Posted at 06 November 2020 / Categories Market Roundups
Market Roundup
•German Sep Industrial Production (MoM) 1.6%,2.7% forecast, -0.2% previous
•Finnish Sep Trade Balance -0.38B, -0.25B previous
•French Sep Current Account -5.70B, -4.70B previous
•French Sep Exports 37.6B, 35.4B previous
•French Sep Imports 43.3B, 43.1B previous
•French Oct Reserve Assets Total 196,617.0M, 196,141.0M previous
•French Sep Trade Balance -5.8B, -6.3B forecast, -7.7B previous
•French Non-Farm Payrolls (QoQ) (Q3) 1.8%, -0.9% previous
•UK Halifax House Price Index (YoY) 7.5%,7.3% previous
•UK Oct Halifax House Price Index (MoM) 0.3%,0.5% forecast, 1.6% previous
Looking Ahead - Economic Data (GMT)
• 13:30 US Oct Average Hourly Earnings (YoY) 4.6%,forecast, 4.7%previous
• 13:30 US Oct Average Hourly Earnings (MoM) 0.2% forecast, 0.1%previous
• 13:30 US Oct Average Weekly Hours 34.7 forecast, 34.7previous
• 13:30 US Government Parolls -216.0K previous
• 13:30 US Oct Manufacturing Payrolls 50Kforecast, 66K previous
• 13:30 US Oct Nonfarm Payrolls 600K forecast, 661K previous
• 13:30 US Oct Participation Rate 61.4% previous
• 13:30 US Oct Private Nonfarm Payrolls 690K, 877K previous
• 13:30 US Oct U6 Unemployment Rate 12.8% previous
• 13:30 US Oct Unemployment Rate 7.7% previous
• 13:30 Canada Oct Employment Change 100.0K forecast, 378.2K previous
• 13:30 Canada Oct Full Employment Change 334.0K previous
• 13:30 Canada Oct Part Time Employment Change 44.2K previous
• 13:30 Canada Oct Participation Rate 65.0% forecast, 65.0% previous
• 13:30 Canada Oct Participation Rate 8.8% forecast, 9.0% previous
• 13:30 Canada Oct Exports 48.14B, 50.10B forecast, 49.32B previous
Looking Ahead - Economic Data (GMT)
• 15:00 Canada Oct Ivey PMI NSA 61.1 previous
• 15:00 Canada Oct Ivey PMI 51.5 forecast, 54.3 previous
• 15:00 US Sep Wholesale Trade Sales (MoM) 1.0% forecast, 1.4% previous
• 15:00 US Sep Wholesale Inventories (MoM) -0.1% previous
• 17:00 Russia Oct Canada CPI (MoM) 0.4% forecast, -0.1% previous
• 17:00 Russia Oct CPI (YoY) 4.0% forecast, 3.7% previous
•US Sep Consumer Credit 9.00B forecast, -7.22B previous
Looking Ahead - Economic events and other releases (GMT)
• 14:00 Canada BoC Gov Council Member Macklem Speaks
Fxbeat
EUR/USD: The euro rose higher against dollar on Friday as vote counting for the contentious U.S. election dragged dollar lower on and investors predicted more losses for the currency. Democratic presidential candidate Joe Biden took a narrow lead over President Donald Trump in the battleground state of Georgia early on Friday, edging closer to winning the White House in a nail-biting contest as a handful of undecided states continue to count votes. Against a buoyant euro, the dollar traded at $1.1841 after falling 0.87% in the previous session. Immediate resistance can be seen at 1.1885 (61.8%fib), an upside break can trigger rise towards 1.1922 (Higher BB).On the downside, immediate support is seen at 1.1845 (50% fib), a break below could take the pair towards 1.1800 (Psychological level).
GBP/USD: Sterling was on track for a weekly gain versus the dollar on Friday in choppy markets, as traders digested high U.S. political drama and a fresh splurge of bond buying by the Bank of England. The pound is up more than 1% for the week, although it fell back around a quarter of a percent on the day to trade around the $1.31 mark. Currencies seen as riskier, including the pound, have strengthened as Democratic candidate Joe Biden has gained ground on U.S. President Donald Trump in key battleground states in the race for the White House. Immediate resistance can be seen at 1.3164 (38.2%fib), an upside break can trigger rise towards 1.3200 (Psychological level).On the downside, immediate support is seen at 1.3066 (50% fib), a break below could take the pair towards 1.3009 (9DMA).
USD/CHF: The dollar declined against the Swiss franc on Friday as a contentious U.S. presidential election diminished hopes for large stimulus to support the economy any time soon. Investors are betting that Democrat Joe Biden will become the next president but Republicans will retain control of the Senate, which will make it difficult for the Democrats to pass the larger fiscal spending package they have been pushing. The dollar index against a basket of six major currencies stood at 92.641, close to a two-week low. Immediate resistance can be seen at 0.9011 (50%fib), an upside break can trigger rise towards 0.9034 (61.8% fib).On the downside, immediate support is seen at 0.8997 (38.2% fib), a break below could take the pair towards 0.8962 (23.6%fib).
USD/JPY: The dollar declined against the Japanese yen on Friday on bets that a divided U.S. Congress would hinder government borrowing. Investors expect Democrat Joe Biden will beat President Donald Trump but Republicans will keep control of the Senate, allowing them to block Democrat policy such as corporate tax hikes and debt-funded spending on infrastructure. The dollar index against a basket of six major currencies stood at 93.23, down 0.2%. Strong resistance can be seen at 103.74 (50% fib), an upside break can trigger rise towards 104.00 (Psychological level).On the downside, immediate support is seen at 103.16 (38.2%fib), a break below could take the pair towards 102.48 (23.6%fib).
Equities Recap
European stocks struggled for momentum on Friday after a strong rally this week as Italy and France posted a record number of coronavirus cases, while the counting of U.S. election votes continued.
At (GMT 12:10 ),UK's benchmark FTSE 100 was last trading down at 0.02 percent, Germany's Dax was down by 090 percent, France’s CAC was down by 0.74% percent.
Commodities Recap
Gold steadied on Friday as investors awaited a clear verdict from the U.S. elections, but bullion was bound for its best week in over three months on a subdued dollar and bets for more stimulus down the line as pandemic-led uncertainties loom.
Spot gold was little changed at $1,947.31 per ounce at 1001 GMT. Prices soared 2.4% on Thursday on a dollar slide, setting them up for a 3.6% weekly gain, which would be gold's best week since late July.
Oil fell below $40 a barrel on Friday as new lockdowns in Europe to halt surging COVID-19 infections sparked concern about the outlook for demand, while markets remained on edge over drawn-out vote counting in the U.S. election.