Posted at 20 October 2020 / Categories Market Roundups
Market Roundup
•Finnish Sep Unemployment Rate 8.4%,7.5% previous
•Swiss Sep Trade Balance 3.279B, 4.320B forecast, 3.583B previous
•German Sep PPI (YoY) -1.0%,-1.4% forecast, -1.2% previous
•German Sep PPI (MoM) 0.4%, -0.1% forecast, 0.0% previous
•EU Aug Current Account n.s.a. 21.8B, 25.5B previous
•EU Aug Current Account 19.9B, 17.2B forecast, 16.6B previous
•US Sep Housing Starts1.415M, 1.457M forecast, 1.416M previous
•US Sep Housing Starts (MoM) 1.9%,-6.7% previous
•US Sep Building Permits 1.553M, 1.520M forecast, 1.476M previous
•US Sep Building Permits (MoM) 5.2%,-0.5% previous
•US Redbook (MoM) 1.0%, 0.4% previous
•US Redbook (YoY) 2.5%, 1.2% previous
Looking Ahead - Economic events and other releases (GMT)
• 16:00 Russia Retail Sales (YoY) -2.7% forecast , -2.7% previous
•15:00 New Zealand GlobalDairyTrade Price Index 2.2% previous
Looking Ahead - Economic events and other releases (GMT)
•14:50 US FOMC Member Quarles Speaks
Fxbeat
EUR/USD: The euro rebounded to a one-week high against dollar on Tuesday as global stocks recovered from early losses with investors broadly in consolidation mode before the No. 3. U.S. presidential election. Markets stayed within well-worn recent ranges as fading hopes for a U.S. coronavirus aid package combined with rising infections in Europe kept the overall mood cautious. The euro rebounded 0.3% to a one-week high at $1.18065 after weakening 0.1% to $1.17600 in early London trading. Immediate resistance can be seen at 1.1837(23.6%fib), an upside break can trigger rise towards 1.1900 (Psychological level).On the downside, immediate support is seen at 1.1798 (38.2% fib), a break below could take the pair towards 1.1766 (50%fib).
GBP/USD: The British pound little changed against dollar on Tuesday as investors searched for clues on how likely it was for Britain to reach a trade deal with the European Union by the end of the year. Price actions suggest investors lean towards a scenario where both parties eventually will agree on some sort of a deal, as they did last year over the divorce agreement. Sterling was last trading flat both against the U.S. dollar at $1.2944 and against the euro at 90.98 pence. Immediate resistance can be seen at 1.2984(38.2% fib), an upside break can trigger rise towards 1.3077 (50%fib).On the downside, immediate support is seen at 1.2895 (Lower BB), a break below could take the pair towards 1.2853 (23.6%fib).
USD/CHF: The dollar declined against the Swiss franc on Tuesday as investors adjusted their risk exposure before the U.S. elections two weeks away. With just two weeks until the U.S. presidential elections on Nov. 3, investors were reining in their riskier bets. President Donald Trump and Democratic rival Joe Biden will debate each other in an event on Thursday which will feature a mute button to allow each candidate to speak uninterrupted. U.S. fiscal stimulus talks are in focus, as House Speaker Nancy Pelosi set today as a self-imposed deadline for reaching a deal on a coronavirus aid package. Immediate resistance can be seen at 0.9110 (38.2 % fib), an upside break can trigger rise towards 0.9144 (50%fib).On the downside, immediate support is seen at 0.9059 (23.6%fib), a break below could take the pair towards 0.9000(Psychological level).
USD/JPY: The dollar rose against the Japanese yen Tuesday as hopes of U.S. stimulus and upbeat Chinese data increased demand for riskier assets. Data from China showed the country's economic recovery accelerated in the third quarter as consumers shook off their coronavirus caution. China’s gross domestic product (GDP) grew 4.9% in July-September from a year earlier, slower than the 5.2% forecast in a poll. At (GMT 13:50), greenback gained 0.20% versus the yen to 105.62. Strong resistance can be seen at 105.80 (50%fib), an upside break can trigger rise towards 105.82 (61.8%fib).On the downside, immediate support is seen at 105.48 (21DMA), a break below could take the pair towards 105.11 (23.6%fib).
Equities Recap
European stocks inched higher on Tuesday as strong earnings from Swiss bank UBS, consumer giant Reckitt Benckiser and others offset concerns from tighter coronavirus curbs across the continent and doubts over fresh U.S. stimulus.
At (GMT 14:00 ),UK's benchmark FTSE 100 was last trading up at 0.42 percent, Germany's Dax was down by 0.40 percent, France’s CAC finished was up by 0.20 percent.
Commodities Recap
Gold prices were stable on Tuesday, hovering above $1,900, as investors awaited signs of whether a new U.S. coronavirus stimulus package will be forthcoming before next month’s presidential election.
Spot gold was steady at $1,905.06 per ounce at 1050 GMT. U.S. gold futures eased 0.2% to $1,908.60.
Oil prices steadied on Tuesday but remained under pressure from the threat to demand from a global resurgence in coronavirus cases and rising Libyan output.
Brent crude futures were trading flat at $42.62 a barrel by 1206 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 5 cents, or 0.1%, to $40.88.