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Europe Roundup: Sterling hits one-week high as Brexit talks begin,European shares slip, Gold edges up, Oil falls as virus count mounts, U.S. debate looms-September 29th,2020

Market Roundup

•Spanish Sep CPI (YoY)  -0.4% , -0.5% forecast, -0.5% previous

•Spanish HICP (MoM) 0.1%,0.0% previous

•Spanish CPI (MoM) 0.2%,0.0% previous

•Spanish Sep HICP (YoY)  -0.6%,-0.5% forecast, -0.6% previous

•UK Net Lending to Individuals 3.4B, 3.9B previous

•UK Aug M4 Money Supply (MoM)  -0.4%,0.9% previous

•UK Aug Mortgage Approvals  84.70K, 73.00K forecast, 66.30K previous

• UK Aug BoE Consumer Credit  0.300B, 1.500B, 1.200B previous

• UK Aug Mortgage Lending  3.10B, 3.80B forecast, 2.70B previous

• EU Sep Consumer Confidence  -13.9 forecast, -13.9 previous

• EU Sep Services Sentiment  -15.3 forecast, -17.2 previous

• EU Sep Business and Consumer Survey  89.5, 87.7 previous

• EU Sep Industrial Sentiment  -9.5 previous, -12.7 previous

•Belgium Sep CPI (MoM)-0.37%,  0.06% previous

•Belgium Sep CPI (YoY)  0.90%, 0.82% previous

Looking Ahead - Economic Data (GMT)

•12:30 US Wholesale Inventories (MoM)  -0.3% previous

•12:30 Canada  Aug IPPI (MoM)  0.7%,0.7% previous

•C12:30 anada  Aug RMPI (MoM)  3.0% previous

•12:30 US Aug Goods Trade Balance  -80.11B previous

•12:30 US Aug Retail Inventories Ex Auto  0.6% previous

•12:55 US Redbook (MoM) -0.9% previous

•12:55 US Redbook (YoY)  1.5% previous

•13:00 US Jul S&P/CS HPI Composite - 20 s.a. (MoM) 0.3% forecast, 0.0% previous

•13:00 US S&P/CS HPI Composite - 20 n.s.a. (MoM)  0.2% previous

•13:00 US S&P/CS HPI Composite - 20 n.s.a. (YoY)  3.8% forecast,3.5% previous

•13:30 Brazil Aug Budget Balance  -86.909B previous

•13:30 Brazil Federal Tax Revenue 110.20B forecast, 115.90B previous

•13:30 Brazil Aug Budget Surplus -94.250B forecast, -81.071B previous

•13:00 US Sep Texas Services Sector Outlook  4.7 previous

•13:00 US Sep Dallas Fed Services Revenues  1.5 previous

•14:00 US Sep CB Consumer Confidence  89.2 forecast, 84.8 previous

Looking Ahead - Events, Other Releases (GMT)

•17:00 US FOMC Member Williams Speaks

•15:40US FOMC Member Clarida Speaks

Fxbeat

EUR/USD: The euro gained against dollar on Tuesday as investors awaited the first U.S. presidential debate and eyed progress of a fiscal stimulus package in Washington. Investors are weighing the potential impact on the U.S. economy of either the re-election of President Donald Trump or a victory for Democratic presidential nominee Joe Biden.Many see a Biden victory increasing the chances of further fiscal stimulus to counter the economic damage from the coronavirus pandemic, judging such a scenario would be a boon for stocks. Immediate resistance can be seen at 1.1723 (38.2% fib), an upside break can trigger rise towards 1.1741 (11 DMA).On the downside, immediate support is seen at 1.1661 (5DMA), a break below could take the pair towards 1.1617 (23.6%fib).

GBP/USD:  Sterling hit a one-week high on Tuesday despite a broadly steady dollar as three days of negotiations on Britain’s trade agreement with the European Union began in Brussels with some analysts growing hopeful of a deal. Talks on a joint legal text of trade agreement, which will also cover energy links and transport, will last until Friday morning. EU negotiators have signalled that they are willing to begin work on a joint legal text of trade agreement before talks resume, The Times reported on Tuesday. Sterling was 0.3% higher at $1.2866 at 1115 GMT after hitting $1.2878 earlier in the trading session.  Immediate resistance can be seen at 1.2887(Daily high), an upside break can trigger rise towards 1.2955(50% fib).On the downside, immediate support is seen at 1.2828 (38.2%fib), a break below could take the pair towards 1.2777(5DMA).

USD/CHF: The dollar dipped against the Swiss franc on Tuesday, ahead of a busy week of economic data and political developments in the United States. A rebound in U.S. stocks at the end of last week helped slow the climb of the dollar, considered a safe haven, but signs of a slowdown in the nascent recovery from the pandemic and political uncertainties have kept investors on the defensive. The dollar index slipped as low as 94.155 on the day and last fell 0.317%, on pace for its biggest daily percentage drop in about three weeks.  Immediate resistance can be seen at 0.9758 (Daily high), an upside break can trigger rise towards 0.9778 (Higher BB).On the downside, immediate support is seen at 0.9216 (50%fib), a break below could take the pair towards 0.9175 (61.8%fib).

USD/JPY: The dollar edged higher against the Japanese yen on Tuesday as markets awaited the first debate between the U.S. presidential candidates, signs of progress in U.S. fiscal stimulus talks and economic data. After racking up its biggest weekly gains since early April last week as markets turned cautious and sought safer assets, the dollar erased some losses on Monday and resumed gaining on Tuesday, ahead of the debate between President Donald Trump and Democratic challenger Joe Biden. The 90-minute televised debate at 2100 ET (0100 GMT) will be closely watched by investors for signs as to how the market reacts to perceived victories by either candidate. Immediate resistance can be seen at 105.71 (38.2%fib), an upside break can trigger rise towards 105.93 (55 DMA ).On the downside, immediate support is seen at 105.64 (Daily low), a break below could take the pair towards 105.00  (Psychological level).

Equities Recap

European stock markets slipped on Tuesday as a rebound in the previous session fizzled out, with investors remaining cautious ahead of the first U.S. presidential debate.

At (GMT 12:00),UK's benchmark FTSE 100 was last trading down at 0.38 percent, Germany's Dax was up  by 0.42 percent, France’s CAC finished was down by 0.15 percent.

Commodities Recap

Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and investors were cautious ahead of the first U.S. presidential debate.

Brent's November contract  , which expires on Wednesday, fell 11 cents, or 0.3%, to $42.32 per barrel by 1023 GMT. The more-active Brent crude for December LCOc2 fell 12 cents, or 0.3%, to $42.75 a barrel.

U.S. West Texas Intermediate (WTI) crude   fell 13 cents, or 0.3%, to $40.47 a barrel.

Gold inched up to touch its highest in almost a week on Tuesday, supported by a pull-back in the dollar, as investors waited for the first U.S. presidential debate and further developments on a new U.S. coronavirus relief bill.

Having risen as high as $1,886.86, spot gold was up 0.1% at $1,883.55 per ounce at 0930 GMT, while U.S. gold futures rose 0.4% to $1,889.30.

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