Market Roundup
• UK Oct Public Sector Net Cash Requirement 19.786B, 31.484B previous
• UK Oct Public Sector Net Borrowing 21.58B, 29.50B forecast, 35.37B previous
• UK Oct Retail Sales (MoM) 1.2%,0.1% forecast, 1.5% previous
• UK Oct Core Retail Sales (MoM) 1.3%,0.1% forecast, 1.6% previous
• UK Oct Core Retail Sales (YoY) 7.8%, 5.9% forecast, 6.4% previous
• UK Oct Retail Sales (YoY) 5.8%,4.2% forecast, 4.7% previous
•German Oct PPI (YoY) -0.7% -0.7%, forecast, -1.0% previous
• German Oct PPI (MoM) 0.1%, 0.1% forecast, 0.4% previous
• Italian Sep Industrial Sales (YoY) -4.60%,-3.80% previous
• Italian Sep Industrial Sales (MoM) -3.20%, 5.90% previous
•Italian Sep Industrial New Orders (MoM) -6.4%, 15.1% previous
•Italian Sep Industrial New Orders (YoY) 3.2%, 6.1% previous
•Belgium Nov Consumer Confidence -15, -17 previous
Looking Ahead - Economic Data (GMT)
•13:30 Canada Oct New Housing Price Index (MoM) 1.2% previous
•13:30 Canada Sep Retail Sales (MoM) 0.2% forecast,0.4% previous
• Canada Core Sep Retail Sales (MoM) 0.2% forecast, 0.5% previous
•15:00 EU Nov Consumer Confidence -17.7 forecast, -15.5 previous
•16:00 Russia GDP Monthly (YoY) -3.3% previous
•16:00 Russia Oct Unemployment Rate 6.4% forecast, 6.3% previous
•16:00 Russia Oct Retail Sales (YoY) -3.0%, -3.0% previous
•16:00 Russian Sep Real Wage Growth (YoY) 0.1%,0.1% previous
•18:00 U.S. Baker Hughes Oil Rig Count 236 previous
•18:00 U.S. Baker Hughes Total Rig Count 312 previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro edged lower against dollar on Friday after U.S. Treasury Secretary Steven Mnuchin on Thursday told the Federal Reserve to return money earmarked for pandemic lending. The U.S. government will end some crisis programmes on Dec. 31 that the Federal Reserve views as vital to keeping the economy stable.High worldwide coronavirus infections are also outweighing the optimism surrounding hopes of a COVID-19 vaccine.Germany reported a record number of new coronavirus cases on Friday. Immediate resistance can be seen at 1.1885 (23.6%fib), an upside break can trigger rise towards 1.1919 (Nov 9th High).On the downside, immediate support is seen at 1.1846 (38.2%fib), a break below could take the pair towards 1.1815(50% fib).
GBP/USD: Sterling edged higher against the dollar on Friday after a European Union official said the bloc and Britain are very close to agreement in trade talks on most issues, even if they are still at odds over three main points.Britain left the EU in January and is in talks with the bloc on a future trading relationship after a transition period ends on Dec. 31. As time runs out for a deal, an EU official told ambassadors in Brussels that the EU and Britain were “both close” to reaching an agreement, but differences persist over fishing rights, guarantees of fair competition and ways to solve future disputes. Immediate resistance can be seen at 1.3293(38.2%fib), an upside break can trigger rise towards 1.3380 (23.6%fib).On the downside, immediate support is seen at 1.3222 (50%fib), a break below could take the pair towards 1.3200 (Psychological level).
USD/CHF: The dollar edged higher against the Swiss franc on Friday as its downward trend was interrupted when U.S. Treasury Secretary Steven Mnuchin called an end to some of the Federal Reserve’s pandemic lending. Mnuchin’s move re-appropriated some $455 billion allocated to the Treasury for other spending, but some investors were concerned about ending programmes that they think have played a vital role in reassuring markets. 10-year U.S Treasury yields fell to their lowest since Nov. 9. At 13:10 GMT, the dollar was 0.09 percent lower versus the Swiss franc at 0.9111 . Immediate resistance can be seen at 0.9125 (38.2%fib), an upside break can trigger rise towards 0.91172 (23.6% fib).On the downside, immediate support is seen at 0.9082 (50% fib), a break below could take the pair towards 0.9041(61.8%fib).
USD/JPY: The dollar edged higher against the Japanese yen on Friday as news U.S. Treasury was ending emergency loans programmes supported dollar. In a letter to U.S. Federal Reserve Chair Jerome Powell, U.S. Treasury Secretary Steven Mnuchin said the $455 billion allocated to Treasury under the CARES Act should be instead available for Congress to reallocate. Meanwhile, data from AstraZeneca and Oxford University showed their potential COVID-19 vaccine produced a strong immune response in older adults, allaying some concerns fuelled by the intensifying pandemic. Strong resistance can be seen at 104.02 (38.2% fib), an upside break can trigger rise towards 104.34 (50% fib).On the downside, immediate support is seen at 103.64 (23.6%fib), a break below could take the pair towards 103.25(Lower BB).
Equities Recap
European stocks edged higher on Friday as gains in commodity and retail shares offset worries about U.S. politics and an impasse over fresh stimulus measures to support a pandemic-stricken global economy.
At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading upat 0.46 percent, Germany's Dax was up by 0.33 percent, France’s CAC finished was up by 0.31 percent.
Commodities Recap
Gold was set for a second weekly fall on Friday as promising COVID-19 vaccine trials and U.S. Treasury Secretary Steven Mnuchin's call to end the Federal Reserve's key pandemic lending programmes eroded bullion's safe-haven appeal.
Spot gold fell 0.1% to $1,866.19 per ounce by 0832 GMT and was down 1.1% for the week. U.S. gold futures were up 0.2% at $1,865.40.
Oil prices firmed on Friday, and were on track for a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the virus capped gains.
Brent crude futures were up 28 cents, or 0.6%, at $44.48 a barrel at 1027 GMT.
