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Europe Roundup: Sterling steady as rate hike expectations grow, Gold range-bound, European shares edges higher, Oil near six-week low as China readies crude reserve release-November 18th,2021

Market Roundup

• Italian Oct Car Registration (YoY) -35.7%,  -32.7% previous

•Italian Oct Car Registration (MoM)   -4.0%,62.6% previous

•UK Oct Car Registration (YoY)  -24.6%,-34.4% previous

•UK Oct Car Registration (MoM)  -50.6%,216.5% previous

•German Oct Car Registration (YoY)  -34.9%,-25.7% previous

•German Oct Car Registration (MoM) -9.3%, 1.9% previous

•French Oct Car Registration (MoM) -11.4%, 52.0% previous

Looking Ahead Economic Data (GMT)

•13:30 Canada ADP Nonfarm Employment Change 9.6K previous

•13:30 US Continuing Jobless Claims 2,120K forecast, 2,160K previous

•13:30 US Jobless Claims 4-Week Avg  278.00K previous

•13:30 US Initial Jobless Claims 260K forecast, 267K previous

•13:30 Canada Sep Foreign Securities Purchases  26.30B previous

•13:30 US Nov Philly Fed CAPEX Index 32.40 previous

•13:30 US Nov Philly Fed Employment  30.7 previous

•13:30 Canada Sep Foreign Securities Purchases by Canadians  15.17B previous

•13:30 US Philly Fed Business Conditions  24.2 previous

•13:30 US Nov Philly Fed Prices Paid  70.30 previous

•13:30 US Nov Philadelphia Fed Manufacturing Index  24.0 forecast, 23.8 previous

•13:30 US Oct Leading Index (MoM)  0.2% previous

•16:00 US Nov KC Fed Manufacturing Index  25 previous

•16:00 US Nov   KC Fed Composite Index  31 previous

Looking Ahead - Events, Other Releases (GMT)

• 14:30 ECB's Lane Speaks

•19:00 US Chicago Fed President Evans Speaks

•20:00 US FOMC Member Daly Speaks

Fxbeat

EUR/USD: The euro recovered from a trip below $1.13   on Thursday as U.S. dollar paused from recent gains   as traders assessed whether its recent surge was starting to stall. Euro on course for its worst month versus the dollar since June when the Federal Reserve surprised investors with a hawkish shift in tone. The dollar index, which tracks the greenback versus a basket of six currencies, fell 0.12% to 95.825.The euro eased 0.05% to $1.1313. Immediate resistance can be seen at 1.1358(5DMA), an upside break can trigger rise towards 1.1375 (38.2%fib).On the downside, immediate support is seen at 1.1308 (23.6 % fib), a break below could take the pair towards 1.1266(Lower BB).

GBP/USD: The pound held at a one-week high against the dollar on Thursday as expectations grew that the UK central bank would act sooner rather than later to raise interest rates to fight inflation. The British pound rose this week as inflation and encouraging economic data fueled speculation that the Bank of England (BoE) will become the first global policy maker to hike rates for the first time since the COVID19 pandemic. Those expectations received boost on Tuesday by data showing the UK labor market had resisted the end of the government’s furlough plan. Immediate resistance can be seen at 1.3526 (50% fib), an upside break can trigger rise towards 1.3586 (61.8%fib).On the downside, immediate support is seen at 1.3461 (38.2%fib), a break below could take the pair towards 1.3386(23.6%fib).

USD/CHF: The dollar dipped against the Swiss franc on Thursday as traders assessed whether the U.S. currency’s recent surge was starting to stall. The dollar has rallied in recent weeks as traders bet on tighter U.S. monetary policy. Stronger-than-expected inflation numbers in the United States last month and punchy retail sales data this week have added to those bets. The dollar index, which measures the currency against a basket of six rivals, hit its highest since mid July 2020 on Wednesday at 96.226 was last at 95.694, down 0.1% on the day. Immediate resistance can be seen at 0.9290(38.2 % fib), an upside break can trigger rise towards 0.9324 (Higher BB).On the downside, immediate support is seen at 0.9261 (5DMA), a break below could take the pair towards 0.9252(50%fib ).

USD/JPY: The dollar edged higher against the Japanese yen on Thursday as investors awaited fresh clues on U.S. monetary policy. The U.S. dollar paused for breath, slipping back from a 16-month peak as traders assessed whether its recent surge was starting to stall. The dollar has rallied in the past few weeks as traders bet on tighter US monetary policy. Expected inflation numbers in the United States last month and heavy hitting retail sales data this week reinforced those bets. Strong resistance can be seen at 114.24 (38.2% fib), an upside break can trigger rise towards 114.82 (23.6%fib).On the downside, immediate support is seen at 113.88(50%fib), a break below could take the pair towards 113.40 (61.8% fib).

Equities Recap

European shares hovered near record levels on Thursday fuelled by strong earnings, although weakness in commodity-related stocks due to declines in oil and metal prices limited gains.

At (GMT 11:00 ),UK's benchmark FTSE 100 was last trading down at 0.22percent, Germany's Dax was up by 0.08 percent, France’s CAC finished was up by 0.20  percent.

Commodities Recap

Gold held in a narrow range on Thursday as investors remained torn over how fast the U.S. Federal Reserve will taper its monetary stimulus and raise interest rates after the recent strong inflation data out of the United States.

Spot gold was little changed at $1,864.50 per ounce by 0923 GMT, while U.S. gold futures fell 0.2% to $1,866.90.

Oil prices slid to six-week lows on Thursday before recovering some ground, as China said it was moving to tap reserves after a Reuters report that the United States was asking large consuming nations to consider a stockpile release to lower prices.

Brent crude was down 20 cents, or 0.2%, to $80.08 a barrel by 1035 GMT, after earlier dropping to $79.28, the lowest since Oct. 7.U.S. West Texas Intermediate crude futures were down 39 cents, or 0.5%, at $77.97 a barrel,

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