Posted at 08 August 2020 / Categories Market Roundups
Market
•Canada Jul Full Employment Change73.2K, 488.1K previous
•Canada Jul Part Time Employment Change345.3K. 464.8K previous
•US Jul Average Hourly Earnings (MoM) 0.2%, -0.5% forecast, -1.2% previous
•US Jul Private Nonfarm Payrolls 1,462K,1,474K forecast, 4,767K previous
•US Jul Nonfarm Payrolls 1,763K, 1,600K forecast, 4,800K previous
•US Jul Manufacturing Payrolls26K, 253K, 356K previous
•US Jul Government Payrolls 301.0K, 33.0K previous
• Canada Jul Unemployment Rate 10.9%,11.0% forecast, 12.3% previous
•Canada Jul Participation Rate 64.3%, 64.4% forecast, 63.8% 63.8% previous
•US Jul Average Weekly Hours34.5, 34.4 forecast, 34.5 previous
•US Jul Unemployment Rate 10.2%, 10.5%,11.1% previous
•US Jul Average Hourly Earnings (YoY) (YoY) 4.8%, 4.1% forecast, 5.0% previous
•US Jul Participation Rate 61.4%, 61.5% previous
•US Jul U6 Unemployment Rate16.5%, 18.0% previous
•Canada Jul Employment Change 418.5K, 400.0K, 952.9K previous
•Brazil Jul CPI (MoM) 0.35% forecast,0.26% previous
•Brazilian IPCA Inflation Index SA (MoM) 0.44% ,0.31% previous
•Canada Jul Ivey PMI 68.5, 57.5 forecast, 58.2 previous
•Canada Jul Ivey PMI n.s.a 65.2, 62.9 previous
•US June Wholesale Trade Sales (MoM) 8.8%, 4.9% forecast,5.4% previous
•US Wholesale Inventories (MoM) -1.4%,-2.0% forecast, -1.2% previous
•Brazil Auto Production (MoM) 73.0%, 129.1% previous
•Brazil Auto Sales (MoM) 31.4% ,113.6% previous
•US June Consumer Credit8.95B ,10.00B forecast, -18.28B previous
Looking Ahead Economic Data (GMT)
•No Economic Data
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Currency Summaries
EUR/USD: The euro declined against dollar on Friday after better-than-expected U.S. jobs growth in July was tempered by the wrangles in Washington over a new stimulus bill. The U.S. Labor Department’s data showed slowing employment growth in July amid a surge in COVID-19 cases, highlighting the need for the White House and Congress to agree on an aid package. The dollar index rose 0.648%, with the euro down 0.77% to $1.1783. Immediate resistance can be seen at 1.1802 (38.2% fib), an upside break can trigger rise towards 1.1924 (23.6% fib).On the downside, immediate support is seen at 1.1738(14 DMA), a break below could take the pair towards 1.1709 (50%fib).
GBP/USD: Sterling dipped against dollar on Friday as global market sentiment turned sour after the latest standoff between Washington and Beijing. World stocks tumbled and the U.S. dollar rose after U.S. President Donald Trump banned U.S. transactions with two popular Chinese apps: Tencent’s messenger app WeChat and ByteDance’s video-sharing app TikTok. Cable fell as low as $1.3074 and was only a touch off that at $1.3001. Immediate resistance can be seen at 1.3087 (5 DMA), an upside break can trigger rise towards 1.3185 (23.6%fib).On the downside, immediate support is seen at 1.3006 (11DMA), a break below could take the pair towards 1.2972 (38.2%fib).
USD/CAD: The Canadian dollar fell against its broadly stronger U.S. counterpart on Friday as a trade squabble between Canada and the United States offset stronger-than-expected domestic jobs data, with the loonie giving back much of this week's gains. The U.S. dollar rebounded on Friday against a basket of major currencies. U.S. job growth surpassed low expectations and investors eyed ongoing stimulus talks in Washington. The Canadian dollar was trading 0.6% lower at 1.3360 to the greenback, or 74.75 U.S. cents. For the week, the loonie gained 0.3%. Immediate resistance can be seen at 1.3423 (300DMA),, an upside break can trigger rise towards 1.3500 (Psychological level).On the downside, immediate support is seen at 1.3283 (Daily low), a break below could take the pair towards 1.3220 (23.6%fib).
USD/JPY: The dollar strengthened against the Japanese yen Friday after after U.S. job growth for July helped ease some investor worries on the U.S. labor market. The U.S. Labor Department’s report showed nonfarm payrolls increased by 1.76 million in July. While that was more than the 1.6 million economists surveyed by Reuters had forecast, it was still sharply lower than the record 4.8 million in June. The dollar index, which measures the greenback against a basket of currencies, rose in the wake of the report and hit its highest in three days. It was last up 0.6% at 93.410.Strong resistance can be seen at 105.81 (14 DMA), an upside break can trigger rise towards 106.30 (38.2% fib).On the downside, immediate support is seen at 105.47 (11 DMA), a break below could take the pair towards 105.15 (38.2%fib).
Equities Recap
European shares closed higher on Friday, marking weekly gains as investors focused on a broadly supportive earnings season and improving economic data in Europe rather than rising U.S.-China tensions.
UK's benchmark FTSE 100 closed up by 0.09 percent, Germany's Dax ended up by 0.66 percent, France’s CAC finished the day up by 0.09 percent.
U.S. stock index futures fell on Friday as President Donald Trump’s moves to ban WeChat and TikTok intensified tensions with Beijing, while investors also braced for data likely to show a sharp slowdown in jobs growth in July.
Dow Jones closed up by 0.74 percent, S&P 500 was last up by 0.06 percent, Nasdaq was down by 0.97 % percent.
Commodities Recap
Gold’s record-breaking rally paused on Friday as the dollar got some respite from investors looking for a hedge against the U.S.-China spat, but fears over a worsening pandemic kept bullion on track for its longest streak of weekly gains in about a decade.
Spot gold was 0.6% lower at $2,051.52 per ounce by 1158 GMT, having hit another record high of $2,072.50 in early trade.U.S. gold futures eased 0.3% to $2,064.20.
Oil prices fell nearly 2% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases.
Brent crude fell 69 cents, or 1.5%, to settle at $44.40 a barrel. U.S. West Texas Intermediate (WTI) crude fell 73 cents, or 1.7%, to end at $41.22 a barrel.Brent rose 2.5% for the week, while WTI gained 2.4%.