Europe Roundup: Euro rises on upbeat Euro zone retail sales data, European shares gain, Gold ticks higher, Oil mixed on tighter supply, surge in U.S. virus cases-July 6th,2020
Americas Roundup: U.S. dollar slides to two-week low,Wall Street inches up, Gold smashes through $1,800 level,Oil falls as rise in virus cases, U.S. inventories stall recovery-July 9th,2020
Asia Roundup: Aussie gains on vaccine hopes, greenback at 1-week trough ahead of U.S. payrolls, Asian shares rally - Thursday, July 2nd, 2020
Asia Roundup: Yen rallies on fresh worries over coronavirus and U.S.-China tensions, Asian shares slump, investors eye EZ economic data - Tuesday, July 14th, 2020
America’s Roundup: Dollar falters as decent U.S. data curbs safe haven demand, Wall Street gains, Gold retreats from near 8-year peak, Oil prices firm on factory, inventory data-July 2nd, 2020
Europe Roundup: Sterling heads for first weekly win against dollar, European stocks dips, Gold holds steady, Oil falls below $43 on virus fears, still heads for weekly gain-July 3rd 2020
America’s Roundup: Dollar falls as investor sentiment recovers despite virus surge, Gold firms, Wall Street ends higher ,Oil rises slightly as OPEC+ complies with production cuts-July 15th,2020
Asia Roundup: Aussie gains on upbeat retail sales, dollar consolidates within narrow ranges amid holiday-thinned trading, Asian shares at 4-month peak - Friday, July 3rd, 2020
America’s Roundup: Dollar little changed against Japanese yen as virus fears counter gains, Wall Street gains, Gold edges higher, Oil steady as hopeful economic data face spike in virus cases-July 7th,2020
Europe Roundup: Sterling rises on delayed response to Sunak's economic plan,European shares gain, Gold rises towards nine-year peak , Oil slips as coronavirus fears offset gasoline recovery signs-July 9th,2020
Europe Roundup: Euro dips against dollar as coronavirus anxiety deepens, European stocks gain, Gold set for fifth weekly gain, Oil dips, heading for weekly loss as virus cases rise-July 10th,2020
Asia Roundup: Japanese yen gains as China passes national security law, dollar steadies as investors eye U.S. manufacturing PMI, Asian shares nudge higher - Wednesday, July 1st, 2020
Europe Roundup: Euro gains amid caution ahead of EU summit, European stocks gain, Gold firms, Oil dips on surge in COVID-19 infections-July 13th,2020
Europe Roundup: Euro rebounds as investors attention turns to EU recovery fund talks, European Stocks dips,Oil dips on demand fears as OPEC+ considers output increase-July 14th,2020
Europe Roundup: Euro dips lower against dollar as markets balanced hopes for a global economic recovery, European stocks dips,Gold hits 8-year peak.Oil rises on manufacturing data, U.S. inventories-July 1st 2020
Europe Roundup: Sterling rises to three-week highs on news of Brexit talks, European shares slip, Gold steadies, Oil stable as rising virus cases, higher U.S. crude stockpiles stall recovery-July 8th,2020
Europe Roundup: Sterling eases ahead of UK Conservative party’s leadership election result, euro tumbles on Italian political tensions, Europe shares nudge up - Monday, July 22nd, 2019
Economic Data Ahead
Key Events Ahead
DXY: The dollar index advanced amid growing expectations of a smaller interest rate cut from the Federal Reserve. The greenback against a basket of currencies traded 0.1 percent up at 97.17, having touched a low of 96.67 on Thursday, its lowest since June 4.
EUR/USD: The euro consolidated within narrow ranges as investors refrained from taking big ahead of the European Central Bank monetary policy meeting on Thursday, where it is expected to cut interest rates by a 10 basis point. The pair is likely to remain on the downside as political tensions in Italy stirred speculation of a snap election. The European currency traded flat at 1.1218, having touched a low of 1.1199 on Wednesday, its lowest since July 9. Immediate resistance is located at 1.1246 (23.6% retracement of 1.1412 and 1.1193), a break above targets 1.1278 (38.2% retracement). On the downside, support is seen at 1.1193 (July 9 Low), a break below could drag it below 1.1193 (July 9 Low).
USD/JPY: The dollar rallied to a near 1-week peak as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve. The Wall Street Journal reported that the U.S. central bank was likely to cut rates by 25 basis points by end of this month, and may make further cuts in the future amid global growth and trade uncertainties. The major was trading 0.2 percent up at 107.88, having hit a low of 107.21 on Thursday, its lowest since June 26. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. Chicago Fed National Activity Index and Bank of Japan Governor Haruhiko Kuroda’s speech for further clues on monetary policy. Immediate resistance is located at 108.32 (July 17 High), a break above targets 108.63 (July 5 High). On the downside, support is seen at 107.53 (July 3 Low), a break below could take it lower at 107.10 (June 26 Low).
GBP/USD: Sterling plunged, extending previous session losses, as investors cautiously awaited to see whether Boris Johnson would win the Conservative party leadership contest. The result of the party’s leadership election will be announced on Tuesday, which will decide Britain’s next prime minister. The major traded 0.2 percent down at 1.2469, having hit a high of 1.2558 on Thursday, it’s highest since July 15. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2574 (21-DMA), a break above could take it near 1.2648 (July 2 High). On the downside, support is seen at 1.2439 (July 9 Low), a break below targets 1.2396 (July 16 Low). Against the euro, the pound was trading 0.3 percent down 89.98 pence, having hit a high of 89.55 earlier, it’s highest since July 9.
USD/CHF: The Swiss franc surged, hovering towards a near 3-week peak hit in the previous session, as political tensions in Italy and Britain boosted the safe-havens appeal. The major trades 0.05 percent down at 0.9811, having touched a low of 0.9805 on Friday; it’s lowest since July 1. On the higher side, near-term resistance is around 0.9873 (July 3 High) and any break above will take the pair to next level till 0.9932 (July 5 High). The near-term support is around 0.9778 (July 1 Low), and any close below that level will drag it till 0.9738 (June 28 Low).
European shares edged higher in early trading as the Italian shares rebounded, while sterling eased as investors awaited UK’s Conservative party leadership contest result.
The pan-European STOXX 600 index gained 0.1 percent at 387.51 points, while the FTSEurofirst 300 rallied 0.1 percent to 1,524.14 points.
Britain's FTSE 100 trades 0.4 percent up at 7,534.89 points, while mid-cap FTSE 250 gained 0.1 to 19,640.77 points.
Germany's DAX rose 0.2 percent at 12,279.58 points; France's CAC 40 trades 0.2 percent higher at 5,560.42 point.
Crude oil prices surged by more than 2 percent on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Gulf. International benchmark Brent crude was trading 1.6 percent higher at $63.81 per barrel by 0954 GMT, having hit a low of $61.26 on Thursday, its lowest since June 18. U.S. West Texas Intermediate was trading 1.9 percent up at $56.77 a barrel, after falling as low as $54.71 on Thursday, its lowest since the June 20.
Gold prices surged after easing from a 6-year peak in the previous session as tensions in the Middle East supported the demand for safe-haven assets. Spot gold was trading up at $1,425.23 per ounce by 0957 GMT, having touched a high of $1,452.80 on Friday, its highest since May 2013. U.S. gold futures were up 0.1 percent at $1,427.80 an ounce.
The U.S. Treasuries remained mixed during the afternoon session, ahead of economically significant data by the end of this week, with major focus on the country’s first estimate of Q2 GDP on Friday. The yield on the benchmark 10-year Treasury yield hovered around 2.043 percent, the super-long 30-year bond yields suffered nearly 2 basis points to 2.560 percent and the yield on the short-term 2-year traded nearly 1 basis point higher at 1.823 percent.
The United Kingdom’s gilts gained during European trading hours ahead of the country’s 10-year auction, scheduled to be held on July 23 by 09:45GMT. The yield on the benchmark 10-year gilts, slipped 1-1/2 basis points to 0.719 percent, the 30-year yield rose slumped nearly 2-1/2 basis points to 1.339 percent and the yield on the short-term 2-year edged tad down to 0.500 percent.
The German bunds jumped during European session ahead of the country’s manufacturing PMI for the month of July, scheduled to be released on July 24 by 07:30GMT and the European Central Bank’s (ECB) monetary policy meeting, due to be held on the following day by 11:45GMT for further direction in the debt market. The German 10-year bond yields, which move inversely to its price, slumped nearly 2 basis points to -0.338 percent, the yield on 30-year note suffered 1-1/2 basis points to 0.260 percent and the yield on short-term 2-year traded nearly 1 basis point down at -0.779 percent.
The Australian government bonds jumped during Asian session of the first trading day of the week amid a muted trading session that witnessed data of little economic significance ahead of the Reserve Bank of Australia’s Assistant Governor Christopher Kent’s speech, scheduled to be held today at 22:30GMT. The yield on Australia’s benchmark 10-year note, which moves inversely to its price, slumped 2-1/2 basis points to 1.335 percent, the yield on the long-term 30-year bond also suffered 2-1/2 basis points to 1.978 percent and the yield on short-term 2-year traded nearly 1 basis point down at 0.954 percent.