Market Roundup
• UK Oct PPI Input (MoM) 0.2%,0.1% forecast, 1.1% previous
• UK Oct PPI Input (YoY) -1.3%,-2.5% forecast, -3.7% previous
• UK Oct PPI Output (YoY) -1.4%,-0.7% forecast, -0.9% previous
• UK Oct PPI Output (MoM) 0.0%,0.1% forecast, -0.1% previous
• UK Oct RPI (MoM) 0.0%,-0.1% forecast, 0.3% previous
• UK Oct RPI (YoY) 1.3%,1.2% forecast, 1.1% previous
• German Oct Car Registration (MoM) 3.4%, 5.6% previous
• German Oct Car Registration (YoY) -3.6%,8.4% previous
• French Oct Car Registration (MoM) 1.6%,62.4% previous
• French Oct Car Registration (YoY) -9.5%, -3.0% previous
• UK Oct CPI, n.s.a 109.10, 109.10 previous
• UK Oct CPI (MoM) 0.0%, -0.1% forecast, 0.4% previous
• UK Oct CPI (YoY) 0.7%,0.6% forecast, 0.5% previous
• UK Oct Car Registration (MoM) -57.0%,276.1% previous
• UK Oct Car Registration (YoY) -1.6%,-4.4% previous
• Italian Oct Car Registration (YoY) -0.2%, 9.5% previous
• Italian Oct Car Registration (MoM) 0.5%, 75.8% previous
• UK Oct Core CPI (YoY) 1.5%, 1.3% forecast, 1.3% previous
• UK Oct Core CPI MoM (MoM) 0.2%,0.1% forecast, 0.6% previous
• UK Oct Core PPI Output (YoY) 0.5%, 0.4% forecast, 1.3% previous
• UK Oct Core PPI Output (MoM) 0.2%, 0.1% forecast, -1.6% previous
• EU Oct CPI (MoM) 0.2%,0.2% forecast, 0.1% previous
• EU Oct CPI (YoY) -0.3%,-0.3% forecast, -0.3% previous
• EU Oct CPI ex Tobacco (YoY) -0.4%, -0.5% previous
• EU Oct Core CPI (YoY) 0.2%,0.2% forecast, 0.2% previous
Looking Ahead - Economic Data (GMT)
• 13:30 Canada Trimmed CPI (YoY) 1.8% previous
• 13:30 Canada Median CPI (YoY) 1.9% previous
• 13:30 Canada CPI (YoY) 0.4% forecast, 0.5% previous
• 13:30 Canada Oct CPI (MoM) 0.2% forecast, -0.1% previous
• 13:30 Canada Core CPI (YoY) 1.0% previous
• 13:30 Canada Oct Core CPI (MoM) 0.1% previous
• 13:30 US Oct Housing Starts 1.460M forecast, 1.415M previous
• 13:30 US Oct Housing Starts (MoM) 1.9% previous
• 13:30 US Oct Building Permits 1.560M forecast, 1.545M previous
• 13:30 US Building Permits (MoM) 4.7% previous
• 15:30 US Gasoline Inventories 0.087M, 0.087M forecast , -2.309M previous
• 15:30 US Crude Oil Inventories 1.650M, 4.278M previous
Looking Ahead - Economic events and other releases (GMT)
•15:00 US Chicago Fed President Evans Speaks
•15:00 ECB President Lagarde Speaks
•17:15 US FOMC Member Williams Speaks
Fxbeat
EUR/USD: The euro was little changed against the dollar on Wednesday as cheer over COVID-19 vaccine developments faded. Investors opted for caution as surging novel coronavirus cases in winter set in. A spike in infections have driven record hospitalisations and fresh restrictions on gathering in the United States, while new outbreaks vex authorities in Japan, South Korea and Australia. Immediate resistance can be seen at 1.1887 (23.6% fib), an upside break can trigger rise towards 1.1929 (Higher BB).On the downside, immediate support is seen at 1.1847 (38.2% fib), a break below could take the pair towards 1.1816 (50%fib).
GBP/USD: Sterling gained against dollar on Wednesday as weaker U.S. dollar and hopes that Britain will forge a post-Brexit trade deal with the European Union supported sterling. Hopes for Brexit deal has been fed by recent positive comments from British government officials, but also by the announcement that Dominic Cummings, one of the political architects of the Brexit project, was set to leave the government. The pound was last trading up 0.3% at $1.3277, but it was flat against the euro at 89.44 pence. It was also neutral versus the Japanese yen at 138.08. Immediate resistance can be seen at 1.3296 (38.2%fib), an upside break can trigger rise towards 1.3391 (23.6% fib).On the downside, immediate support is seen at 1.3224 (50%fib), a break below could take the pair towards 1.3141(61.8%fib).
USD/CHF: The dollar dipped against the Swiss franc on Wednesday as weak U.S. retail sales and a surge of new coronavirus cases weighed on dollar. U.S. retail sales increased less than expected in October as d household income declined as millions of unemployed Americans lose government financial support. Retail sales rose 0.3% last month, the smallest gain since the recovery started in May, after increasing 1.6% in September, the Commerce Department said. Immediate resistance can be seen at 0.9125 (38.2%fib), an upside break can trigger rise towards 0.9175 (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 declined against the Japanese yen on Wednesday as tighter economic restrictions across the United States and Europe tested market optimism over vaccine trials. The U.S. Dollar declined following disappointing U.S. Retail Sales and with increasing concerns about the downstream effects of the resurgent Covid-19 pandemic. Amid the uncertainty over the global economic recovery, the safe-haven Japanese yen climbed to a one-week high.At 103.95 per dollar, the yen came back to its November 9 levels, recouping much of the losses it suffered last week after Pfizer announced it had developed a working COVID-19 vaccine. Strong resistance can be seen at 104.34 (38.2 %fib), an upside break can trigger rise towards 104.55 (14DMA).On the downside, immediate support is seen at 103.88(23.6%fib), a break below could take the pair towards 103.48(Lower BB).
Equities Recap
European stock markets were steady on Wednesday as a couple of takeover deals in the region helped offset worries about fresh lockdown measures to battle a surge in coronavirus cases.
At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading up at 0.43 percent, Germany's Dax was up by 0.34 percent, France’s CAC finished was up by 0.59 percent.
Commodities Recap
Gold held to a tight range on Wednesday as investors were caught between optimism over the development of novel coronavirus vaccines and the chances of more economic support as the number of infections in some places surged.
Spot gold was little changed at $1,877.65 per ounce by 1026 GMT, while U.S. gold futures were down 0.5% to $1,876.60.
Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories.
Brent crude futures rose 53 cents, or 1.2%, to $44.28 a barrel by 1046 GMT, while U.S. West Texas Intermediate crude gained 44 cents, or 1.1%, to $41.87.
