawmakers in Washington have been negotiating intermittently since August, with Democrats arguing for a bigger package to help manage the economic fallout from coronavirus.Trump raised hopes for a breakthrough on Tuesday by saying he was willing to accept a large aid bill, despite opposition from his own Republican party. Strong resistance can be seen at 105.15 (38.6%fib), an upside break can trigger rise towards 105.45 (50%fib).On the downside, immediate support is seen at 104.64 (23.6%fib), a break below could take the pair towards 104.00 (Psychological level).
Equities Recap
European shares fell for a third straight session on Wednesday, as losses in healthcare and construction stocks countered a lift from encouraging earnings from consumer giant Nestle and telecoms equipment maker Ericsson.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading up at 1.32 percent, Germany's Dax was down by 0.74 percent, France’s CAC finished was down by 0.89percent.
Commodities Recap
Gold prices rose to a one-week high on Wednesday as the dollar weakened on renewed hopes for a new U.S. stimulus package ahead of next month’s election.
Spot gold was up 0.5% at $1,915.66 per ounce by 0903 GMT, after hitting its highest since Oct. 13. U.S. gold futures rose 0.2% to $1,919.20 per ounce.
Oil prices eased on Wednesday after a surprise build-up in U.S. crude stockpiles stoked concerns about a global supply glut even as a spike in global COVID-19 cases fuelled fears of a slower recovery in fuel demand.
Brent crude futures for December delivery were at $42.70 a barrel, down 46 cents, or 1.1%, as of 0730 GMT, while December U.S. West Texas Intermediate (WTI) crude futures slipped 43 cents, or 1%, to $41.27. Both benchmarks rose in the previous session.
