Posted at 04 November 2020 / Categories Market Roundups
Market Roundup
•Spanish Oct Services PMI 41.4, 40.0 forecast, 42.4 previous
•Italian Oct Services PMI 46.7, 47.00 forecast, 48.8 previous
•Italian Oct Composite PMI 49.2, 50.4 previous
•French Oct Services PMI 46.5, 46.5 forecast, 47.5 previous
• French Oct Markit Composite PMI 47.5, 47.3 forecast, 48.5 previous
• German Oct Composite PMI 55.0,54.5 forecast, 54.7 previous
•German Oct Services PMI 49.5, 48.9 forecast, 50.6 previous
•EU Oct Markit Composite PMI 50.0 , 49.4 forecast, 50.4 previous
•EU Oct Services PMI 46.9, 46.2 forecast, 48.0 previous
•UK Oct Services PMI 51.4, 52.3 forecast, 56.1 previous
• UK Oct Composite PMI 52.1, 52.9 forecast, 56.5 previous
• UK Labour Productivity (Q2) -1.8% ,-0.6% previous
• EU Sep PPI (YoY) -2.4%,-2.4% forecast, -2.5% previous
• EU Sep PPI (MoM) 0.3%,0.3% forecast, 0.1% previous
• German Oct Car Registration (YoY) -3.6%,8.4% previous
• German Oct Car Registration (MoM) 3.4%, 5.6% previous
• US Oct ADP Nonfarm Employment Change 365K ,650K forecast, 749K previous
• US Oct Seevol Cushing Storage Report 2.411M, -2.538M previous
•Canada Sep Trade Balance -3.25B,-2.60B forecast, -2.45B previous
•Canada Sep Imports 48.79B,47.90B forecast,47.38B previous
• Canada Sep Exports 45.54B, 45.25B forecast, 44.93B previous
•US Sep Trade Balance -63.90B, -63.80B, -67.10B previous
•13:30 US Imports 240.20B,239.00B previous
•13:30 US Exports 176.40B,171.90B previous
Looking Ahead Economic Data(GMT)
•14:45 US Markit Oct Composite PMI 55.5 forecast, 54. 3 previous
•14:45 US Oct Services PMI 56.0 forecast, 54.6 previous
•15:00 US Oct ISM Non-Manufacturing PMI 57.5 forecast, 57.8 previous
•15:00 US Oct ISM Non-Manufacturing Business Activity 62.0 forecast, 63.0 previous
•15:00 US Oct ISM Non-Manufacturing Employment 51.8 previous
•15:00 US Oct ISM Non-Manufacturing Prices 59.0 previous
•15:00 US Oct ISM Non-Manufacturing New Orders 61.5 previous
•15:30 US Gasoline Inventories -0.871M forecast, -0.892M previous
•15:30 US Crude Oil Inventories 0.890M forecast, 4.320M 4.320M
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro initially weakened, then regained some ground on Wednesday, amid uncertainty over the U.S. presidential election, with results so far much closer than polls had predicted. Investors initially bet that a possible Democratic sweep by Joe Biden could ease political risk and provide a huge boost to fiscal stimulus. The mood quickly changed as incumbent President Donald Trump snatched Florida and ran much closer in other battleground states than polls had predicted. Immediate resistance can be seen at 1.1735 (9DMA), an upside break can trigger rise towards 1.1758 (61.8%fib).On the downside, immediate support is seen at 1.1668 (38.2% fib), a break below could take the pair towards 1.1616 (23.6% fib).
GBP/USD: The British pound fell more than 1% against the U.S. dollar on Wednesday as investors sold riskier currencies, with early results in the U.S. election showing a tight race between Democratic challenger Joe Biden and President Donald Trump.Trump was leading in key battleground states, including Florida and Ohio. The question now is whether he can retain the states Michigan, Wisconsin and Pennsylvania that sent him to the White House in 2016.Betting market odds on the election have flipped to favour Trump over Joe Biden, according to data from two aggregators. Immediate resistance can be seen at 1.3125 (Higher BB), an upside break can trigger rise towards 1.3181 (61.8%fib).On the downside, immediate support is seen at 1.2980 (38.2% fib), a break below could take the pair towards 1.2859 (23.6%fib).
USD/CHF: The dollar declined against the Swiss franc on Wednesday as demand for safe haven increased results from the U.S. presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or weeks. Democratic contender Joe Biden took to the air to declare he was optimistic about winning and called for all votes to be counted, no matter how long it took. President Donald Trump responded by saying he had won, that “they” were trying to steal the election, and that he would go the U.S. Supreme Court to fight for victory if necessary. Immediate resistance can be seen at 0.9122(50%fib), an upside break can trigger rise towards 0.9153(61.8%).On the downside, immediate support is seen at 0.9095 (38.2% fib), a break below could take the pair towards 0.9057 (23.6%fib).
USD/JPY: The dollar declined against the Japanese yen Wednesday as early results in the U.S. presidential election showed a very tight race, prompting a wind-back of bets on a victory by Democratic challenger Joe Biden. President Donald Trump, who has so far trailed in polls, has maintained a slim lead in key battleground state of Florida. Investors were increasingly braced for the possibility that the election results may not become clear on Wednesday, with markets hedging against the risk of a contested election or a potentially drawn out process as mail in ballots were counted. Strong resistance can be seen at 104.84 (50% fib), an upside break can trigger rise towards 105.16 (61.8% fib).On the downside, immediate support is seen at 104.08 (23.6%fib), a break below could take the pair towards 103.74 (Lower BB).
Equities Recap
European stocks gained on Wednesday as results from the U.S. presidential election proved far closer than polls had predicted, potentially leaving the outcome in doubt for days or even weeks.
At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading up at 1.45 percent, Germany's Dax was up by 1.52 percent, France’s CAC was last up by 1.84 percent.
Commodities Recap
Gold fell 1% on a stronger dollar on Wednesday after the latest voting tallies from the U.S. presidential election showed a tight race, with President Donald Trump winning in Florida and leading in a few other battleground states.
Spot gold fell 0.9% to $1,890.99 per ounce by 0750 GMT. U.S. gold futures dropped 1% to $1,891.30 per ounce.
Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight U.S. election with millions of votes still to be counted and the final result not yet clear.
West Texas Intermediate was up $1.03 cents, or 2.66%, at $38.69 a barrel by 0955 GMT. Brent crude was up by 1.09 cents, or 2.67%, at $40.80.