Posted at 10 July 2020 / Categories Market Roundups
Market Roundup
• Italian May Industrial Production (YoY) -20.3%,-32.5% forecast,-42.5% previous
• Italian May Industrial Production (MoM) 42.1%, 22.8% forecast, -19.1% previous
• Greek June CPI (YoY) -1.6%,-1.1% previous
• Greek June HICP (YoY) -1.9%, -0.7% previous
• Greek May Industrial Production (YoY) -7.5%,-9.9% previous
• Portuguese June CPI (YoY) 0.1%,0.2% forecast, -0.7% previous
• Portuguese June CPI (MoM) 0.9%, 0.9% forecast, -0.4% previous
Looking Ahead - Economic Data (GMT)
• 12:30 Canada June Participation Rate 61.4% previous
• 12:30 Canada June Employment Change 700.0K forecast, 289.6K previous
• 12:30 Canada June Unemployment Rate 12.0% forecast, 13.7% previous
• 12:30 US June Core PPI (MoM) 0.1% forecast,-0.1% previous
• 12:30 US June PPI (YoY) -0.2%,-0.8% previous
• 12:30 US June Core PPI (YoY) 0.4% forecast, 0.3% previous
• 12:30 US June PPI (MoM) 0.4% forecast, 0.4% previous
• 12:30 Canada June Part Time Employment Change 70.3K previous
• 12:30 Canada June Full Employment Change 219.4K previous
• 13:00 Brazilian June IPCA Inflation Index SA (MoM) -0.36% previous
• 13:00 Brazilian June CPI (MoM) 0.29% forecast,-0.38% previous
• 13:00 Russia May Trade Balance 5.50B forecast, 6.24B previous
• 13:00 Brazilian June CPI (YoY ) 2.16% forecast, 1.88% previous
• 17:00 U.S. Baker Hughes Oil Rig Count 185 previous
Looking Ahead - Economic events and other releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro declined against dollar on Friday as investor mood soured as global markets reacted to the end of China's stock market rally and a surge in coronavirus cases in the United States. Investors in Europe have also been in a 'wait and see' mood for days ahead of next week's ECB meeting and the EU summit about the Commission's proposed recovery fund. Immediate resistance can be seen at 1.1300 (23.6% fib), an upside break can trigger rise towards 1.1336 (Higher BB).On the downside, immediate support is seen at 1.1254 (Daily low), a break below could take the pair towards 1.1200 (Psychological level).
GBP/USD: Sterling was little changed against the dollar on Friday as investors mostly stayed on the sidelines.So far little has been achieved in negotations between Britain and the European Union on a trade deal following Britain’s departure from the bloc. This leaved sterling traders unsure how to approach the pound. The pound was last flat at 89.61 pence versus the euro and up 0.2% against the dollar at $1.2608. Immediate resistance can be seen at 1.2663 (Higher BB), an upside break can trigger rise towards 1.2700 (Psychological level).On the downside, immediate support is seen at 1.2574 (38.2% fib), a break below could take the pair towards 1.2476 (21 DMA).
USD/CHF: The dollar gained against the Swiss franc on Friday as greenback gained after a surge in new coronavirus cases in the United States further undermined the case for a quick economic recovery. More than 60,000 new COVID-19 infections were reported across the United States on Wednesday, the greatest single-day tally by any country in the pandemic so far, discouraging some American consumers to return to public spaces.The caution helped to lift the dollar index to 96.798 from near one-month low of 96.233 touched on Thursday. Immediate resistance can be seen at 0.9431 (Daily high), an upside break can trigger rise towards 0.9465 (38.2% fib).On the downside, immediate support is seen at 0.9385 (Lower BB), a break below could take the pair towards 0.9361 (23.6% fib).
USD/JPY: The dollar declined against the Japanese yen on Friday demand for safe haven increased after a surge in new coronavirus infections in the United States further undermined the case for a quick turnaround in the economy. More than 60,000 new COVID-19 cases were reported across the United States, the largest single-day tally by any country in the pandemic so far, discouraging some American consumers from returning to public spaces. At 1215 GMT, the dollar was 0.34 percent lower versus the Japanese yen at 107.70 Strong resistance can be seen at 107.18 (50% fib), an upside break can trigger rise towards 107.83 (Higher BB).On the downside, immediate support is seen at 106.60 (Lower BB ), a break below could take the pair towards 106.10 (38.2% fib).
Equities Recap
Italian stocks pulled Europe out of early losses on Friday as data pointed to a strong rebound in May industrial output, but a spike in coronavirus cases globally continued to weigh on investor sentiment.
At (GMT 12:15),UK's benchmark FTSE 100 was last trading up at 0.46 percent, Germany's Dax was up by 0.35 percent, France’s CAC finished was up by 0.33 percent.
Commodities Recap
Gold rose on Friday and held above the key $1,800 level en route to a fifth straight weekly gain as surging U.S. COVID-19 infections underpinned demand for safe-haven assets.
Spot gold prices rose 0.2% to $1,805.84 per ounce by 0951 GMT, and were up about 1.8% for the week, having soared to their highest since October 2011 at $1,817.71 on Wednesday. U.S. gold futures rose 0.5% to $1,812.10 per ounce.
Oil prices dipped on Friday after steep falls in the previous session and were set for a weekly decline on worries renewed lockdowns following a surge in coronavirus cases in the United States and elsewhere will suppress fuel demand.
Brent crude was down by 7 cents, or 0.2%, at $42.28 a barrel by 0114 GMT after falling more than 2% on Thursday. U.S. oil fell 13 cents, or 0.3%, at $39.49 a barrel after a drop of 3% in the previous session.