Posted at 13 November 2020 / Categories Market Roundups
Market Roundup
•German Oct WPI (MoM) -0.2%,0.0% previous
•German Oct WPI (YoY) -1.9%, -1.8% previous
•Swiss Oct PPI (MoM) 0.0%,0.1% previous
•Swiss Oct PPI (YoY) -2.9% , -3.1% previous
•French Oct CPI (MoM) 0.0%, -0.1% forecast, -0.5% previous
•French Oct HICP (YoY) 0.1%, 0.0% forecast, 0.0% previous
•French Oct HICP (MoM ) 0.0%, -0.1% forecast, -0.1% previous
•French CPI (YoY) 0.0%,0.0% forecast, 0.0% previous
•Spanish Oct HICP (YoY) -0.9%,-1.0% forecast, -0.6% previous
•Spanish Oct CPI (MoM) 0.5%, 0.5% forecast, 0.2% previous
•Spanish Oct CPI (YoY) -0.8%, -0.9% forecast, -0.9% previous
• EU Employment Change (YoY) -2.0%,-3.1% previous
• EU Employment Change (QoQ) 0.9%,-2.9% previous
• EU Employment Overall (Q3) 157,346.0K, 155,596.5K previous
• EU Sep Trade Balance 24.8B, 22.0B forecast, 13.9B previous
• EU GDP (QoQ) (Q3) 12.6%,12.7% forecast, -11.8% previous
• EU GDP (YoY) (Q3) -4.4%,-4.3% forecast, -14.8% previous
Looking Ahead - Economic Indicator (GMT)
•13:30 US Oct Core PPI (MoM) 0.2% forecast,0.4%previous
•13:30 US Oct Core PPI (YoY) 1.2% forecast, 1.2% previous
•13:30 US Oct PPI (YoY) 0.4% forecast, 0.4% previous
•13:30 US Oct PPI (MoM) 0.2% forecast, 0.4% previous
•15:00 US Nov Michigan Inflation Expectations 2.6% previous
•15:00 US Nov Michigan Consumer Expectations 78.6 forecast, 79.2 previous
•15:00 US Nov Michigan Consumer Sentiment 82.0 forecast, 81.8 previous
•15:00 US Nov Michigan Current Conditions 87.5 forecast, 85.9 previous
•15:00 US Nov Michigan 5-Year Inflation Expectations 2.40% previous
•15:00 US Michigan Inflation Expectations 2.6% previous
•15:00 US Michigan Current Conditions 85.9 previous
Looking Ahead - Economic events and other releases (GMT)
•13:30 US FOMC Member Bullard Speaks
•14:00 German Buba Mauderer Speaks
•16:00 UK MPC Member Tenreyro Speaks
•16:00 UK BoE Gov Bailey Speaks
Fxbeat
EUR/USD: The euro edged higher against dollar on Friday as sentiment in euro zone was supported by a perception that upbeat news on a COVID-19 vaccine will not stop central banks from delivering more stimulus to prop up growth.News of a vaccine against the novel coronavirus is positive but it will take some time before this has a positive impact on economic activity, European Central Bank policymaker Pablo Hernandez de Cos said on Friday. That echoed comments from the heads of the Federal Reserve and the ECB on Thursday that stressed the economic outlook remains uncertain. Immediate resistance can be seen at 1.1845 (23.6% fib), an upside break can trigger rise towards 1.1900 (Psychological level).On the downside, immediate support is seen at 1.1793 (9DMA), a break below could take the pair towards 1.1763 (50%fib).
GBP/USD: Sterling ticked up on Friday against the dollar after news that British Prime Minister Boris Johnson’s top adviser and Brexit mastermind Dominic Cummings was set to leave, as talks over a trade deal with the European Union go down to the wire. The negotiations are set to miss another deadline of mid-November and continue into next week, ahead of a potentially crucial meeting of European leaders next Thursday. Sterling gained around a third of a percent versus the dollar and 0.3% against the euro.Sterling had lost ground on Thursday on Brexit jitters and news that Britain’s economy grew by a slower than expected 1.1% in September from August. Immediate resistance can be seen at 1.3195(38.2%fib),an upside break can trigger rise towards 1.3225(Nov 13th high).On the downside, immediate support is seen at 1.3102 (50%fib), a break below could take the pair towards 1.3019 (61.8%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Friday as worries about the economic fallout from surging COVID-19 cases in Europe and the United States tempered initial enthusiasm about a possible vaccine. Global markets surged on Monday after Pfizer Inc said its experimental vaccine is more than 90% effective - news which saw the dollar rise as traders quit their long-yen positions. But traders became more risk-averse on Thursday and Friday, after the heads of the Federal Reserve and the European Central Bank stressed that the economic outlook remains uncertain. Immediate resistance can be seen at 0.9167 (50%fib), an upside break can trigger rise towards 0.9209 (38.2%fib).On the downside, immediate support is seen at 0.9132 (61.8%fib ), a break below could take the pair towards 0.9109(9 DMA).
USD/JPY: The dollar declined against the Japanese yen Friday as investors crept back to the safe-haven currency, worried about the economic damage of a trying winter in Europe and the United States as COVID-19 cases continue to surge.The yen rose 0.2% to 104.90 per dollar, its highest since Monday when it tumbled after Pfizer announced that it had developed a working virus vaccine. The yen remains down by about 1.5% against the dollar this week, its sharpest weekly drop in five months. Strong resistance can be seen at 105.26 (55 DMA), an upside break can trigger rise towards 105.53 (38.2%fib).On the downside, immediate support is seen at 104.80 (11 DMA), a break below could take the pair towards 104.63(9 DMA).
Equities Recap
European shares edged lower on Friday as surging coronavirus cases compounded fears of the damage to the bloc’s economy in the coming winter months, although the benchmark index was still on track for its second straight week of gains.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading down at 0.56percent, Germany's Dax was up by 0.19 percent, France’s CAC finished was up by 0.35 percent.
Commodities Recap
Gold held steady in a narrow range on Friday, with optimism over a COVID-19 vaccine was countered by market concerns about its rollout as global infections continue to mount.
Spot gold was little changed at $1,876.40 an ounce by 0938 GMT but was down 3.7% for the week, heading for its worst weekly loss since September after the initial vaccine euphoria dented safe-haven investor demand. U.S. gold futures were up 0.1% at $1,875.50.
Oil prices fell on Friday, pressured by fears about a slow recovery in the global economy and fuel demand due to rising COVID-19 infections, but the market remained on track for a second straight weekly gain, helped by hopes for a vaccine.
Brent crude was down 51 cents, or 1.2%, at $43.02 a barrel as of 0741 GMT, after dropping 0.6% on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 66 cents, or 1.6%, to $40.46 a barrel, having lost 0.8% on Thursday.