|   Market Roundups


  |   Market Roundups


Europe Roundup: Euro recovers after U.S. jobs report sell-off, European shares bounce ,Gold range-bound, Oil stays near multi-month lows on demand worries-August 8th,2022

Market Roundup

•Swiss Jul Unemployment Rate n.s.a.  2.0%, 2.0% previous

•Swiss Jul Unemployment Rate s.a 2.2%,  2.2% forecast, 2.2% previous

•EU Aug Sentix Investor Confidence -25.2, -24.7 forecast, -26.4 previous

•Greek Jul CPI (YoY)  11.6% , 12.1% previous

•Greek Jul HICP (YoY)  11.3%, 11.6% previous

Looking Ahead - Economic Data (GMT)

•13:00   EU French 12-Month BTF Auction 0.453% previous

•13:00   EU French 3-Month BTF Auction 0.001% previous

 •13:00  EU French 6-Month BTF Auction 0.180% previous

•14:00 US Jul  CB Employment Trends Index  119.38 previous

•15:30 US  3-Month Bill Auction 2.490% previous

•15:30 US   6-Month Bill Auction 2.850% previous

Looking Ahead - Economic events and other releases (GMT)

•No significant events


EUR/USD: The euro edged higher on Monday   as investors braced for fresh clues after an unexpectedly strong U.S. jobs report supported the case for more big interest rate hikes from the Federal Reserve. Upbeat US jobs data calmed concerns about a recession but raised the chances of a 75-bps rate hike at the September policy meeting.Data showed that non-farm payroll employment spiked by 528,000 jobs in July after surging by an upwardly revised 398,000 jobs in June. The jobless rate unexpectedly slipped to 3.5 percent from 3.6 percent in June. The euro was up 0.1% at $1.0191. Immediate resistance can be seen at 1.0212(38.2%fib), an upside break can trigger rise towards 1.0294(50%fib).On the downside, immediate support is seen at 1.0169(21DMA), a break below could take the pair towards 1.0105(23.6%fib).

GBP/USD: The British strengthened against the dollar on Monday as traders digested last week's Bank of England (BoE) decision and turned their focus to growth figures due on Friday that should give clues on the state of the economy.The data, expected to show a contraction during the quarter, will be released a week after the Bank of England (BoE) said it expects the United Kingdom to enter a recession in the fourth quarter this year and not emerge until 2024. The central bank's outlook was coupled with a half-point interest rate rise to 1.75%, a large increase by the BoE's standards but lower than those of some other global central banks, including the Federal Reserve and Bank of Canada. By 0923 GMT, Sterling was up 0.07% versus a slightly weaker dollar to $1.2082. Immediate resistance can be seen at 1.2099(14DMA), an upside break can trigger rise towards 1.2154(50%fib).On the downside, immediate support is seen at 1.2057(38.2%fib),a break below could take the pair towards 1.2032(23.6%fib).

 USD/CHF: The dollar dipped against the Swiss franc on Monday as investors stayed on the sidelines ahead of U.S. inflation data later this week. Investors are slightly recalibrating their position after the dollar rally on Friday, and “The focus of market participants now shifts to the U.S. consumer price index report due on Wednesday that could offer more clues on the Fed’s rate hike path. Analysts polled by Reuters expect annual inflation eased to 8.7% in July from 9.1% previously. Traders currently see a 73.5% probability the Fed continues the pace of 75-basis-point rate hikes for its next policy decision on Sept. 21 to tame soaring inflation after U.S. job growth unexpectedly accelerated in Jul. Immediate resistance can be seen at 0.9594(14DMA), an upside break can trigger rise towards 0.9653(50%fib).On the downside, immediate support is seen at 0.9553 (38.2%fib), a break below could take the pair towards 0.9448 (23.6%fib).

USD/JPY: The dollar declined against yen on Monday as dollar pulled back ahead of Wednesday's inflation data to give more clues about the Federal Reserve's next steps. Higher-than-expected U.S. employment figures last week saw the dollar strengthen against major peers because the data was seen by traders as an indication that the Fed could raise interest rates more aggressively to combat inflation. But this move cooled on Monday, with the dollar index slipping to 106.51 by 1035 GMT, down 0.1% on the day, compared with Friday's 10-day high of 106.930 . Strong resistance can be seen at 135.07(5DMA), an upside break can trigger rise towards 136.15(38.2%fib).On the downside, immediate support is seen at 130.33 (50%fib), a break below could take the pair towards 128.33 (61.8%fib).


European shares opened higher on Monday, led by cyclical and growth stocks, after clocking falls in the previous week when a strong U.S. jobs report rekindled bets of another aggressive rate hike by the U.S. Federal Reserve.

At (GMT 12:28),UK's benchmark FTSE 100 was last trading up at 0.65% percent, Germany's Dax was up by 1.10 % percent, France’s CAC was up by 1.14 %percent.

Commodities Recap

Gold prices were hemmed in a tight range on Monday, with gains curbed by fears over big rate hikes by the Federal Reserve, while investors stayed on the sidelines awaiting U.S. inflation data later this week.

Spot gold rose 0.2% to $1,778.34 per ounce by 1038 GMT, after dropping 1% in the previous session. U.S. gold futures edged 0.1% higher to $1,793.10.

Oil prices inched up from multi-month lows on Monday as lingering worries about demand weakening on the back of a darkened economic outlook outweighed some positive economic data from China and the United States.

Brent crude futures were down $1.54, or 1.6%, at $93.38 a barrel by 1128 GMT. U.S. West Texas Intermediate crude was at $87.63 a barrel, down 41.38, or 1.6%.

  • Market Data

Welcome to EconoTimes

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