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  |   Market Roundups


Europe Roundup: Sterling dips against dollar as markets wait for global cues, European shares extend gains, Gold hovers near eight-week high, Oil extends losses on U.S. stock build, pandemic concerns-April 22nd 2021

Market Roundup

•Swiss Mar Trade Balance  5.816B, 3.699B previous

•French Apr Business Survey  104, 99 forecast, 98 previous

• Belgium Apr Consumer Confidence -6, -4 previous

•UK Apr CBI Industrial Trends Orders  -8   , 2 forecast, -5   previous

•Italian Feb Industrial Sales (MoM)  0.20%, 2.50% previous         

•Italian Feb Industrial Sales (YoY)  0.90%  , -1.60% previous            

•Swiss March Unemployment Rate  6.8%,7.2% previous

Looking Ahead – Economic Data (GMT)

•US Continuing Jobless Claims 3,667K forecast, ,731K previous

•US Jobless Claims 4-Week Avg  683.00K previous

•US Initial Jobless Claims 617K forecast, 576K previous

•US Mar Chicago Fed National Activity  -1.09 previous

•US Mar New Housing Price Index (MoM)   1.4% forecast, 1.9% previous

•Russia Central Bank reserves (USD) 580.5B previous

•US Mar Existing Home Sales  6.19M forecast, 6.22M previous

•US Mar Existing Home Sales (MoM) 0.9% forecast, -6.6% previous

• US Mar Leading Index (MoM)  1.0% forecast,  0.2% previous

• US Apr Consumer Confidence  -10.8 forecast, -10.8 previous

• US Natural Gas Storage 49B forecast,  61B previous

• US KC Apr Fed Manufacturing Index  23 previous

• US KC Apr KC Fed Composite Index  26 previous

• US 4-Week Bill Auction 0.010% previous

• US 8-Week Bill Auction 0.015% previous

Looking Ahead - Economic events and other releases (GMT)

•No significant events


EUR/USD: The euro edged higher against dollar before a European Central Bank meeting later on Thursday, where any positive comments about the economic outlook or hints of tapering bond purchases are expected to send the common currency racing higher.The ECB is not expected to change policy when it meets later on Thursday, but analysts say this meeting will set the stage for June, when policymakers have to decide whether to slow its bond buying. The euro was quoted at $1.2044, up 0.1% on the day and not far from its strongest since April 20th. Immediate resistance can be seen at 1.2072 (50%fib), an upside break can trigger rise towards 1.2100 (Psychological level).On the downside, immediate support is seen at 1.1986 (38.2%fib), a break below could take the pair towards  1.940(5DMA).

GBP/USD: The pound declined against dollar Thursday as investors weighed up the outlook for an economic recovery from COVID-19 in the UK. Earlier this week, sterling hit a six-week high against the dollar after Britain’s unemployment rate unexpectedly fell for a second month in a row in the December to February period, most of which the country spent under a tight COVID-19 lockdown. At 11:30 GMT, the pound was at $1.3901 versus the dollar, down 0.1% on the day. Versus the euro, it was down around 0.2% at 86.605 pence per euro. Immediate resistance can be seen at 1.3809  (50%fib), an upside break can trigger rise towards 1.3915(61.8%fib ).On the downside, immediate support is seen at 1.3748  (5DMA), a break below could take the pair towards 1.3702(38.2%fib ).

USD/CHF: The dollar declined against the Swiss franc on Thursday as reduced gains in U.S. Treasury yields weighed on greenback while, investors awaited weekly jobless claims data for clues on the pace of recovery in the U.S. labor market. The U.S. weekly jobless claims  data is due later at 12:30 GMT. Official data is likely to show that the number of Americans filing new claims for jobless benefits rose last week.  Immediate resistance can be seen at 0.9238 (50%fib), an upside break can trigger rise towards 0.9285 (11DMA).On the downside, immediate support is seen at 0.9157(Daily low), a break below could take the pair towards 0.9100(Psychological level).

USD/JPY: The dollar was pinned near recent lows against the Japanese yen on Thursday as fading gains in U.S. Treasury yields reduced the greenback's interest rate advantage.  Sentiment toward the dollar has weakened as last month's spike in Treasury yields reverses course, but some analysts say the outlook over the longer term remains positive due to a strong U.S. economy and an improved coronavirus vaccination programme. The dollar was last up   0.02% at 108.16 yen, after hitting a daily low of 107.97 . Strong resistance can be seen at 108.22(38.2%fib), an upside break can trigger rise towards 108.44 (50%fib).On the downside, immediate support is seen at 108.09(23.6%fib), a break below could take the pair towards 107.94(Daily low).

Equities Recap

European stocks moved towards record highs on Thursday after stumbling earlier in the week, as a set of strong earnings reports brightened sentiment  .

At (GMT 12:20 ),UK's benchmark FTSE 100 was last trading up at 0.29 percent, Germany's Dax was up by 0.70 percent, France’s CAC  was last up by 0.70 percent.

Commodities Recap

Gold prices rose on Thursday to hover near an eight-week high touched in the last session, as a sagging dollar and weaker U.S. Treasury yields boosted the metal's appeal, while palladium held close to an all-time high hit in the previous session.

Spot gold  was up 0.1% at $1,794.67 per ounce by 0115 GMT, after hitting its highest since Feb. 25 at $1,797.41 on Wednesday.U.S. gold futures  rose 0.1% to $1,795.40 per ounce.

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