Europe Roundup: Sterling slips as dollar edges higher ,European shares range bound, Gold dips, Oil prices dip on China demand worries-November 8th,2022
America’s Roundup: Dollar rises with bets on hawkish Fed, Wall Street ends lower, Gold slides 1%, Oil falls on worries of U.S. rate hikes, China demand outlook-November 18th,2022
America’s Roundup: Dollar extends losses as Fed minutes signal slower rate hikes,Gold gains, Oil muted as price cap proposal eases supply concerns-November 25th,2022
America’s Roundup: Dollar steady as retail sales tip Fed outlook,Wall Street ends down,Gold hovers near multi-month peak, Oil falls-November 17th,2022
America’s Roundup: Dollar slips ahead of US CPI data, results of midterm elections, Wall Street advances, Gold advances over 2%, Oil prices slide $2 on China demand worries, U.S. midterm elections-November 9th,2022
America’s Roundup: Dollar edges up in range-bound holiday markets, Wall Street ends mixed, Gold steadies, Oil prices fall 2% as Chinese demand worries linger-November 26th,2022
Europe Roundup: British pound rises but bleak economic outlook remains in focus, European shares gain, Gold prices ease, Oil stable below $100/bbl as market balances Chinese data-November 7th,2022
Europe Roundup: Sterling climbs as dollar rally wanes ,European shares gain, Gold advances, Oil rises as Saudi comments outweigh recession concerns-November 22nd,2022
America’s Roundup: U.S. dollar gains as investors assess Fed path, Wall Street ends lower, Gold steadies, Oil settles $3 lower on China COVID surge and firmer dollar-November 15th,2022
America’s Roundup: Dollar slides as U.S. inflation data cements Fed slowdown bets, Wall Street ends sharply higher, Gold soars over 2%, Oil prices settle 1% higher on tepid U.S. inflation data-November 11th,2022
America’s Roundup: Dollar rises as China COVID worries spook markets,Wall Street slips, Gold dips, Oil rebounds from early plunge after Saudis deny OPEC+ output report-November 22nd,2022
Market Roundup: Sterling ticks up against dollar,European shares hold near 3-month highs, Gold subdued, Oil prices fall over $1/bbl on Russian oil price cap talks
Market Roundup: Dollar retreats , traders eye Fed policy minutes, Wall Street close higher,Gold gains, Oil rises 1% as OPEC+ focus on supply cuts outweighs recession concerns
Europe Roundup: Sterling surrenders gains ahead of Hunt's budget plan , European shares falls,Gold retreats, Oil falls on easing geopolitical tensions, China demand worries-November 17th,2022
Europe Roundup: Sterling ticks up as UK inflation hits 41-year high , European shares fall, Gold firms, Oil prices up after incident involving vessel off Oman coast-November 16th,2022
Europe Roundup: Euro little changed against dollar as investors await US midterm results , European shares ease from eight-week highs, Gold eases, Oil prices dip on U.S. inventory build, China COVID worries-November 9th,2022
Europe Roundup: Sterling crumbles to all-time low, European shares falls, Gold pinned near 2-1/2-year low, Oil prices hit nine-month low on recession fears-September 26th,2022
• German Sep Business Expectations 75.2,79.0 forecast, 80.3 previous
• German Sep Ifo Business Climate Index 84.3, 87.0 forecast, 88.5 previous
• German Sep Current Assessment 94.5, 96.0 forecast, 97.5 previous
•Canada Wholesale Sales (MoM) 0.8% ,-0.6% previous
Looking Ahead - Economic Data (GMT)
•13:00 Belgium Sep NBB Business Climate -8.3 forecast, -5.8 previous
•13:00 EU French 6-Month BTF Auction 0.890% previous
•13:00 EU French 3-Month BTF Auction 0.686% previous
•13:00 EU French 12-Month BTF Auction 1.798% previous
•14:30 US Sep Dallas Fed Mfg Business Index -12.9 previous
•15:30 US 3-Month Bill Auction 3.270% previous
•15:30 US 6-Month Bill Auction 3.780% previous
Looking Ahead - Economic events and other releases (GMT)
•14:00 US FOMC Member Rosengren Speaks
•13:00 EU ECB President Lagarde Speaks
• 16:00 UK MPC Member Tenreyro Speaks
EUR/USD: The euro declined versus the dollar on Monday as Germany’s latest IFO numbers highlighted the fragility of the eurozone economy. The German economy is heading for recession, the Ifo institute said on Monday, reporting a stronger-than-forecast plunge in business morale across all sectors as Germany scrambles to avoid a gas shortage this winter. The Ifo institute said its business climate index fell to 84.3 from 88.6 in August, posting a more severe drop than the 87.0 forecast by economists according to a poll. The downturn was visible across all four sectors of the German economy, Ifo said, adding that pessimism had increased considerably looking ahead to the coming months. Immediate resistance can be seen at 0.97168(38.2%fib), an upside break can trigger rise towards 0.9803(5DMA).On the downside, immediate support is seen at 0.9600(Psychological level), a break below could take the pair towards 0.9555(23.6%fib).
GBP/USD: Sterling crashed to a record low on Monday as traders rushed for the exits on mounting concern that the new government's economic plan will stretch Britain's finances to the limit.The British pound's searing drop helped lift the safe-haven U.S. dollar to a new two-decade peak against a basket of major currencies, while the euro hit a fresh two-decade low against the greenback. The pound had already fallen 3.6% on Friday, when new finance minister Kwasi Kwarteng unveiled historic tax cuts funded by the biggest increase in borrowing since 1972. The pound recovered ground during the London session but was still down 1.5% at $1.0689 . Immediate resistance can be seen at 1.1015(38.2%fib), an upside break can trigger rise towards 1.1133(5DMA).On the downside, immediate support is seen at 1.0688(23.6%fib),a break below could take the pair towards 1.0600(Psychological level).
USD/CHF: The dollar strengthened against the Swiss franc on Monday as the safe-haven U.S. dollar continued to soar against a basket of major peers. Surging inflation has prompted several central banks to tighten monetary policy, with the U.S. Fed raising its benchmark overnight interest rate by 75 basis points on Wednesday. Atlanta Fed President Raphael Bostic said on Sunday he still believes the U.S. central bank can tame inflation without substantial job losses given the economy's continued momentum Immediate resistance can be seen at 0.9926 (23.6% fib), an upside break can trigger rise towards 0.9956(Higher BB).On the downside, immediate support is seen at 0.9809 (38.2% fib), a break below could take the pair towards 0.9751 (5DMA).
USD/JPY: The dollar rose against yen on Monday as U.S. Federal Reserve's hawkish stance stance on rate hikes boosted greenback. Surging inflation has prompted several central banks to tighten monetary policy. The U.S. central bank and a number of other major central banks raised interest rates last week, triggering concerns over the impact on growth. Last week, the Federal Reserve hiked interest rates by 75 bps for the third consecutive time and Chairman Jerome Powell said central bank officials are "strongly resolved" to bringing down inflation. Benchmark U.S. Treasury yields firmed near their highest level since 2011.Strong resistance can be seen at 144.22(23.6%fib), an upside break can trigger rise towards 145.57(Higher BB).On the downside, immediate support is seen at 143.50(5DMA), a break below could take the pair towards 142.00(Psychological level).
European stocks traded mixed on Monday after having suffered heavy losses last week on worries about an economic downturn.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading down at 0.72 percent, Germany's Dax was down by 0.08 percent, France’s CAC finished was down by 0.16 percent.
Gold prices steadied after dropping to a 2-1/2-year low on Monday as the dollar rally took a breather, while analysts expected a further drop in prices with more interest rate hikes by the U.S. Federal Reserve looming.
Spot gold was little changed at $1,645.47 per ounce as of 0724 GMT. Prices fell as much as 1% earlier in the session to hit $1,626.41, their lowest level since April 2020.U.S. gold futures fell 0.4% to $1,648.70.
Oil prices hit nine-month lows on Monday, driven down by an expected decline in fuel demand as rising interest rates raise the likelihood of global recession, with further price pressure coming from a surging U.S. dollar.
Brent crude futures for November settlement slipped by 82 cents, or 1%, to $85.33 a barrel at 1110 GMT. The contract fell as low as $84.51, the lowest since Jan. 14.
U.S. West Texas Intermediate (WTI) crude for November delivery dropped 74 cents, or 0.9%, to $78. WTI dropped as low as $77.21, the lowest since Jan. 6.