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Europe Roundup: Euro rise after positive economic indicators, European shares gains, Gold rise to new record high, Oil prices rise as U.S. crude inventories show large drop-August 5th,2020

Market Roundup

• Sweden Industrial Production (YoY) -8.2%,-16.5% previous

• Sweden Industrial Production (MoM) 8.8%,-0.1% previous

• Sweden GDP (YoY) -8.2%,0.4% previous

• Sweden GDP (QoQ) -8.6%,0.1% previous

•Italian Jul  Composite PMI  52.5, 47.6 previous

•Italian Jul  Services PMI  51.6, 51.1 forecast, 46.4 previous

•French Jul  Services PMI  57.3, 57.8 forecast, 50.7 previous

•French Jul Markit Composite PMI  57.3, 57.6 forecast, 51.7 previous     

•German Jul Composite PMI  55.3, 55.5 forecast, 47.0 previous

•German Jul Services PMI  55.6, 56.7 forecast, 47.3 previous

•EU July Services PMI  54.7, 55.1 forecast, 48.3 previous

•EU July Markit Composite PMI  54.9, 54.8 forecast, 48.5 previous

•UK July Composite PMI  57.0, 57.1 forecast, 47.7 previous

•UK July Services PMI  56.5, 56.6 forecast, 47.1 previous

•EU Jun Retail Sales (YoY)  1.3% , -0.5% forecast, -5.1% previous

•EU Jun Retail Sales (MoM 5.7%               , 5.9% forecast, 17.8% previous

•US MBA Purchase Index300.7, 306.1 previous

•US MBA Mortgage Refinance Index3,688.1, 3,955.9 previous

•US  Mortgage Market Index798.8, 841.9 previous

•US  Jul   ADP Nonfarm Employment Change  167K, 1,500K forecast, 4,314K previous

•US  Imports 208.95B, 199.49B previous

•US  Exports 158.25B, 144.69B previous

•Canada Jun Exports  39.71B, 38.80B forecast, 33.90B previous

•US  Jun Trade Balance  -50.70B, -50.10B forecast, -54.80B previous

•US  Jun Trade Balance  -3.19B, -0.90B forecast, -1.33B

 

Looking ahead Economic Data (GMT)

• US Jul  Services PMI 50.0, 49.6 forecast, 47.9 previous

• US Jul  Markit Composite PMI 67.2,50.3, 50.0, 47.9 previous

•US ISM Non-Manufacturing Business Activity  58.1, 60.0 forecast, 66.0 previous

•US Jul ISM Non-Manufacturing PMI 42.1, 55.0 forecast, 57.1 previous

• US Jul  ISM Non-Manufacturing Employment 57.6, 43.1 previous

•14:00 US Jul ISM Non-Manufacturing Prices 67.7, 62.4 previous

Looking Ahead Economic Data( GMT)

•14:00 US Jul  ISM Non-Manufacturing New Orders  61.6 previous

•14:30 US Crude Oil Inventories -3.001M forecast, -10.612M previous

•14:30 US Cushing Crude Oil Inventories 1.309M previous

•15:44 Russia Jul CPI (MoM)  0.4% forecast, 0.2% previous

•15:44 Russia Jul CPI (YoY)  3.4% forecast,3.2% previous

Looking Ahead - Events, Other Releases (GMT)

•21:00 US  FOMC Member Mester Speaks

Fxbeat

EUR/USD: The euro strengthened against dollar on Wednesday after economic data pointed to a return to growth in the bloc, while investors remained broadly cautious as they waited for Washington to agree on a fiscal plan for the United States.Euro zone business activity returned to growth in July, with Wednesday’s final Composite Purchasing Manager’s Index (PMI) at 54.9 in July, compared to June’s 48.5 and the flash estimate of 54.8.European retail sales rebounded to pre-pandemic levels, with online shopping falling for the first time this year in June as consumers returned to physical stores. Immediate resistance can be seen at 1.1922 (23.6% fib), an upside break can trigger rise towards 1.2000 (Psychological level).On the downside, immediate support is seen at 1.1801 (38.2 %fib), a break below could take the pair towards 1.1774  (9 DMA).

GBP/USD: Sterling rose on Wednesday against a broadly weaker dollar as the U.S. coronavirus relief package stalled in Congress and U.S. bond yields sank. Sterling climbed back toward pre-pandemic highs and was advancing towards a five-month peak hit last week versus the greenback. The British currency rose as much as 0.5% to $1.3142 against the dollar by 1300 GMT and 0.1% against the euro at 90.22 pence. Immediate resistance can be seen at 1.3293 (Dec 31st high), an upside break can trigger rise towards 1.3174 (23.6%fib).On the downside, immediate support is seen at 1.3101 (5DMA), a break below could take the pair towards 1.2962 (38.2%fib).

USD/CHF: The dollar declined against the Swiss franc on Wednesday   after a U.S. coronavirus relief package stalled in Congress, pushing U.S. bond yields down as investors weighed prospects of further Fed easing. White House negotiators and congressional Democrats are trying to reach a deal on a relief package by the end of this week, with Treasury Secretary Steven Mnuchin saying on Tuesday that progress had been made. Immediate resistance can be seen at 0.9147 (38.2% fib), an upside break can trigger rise towards 0.9200 (Psychological level).On the downside, immediate support is seen at at 0.9093 (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 the latest coronavirus relief package stalled in Congress and U.S. yields sank on the prospect that further monetary easing might be needed to support the economy. A hardening perception that the U.S. recovery is lagging Europe has buttressed the euro, which has repelled a rebound in the dollar and rose back above $1.18 on Wednesday. Strong resistance can be seen at 105.88 (Daily high), an upside break can trigger rise towards 106.06 (38.2% fib).On the downside, immediate support is seen at 105.06 (38.2% fib), a break below could take the pair towards 104.16 (July 31st low).

Equities Recap

European shares rose on Wednesday, as a batch of positive earnings reports and the huge quantities of stimulus coursing through the financial system again overshadowed concerns about the surge in coronavirus cases in Europe and the United States..

At (GMT 13:30),UK's benchmark FTSE 100 was last trading up at 0.92 percent, Germany's Dax was down by 0.52 percent, France’s CAC was last up by 0.69 percent.

Commodities Recap

Gold soared to a record high on Wednesday as a weakening dollar, falling returns on U.S. bonds and a break above historic resistance at $2,000 an ounce added momentum to buying by investors seeking a safe store of value.

Breaking above $2,000 for the first time on Tuesday and hitting a new high of $2,041.33 an ounce earlier on Wednesday, spot gold was up 1.1% at $2,040.50 by 1020 GMT.U.S. gold futures climbed 1.8% to $2,056.30.

Oil prices rose on Wednesday after inventory data showed a big drop in U.S. crude stocks although gains were capped by concerns over fuel demand with mounting global COVID-19 cases.

Brent crude was up by 31 cents, or 0.7%, at $44.74 a barrel by 0713 GMT. The contract rose 0.6% on Tuesday to its highest close since March 6.

West Texas Intermediate oil was up by 26 cents, or 0.6%, at $41.96 a barrel. The contract ended Tuesday trading 1.7% higher, its highest close since late July.

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