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Europe Roundup: Sterling dips as traders assess inflation impact, European shares gain,Gold dips, Oil holds above $75 as U.S. inventory drop supports-September 16th,2021

Market Roundup

•French Jul Car Registration (MoM) -42.0%, -42.0% previous

•French Jul Car Registration (YoY) -35.3%,-14.7% previous

•Italian Jul  Car Registration (YoY) -19.2%,12.6% previous

•UK Jul Car Registration (YoY) -29.5%,28.0% previous

•German Jul Car Registration (YoY) -24.9%,24.5% previous

•Italian Jul Trade Balance 8.762B, 5.681B previous

•EU Jul Trade Balance 18.1B previous

Looking Ahead –Economic Data (GMT)

•Canada Aug Housing Starts 268.0K forecast, 272.2K previous

•12:30 US Sep Philly Fed Employment 32.6 previous

•12:30 US Sep Philly Fed CAPEX Index 33.70 previous

•12:30 US Aug Retail Sales (YoY) 15.78% previous

•12:30 Canada Jul Wholesale Sales (MoM) -2.0%,-0.8% previous

•12:30 US Initial Jobless Claims 330K, 310K previous

•12:30 US Jobless Claims 4-Week Avg 339.50K previous

•12:30 US Continuing Jobless Claims 2,785K forecast, 2,783K previous

•12:30 US Aug Retail Control (MoM) -0.1% forecast, -1.0% previous

•12:30 US Aug Core Retail Sales (MoM)   -0.1% forecast, -0.4% previous

•12:30 US Retail Sales (MoM) -0.8%, -1.1% previous

•12:30 US Sep Philadelphia Fed Manufacturing Index 18.8, 19.4 previous

•14:00 US Jul Business Inventories (MoM) 0.5%, 0.8% previous

•14:00 US Retail Inventories Ex Auto 0.5% previous

Looking Ahead - Events, Other Releases (GMT)

• No significant events

Fxbeat

EUR/USD: The euro declined against dollar on Thursday as uncertainty around both the U.S Federal Reserve's timeline for tapering asset purchases and a global economic rebound from the pandemic prevented investors from making new bets. Market participants looked to next week'sFed policy meeting for indications on the bank's hawkish tilt.The euro was down 0.2% at $1.17865.Immediate resistance can be seen at 1.1830 (23.6%fib), an upside break can trigger rise towards 1.1865(10th Sep high).On the downside, immediate support is seen at 1.1800(38.2%fib), a break below could take the pair towards 1.1789 (21DMA).

GBP/USD: Sterling fell versus the dollar on Thursday as traders assessed the Bank of England’s next move after data showed British inflation hit a more than nine-year high in August, fuelling expectation of a rate increase.The BoE expects inflation to hit a peak of 4% this year. The strong reading for inflation could reinforce expectations that the central bank is set to tighten monetary policy quicker than the European Central Bank or the U.S. Federal Reserve. Sterling edged 0.2% lower at $1.3812 at 0840 GMT, off the 5-week high of $1.3913 touched earlier this week. Immediate resistance can be seen at 1.3856(Daily high),an upside break can trigger rise towards 1.3885 (23.6%fib).On the downside, immediate support is seen at 1.3773(50%fib), a break below could take the pair towards 1.3724(61.8%fib).

USD/CHF: The dollar strengthened against the Swiss franc on Thursday as weaker -expected rise in U.S. inflation led to uncertainty on when the U.S. central bank would begin tapering its asset purchases. Data earlier in the day showed underlying U.S. consumer prices increased at their slowest pace in six months in August, suggesting that inflation had probably peaked, though it could remain high for a while amid persistent supply constraints. The U.S. central bank is due to hold its two-day monetary policy meeting next week. Immediate resistance can be seen at 0.9176 (38.2%fib), an upside break can trigger rise towards 0.9204 (Daily high).On the downside, immediate support is seen at 0.9161(21DMA), a break below could take the pair towards 0.9131(50%fib).

USD/JPY: The dollar strengthened against yen on Thursday as traders looked to next week’s Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus. The Federal Open Market Committee’s (FOMC) two-day policy meeting ending Sept. 22 should provide some clarity on the outlook for both tapering and eventual interest rate hikes. The dollar index, which measures the currency against six rivals, was 0.2% higher at 92.626, little changed from Wednesday. The dollar gained 0.1% to 109.28 yen, after sliding to a six-week low of 109.110 in the previous session.Strong resistance can be seen at 109.18(38.2%fib), an upside break can trigger rise towards 109.70(23.6%fib).On the downside, immediate support is seen at 109.15(50%fib), a break below could take the pair towards 108.84(61.8%fib).

Equities Recap          

European shares opened higher on Thursday, though market participants were still cautious after Asian equities fell for a fourth consecutive day, and as focus turns to key U.S. data due later in the session.

At (GMT 12:10),UK's benchmark FTSE 100 was last trading up at 0.17% percent, Germany's Dax was up by 0.45 %percent, France’s CAC  was last up by 0.90% percent.

                                               

 

 

Commodities Recap

Gold prices eased on Thursday as a firmer dollar dented the metal’s allure for holders of other currencies, while investors awaited the U.S. Federal Reserve’s meeting for guidance on its timeline for stimulus withdrawal and interest rate hikes.

Spot gold was down 0.4% at $1,785.13 per ounce, as of 0702 GMT, while U.S. gold futures als0 fell 0.4% to $1,787.40.

Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories and expectations of recovering global demand

Brent crude was down 9 cents, or 0.1%, to $75.37 by 0815 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) was down 4 cents at $72.57.

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