Posted at 05 November 2020 / Categories Market Roundups
Market Roundup
•Russia Oct Markit Services PMI 46.9, 53.7 previous
•UK Nov BoE Interest Rate Decision 0.10%,0.10% forecast, 0.10% previous
•French Industrial Investments (Q4) 4.0%,-11.0% previous
•German Oct IHS Markit Construction PMI 45.2, 45.5 previous
•Sweden Sep Industrial New Orders (YoY) -0.3%,-6.9% previous
•Sweden Industrial Production (YoY) -2.4%,-0.2% previous
•Greek Aug Unemployment Rate 16.8%,16.8% previous
•Russian Nov Forex Intervention -50.1B, -120.0B forecast, -126.9B previous
•UK Oct Construction PMI 53.1, 55.0 forecast, 56.8 previous
•EU Sep Retail Sales (YoY) 2.2%,2.8% forecast, 3.7% previous
•EU Sep Retail Sales (MoM) -2.0%,-1.0% forecast, 4.4% previous
Looking Ahead Economic Data
•12:30 US Challenger Job Cuts 118.804K previous
•12:30 US Challenger Job Cuts (YoY) 185.9% previous
•12:30 Russia Central Bank reserves (USD) 589.8B previous
•13:00 Brazil Oct Markit Services PMI 50.4 previous
•13:00 Brazil Markit Composite PMI 53.6 previous
•13:30 US Jobless Claims 4-Week Avg 787.75K previous
•13:30 US Initial Jobless Claims 732K, 751K previous
•13:30 US Continuing Jobless Claims 7,200K forecast, 7,756K previous
•13:30 US Unit Labor Costs (QoQ) (Q3) -11.5% forecast, 9.0% previous
•13:30 US Nonfarm Productivity (QoQ) (Q3) 5.6% forecast, 10.1% previous
•19:00 US Fed Interest Rate Decision 0.25% forecast, 0.25% previous
Looking Ahead - Events, Other Releases (GMT)
•15:00 German Buba President Weidmann Speaks
•15:10 ECB's Schnabel Speaks
•18:00 US FOMC Statement
Fxbeat
EUR/USD: The euro rose higher against dollar on Thursday as uncertainty from the U.S. election supported euro. Democrat Joe Biden on Wednesday predicted victory over President Donald Trump after winning two critical U.S. states, while the Republican incumbent alleged fraud, filed lawsuits and demanded recounts in a race yet to be decided. But Democrats are falling short of expectations in the Congressional elections, with the Senate looking increasingly likely to stay in Republican hands . Immediate resistance can be seen at 1.1814 (61.8%fib), an upside break can trigger rise towards 1.1839 (61.8%fib).On the downside, immediate support is seen at 1.1792 (50% fib), a break below could take the pair towards 1.1754 (38.2% fib).
GBP/USD: Sterling strengthened against dollar on Thursday as investors switched to riskier currencies on expectations Democrat challenger Joe Biden will be the next U.S. president. Biden moved closer to victory in the presidential race on Thursday as election officials tallied votes in the handful of states that will determine the outcome. The British pound was up 0.4% at $1.3046, after falling 0.2% in Asian trading. Against the euro, it fell 0.2% at 90.44 pence. Immediate resistance can be seen at 1.3064 (50%fib), an upside break can trigger rise towards 1.3120 (Higher BB).On the downside, immediate support is seen at 1.2966 (38.2% fib), a break below could take the pair towards 1.2849 (23.6%fib).
USD/CHF: The dollar declined against the Swiss franc on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election. Financial markets, however, were braced for days or even weeks of uncertainty as Republican incumbent President Donald Trump has opened a multi-pronged attack on vote counts in several states by pursuing lawsuits and a recount. That could hamper the dollar in the short run. Immediate resistance can be seen at 0.9083 (38.2%fib), an upside break can trigger rise towards 0.9126 (50% fib).On the downside, immediate support is seen at 0.9035 (23.6% fib), a break below could take the pair towards 0.9011 (Lower BB).
USD/JPY: The dollar declined against the Japanese yen on Thursday as investors unwound some of their safe-haven demand for the greenback as the U.S. Presidential election entered its final stretch. Democrat challenger Joe Biden is predicted a U.S. election win over President Donald Trump after pivotal victories in Michigan and Wisconsin but his party is falling short of expectations in Congressional elections. The dollar index against a basket of six major currencies stood at 93.23, down 0.2%. Strong resistance can be seen at 104.84 (38.2% fib), an upside break can trigger rise towards 104.83 (50% fib).On the downside, immediate support is seen at 104.09 (23.6%fib), a break below could take the pair towards 103.73 (Lower BB).
Equities Recap
European shares hit a two-week high on Thursday, supported by a handful of strong earnings reports, more stimulus for Britain’s economy and a surge in Wall Street stock futures, as Democrat Joe Biden moved closer to victory in the U.S. presidential race.
At (GMT 12:10 ),UK's benchmark FTSE 100 was last trading up at 0.22 percent, Germany's Dax was up by 1.54 percent, France’s CAC was last up by 1.09 percent.
Commodities Recap
Oil prices fell on Thursday as Democrat Joe Biden edged closer to the White House in a nail-biting U.S. presidential election, though doubts remain over further huge stimulus to bolster the ecomony in the face of the coronavirus crisis.
Brent crude fell 33 cents, or 0.8%, to $40.90 a barrel by 0927 GMT and U.S. West Texas Intermediate (WTI) crude was down 39 cents, or 1%, at $38.76. Both contracts had jumped around 4% on Wednesday.
Gold jumped to a two-week high on Thursday as the dollar slipped, with investors betting on the likelihood of bigger economic support measures as Joe Biden inches closer to the Oval Office going into the final stretch of the U.S. elections.
Spot gold was up 0.7% to $1,915.56 per ounce at 0927 GMT, having earlier scaled its highest since Oct. 22 at $1,918.81.U.S. gold futures gained 1.1% to $1,917.30.