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  |   Market Roundups


Europe Roundup: Sterling edges up against dollar, European shares slip, Gold inches up,Oil price rises as Kazakh turmoil adds to supply worries-January 7th,2022

Market Roundup

•Swiss Dec Unemployment Rate n.s.a   2.6%,2.5% previous

•Swiss Dec Unemployment Rate s.a 2.4% , 2.5%forecast, 2.5% previous

•UK Dec Halifax House Price Index (MoM)  1.1%, 1.0% previous

•German Nov Trade Balance  10.9B, 12.8B forecast, 12.5B previous

• German Nov Industrial Production (MoM)  -0.2%, 1.0% forecast, 2.8% previous

•UK Halifax House Price Index (YoY) 9.8%, 8.2% previous

•UK Dec Construction PMI  54.3                ,54.0, 55.5 previous

•EU Nov Core CPI (YoY)  2.6%,2.5% forecast, 2.6% previous

•EU Dec CPI (YoY)  5.0%,4.7%forecast, 4.9% previous

•EU Nov Retail Sales (MoM)  1.0%,-0.5%,0.2% previous

Looking Ahead - Economic Data (GMT) 

•13:30 Canada Dec Part Time Employment Change 73.8K previous

•13:30 US Dec Private Nonfarm Payrolls  365K forecast, 235K previous

•13:30 US Dec Full Employment Change  79.9K previous

•13:30 US Dec Average Hourly Earnings (MoM) 0.4% forecast, 0.3% previous

•13:30 US Dec Nonfarm Payrolls  400K    forecast, 210K previous

•13:30 Canada Dec  Unemployment Rate  6.0% forecast, 6.0% previous

•13:30 Canada Dec  Unemployment Rate  4.1% forecast, 4.2% previous

•13:30 Canada Dec  Average Hourly Earnings (YoY) (YoY)   4.2% forecast, 4.8% previous

•13:30 Canada Dec Employment Change   27.5K forecast, 153.7K previous

•15:00  Canada Dec Ivey PMI  61.2 previous

Looking Ahead - Economic events and other releases (GMT)

•15:00 US FOMC Member Daly Speaks

•17:15 US FOMC Member Bostic Speaks

•17:30 US FOMC Member Barkin Speaks


EUR/USD: The euro strengthened against dollar on Friday as investors waited to see if U.S. payroll numbers. Investors waited to see whether United States jobs data due later in the day would reinforce the need for faster U.S. interest rate hikes. U.S. jobs data at 1330 GMT,  is expected to show 400,000 new jobs created in December. Investors will watch to see if the data could help hasten the Fed's rate hike timeline by providing further evidence that the economy is near full employment. Immediate resistance can be seen at 1.1309(38.2%fib), an upside break can trigger rise towards 1.1342 (23.6%fib).On the downside, immediate support is seen at 1.1284 (50%fib), a break below could take the pair towards 1.1257 (61.8%fib).

GBP/USD: Sterling was on track on Friday for weekly gains against the dollar and euro to start 2022, despite a mixed picture emerging for Britain's economy.The currency has strengthened since mid-December in part due to the Omicron variant of COVID-19 proving less disruptive to the economy than originally feared, analysts have said, with the government only lightly tightening restrictions so far. Sterling was on track for a 0.2% gain versus the dollar for the week and 0.8% up against the euro.On the day, the pound was up 0.1% versus the dollar at $1.35560. Immediate resistance can be seen at 1.3561 (23.6%fib), an upside break can trigger rise towards 1.3598 (Higher BB).On the downside, immediate support is seen at 1.3524(5DMA), a break below could take the pair towards 1.3489(38.2%fib).

USD/CHF: The dollar steadied against the Swiss franc on Friday as investors awaited U.S. jobs data later in US session. Investors were waiting for U.S. employment figures due later on Friday and inflation data due next week to see whether they would reinforce or undermine the case for faster rate hikes. Non-farm payrolls likely increased by 400,000 jobs last month after rising 210,000 in November. At 11:38 GMT, the dollar was trading 0.08 percent higher versus the swiss franc at 0.9217.Immediate resistance can be seen at 0.9230(23.6%fib), an upside break can trigger rise towards 0.9247 (Ichimoku Cloud Top).On the downside, immediate support is seen at 0.9186 (5DMA), a break below could take the pair towards 0.9175 (38.2%fib).

USD/JPY: The U.S. dollar edged higher  on Friday against Japanese yen and looks poised to extend the rally if U.S. labour data due later on Friday reinforces the case for early Federal Reserve interest rate hikes. The greenback hit a five-year peak on the yen at 116.35 on Tuesday but has fallen back somewhat to trade at 115.85 on Friday. It is up about 0.7% on the yen this week and about 2.7% over five weeks. The gains have tracked firming expectations that the Fed could raise rates as soon as March. Strong resistance can be seen at 116.04(Daily high), an upside break can trigger rise towards 116.28 (23.6%fib).On the downside, immediate support is seen at 115.69 (38.2%fib), a break below could take the pair towards 115.21(50%fib).

Equities Recap

European shares slipped on Friday, as cautious investors eyed a U.S. jobs report and euro area inflation data for clues on how fast major central banks will tighten their monetary policies.

At (GMT 11:38 ),UK's benchmark FTSE 100 was last trading down at 0.02 percent, Germany's Dax was down by 0.26 percent, France’s CAC was last down by 0.04 percent.

Commodities Recap

Gold prices inched up on the back of a weak dollar on Friday, but elevated U.S. Treasury yields set the metal on track for its biggest weekly decline in over a month as traders braced for sooner-than-anticipated U.S. rate hikes.

Spot gold rose 0.2% to $1,792.13 per ounce by 1028 GMT, trading in a narrow $7 range, and was on course for a weekly drop of about 2%, the biggest since the week of Nov. 26. U.S. gold futures rose 0.2% to $1,792.50

Oil prices rose and were heading for their biggest weekly gains since mid-December on Friday as unrest in Kazakhstan and outages in Libya fuelled concerns over supply.

Brent crude climbed 76 cents, or 0.9%, to $82.75 a barrel at 0939 GMT. U.S. West Texas Intermediate (WTI) crude rose 77 cents, or 1%, to $80.23 a barrel.

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