Posted at 17 November 2020 / Categories Market Roundups
Market Roundup
•Italian Sep Trade Balance 0.58B, 0.35B previous
•Italian Sep Trade Balance 5.849B, 3.928B previous
Looking Ahead - Economic Indicator (GMT)
•13:15 Canada Oct Housing Starts 222.0K forecast, 209.0K previous
• 13:30 US Oct Export Price Index (MoM) 0.3% forecast,0.6% previous
• 13:30 US Oct Import Price Index (MoM) 0.2% forecast, 0.3% previous
• 13:30 Canada Sep Wholesale Sales (MoM) 0.4% forecast, 0.3% previous
• 13:30 Canada Foreign Securities Purchases by Canadians 5.74B previous
• 13:30 Canada Foreign Securities Purchases 15.50B previous
•13:30 US Retail Sales Ex Gas/Autos (MoM) 1.5% previous
•13:30 US Oct Retail Sales (MoM) 0.5% forecast, 1.9% previous
•13:30 US Export Price Index (YoY) -1.8% previous
•13:30 US Import Price Index (YoY) -1.1% previous
•13:30 US Oct Core Retail Sales (MoM) 0.6% forecast, 1.5% previous
•13:30 US Oct Retail Control (MoM) 0.5% forecast, 1.4% previous
•13:30 US Retail Sales (YoY) 5.36% previous
•13:55 US Redbook (YoY) 1.1% previous
•13:55 US Redbook (MoM) -1.2% previous
•14:15 US Oct Manufacturing Production (MoM) 1.0% forecast, -0.3% previous
•14:15 US Oct Industrial Production (MoM) 1.0% forecast, -0.6% previous
•14:15 US Oct Industrial Production (YoY) -7.28% previous
•14:15 US Oct Capacity Utilization Rate 72.3% forecast, 71.5% previous
•14:30 New Zealand GlobalDairyTrade Price Index-3.5% forecast, 2.0% previous
•15:00 US Sep Business Inventories (MoM) 0.6% forecast, 0.3% previous
•15:00 US Nov NAHB Housing Market Index 85 forecast, 85 previous
•15:00 US Sep Retail Inventories Ex Auto 0.9% previous
•16:00 Russia Oct Industrial Production (YoY) -6.1% forecast,-5.0% previous
•21:00 US Sep Overall Net Capital Flow 86.30B previous
Looking Ahead - Economic events and other releases (GMT)
•13:00 ECB's De Guindos Speaks
•16:00 ECB President Lagarde Speaks
•17:00 UK MPC Member Ramsden Speaks
•17:00 US FOMC Member Bostic Speaks
•17:00 US FOMC Member Daly Speaks
•17:00 US FOMC Member Williams Speaks
•19:00 Canada BoC Gov Council Member Macklem Speaks
•19:35 US FOMC Member Bostic Speaks
•19:40 US FOMC Member Daly Speaks
Fxbeat
EUR/USD: The euro climbed against the dollar on Tuesday, as euro was boosted on optimism over another coronavirus vaccine. Drugmaker Moderna became the second U.S. pharmaceutical company in a week to report positive results from trials of a COVID-19 vaccine, considered necessary to eradicate the pandemic. The euro last traded 0.2% higher to the dollar at $1.18715. The dollar index against a basket of major currencies stood at 92.431, its lowest in over a week. Immediate resistance can be seen at 1.1887 (23.6% fib), an upside break can trigger rise towards 1.1929 (Higher BB).On the downside, immediate support is seen at 1.1847 (38.2% fib), a break below could take the pair towards 1.1816 (50%fib).
GBP/USD Sterling edged higher against the dollar on Tuesday as traders awaited news on the progress of trade talks between Britain and the European Union. Britain’s chief negotiator David Frost has told Prime Minister Boris Johnson to expect a Brussels trade deal early next week , The Sun reported on Monday, with a possible landing zone as soon as next Tuesday. That had followed news last week that Dominic Cummings, one of the political architects of the Brexit project was set to leave the government, leading some observers to predict a greater chance of a deal. Immediate resistance can be seen at 1.3304(Higher BB), an upside break can trigger rise towards 1.3338 (23.6% fib).On the downside, immediate support is seen at 1.3236 (38.2%fib), a break below could take the pair towards 1.3151(50%fib).
USD/CHF: The dollar dipped against the Swiss franc on Tuesday as a return of coronavirus restrictions in some U.S. states and worries about a smooth transition for President-elect Joe Biden offset optimism about a coronavirus vaccine. Moderna became the second U.S. pharmaceutical company in a week to report positive results from trials of a COVID-19 vaccine, considered necessary to eradicate the pandemic. Investors in the dollar are looking ahead to the release of U.S. retail sales and industrial production later on Tuesday to gauge the health of the economic recovery. Immediate resistance can be seen at 0.9125 (38.2%fib), an upside break can trigger rise towards 0.9175 (23.6%fib).On the downside, immediate support is seen at 0.9082 (50 %fib), a break below could take the pair towards 0.9041 (61.8%fib).
USD/JPY: The dollar declined against the Japanese yen on Tuesday as worries about the economic damage from the COVID-19 pandemic resurfaced after lockdowns were reinstated in some parts of the world. Moderna became the second U.S. pharmaceutical company in a week to report positive results from trials of a COVID-19 vaccine. The announcement sparked a rally in global financial markets on Monday, but optimism in the developing world has been subdued due to a continued rise in coronavirus cases and doubts about the timeline of vaccine distribution. Strong resistance can be seen at 104.59 (38.2 %fib), an upside break can trigger rise towards 105.02 (50%fib).On the downside, immediate support is seen at 104.04 (23.6%fib), a break below could take the pair towards 103.58 (Lower BB).
Equities Recap
European stocks eased from eight-month highs on Tuesday as tighter coronavirus restrictions across the continent halted a market rally that was powered by encouraging COVID-19 vaccine updates.
At (GMT 12:40 ),UK's benchmark FTSE 100 was last trading down at 1.27 percent, Germany's Dax was down by 0.34 percent, France’s CAC finished was down by 0.29percent.
Commodities Recap
Gold prices eased on Tuesday as market optimism over a second possible COVID-19 vaccine countered a subdued dollar and concerns over rising coronavirus cases globally.
Spot gold eased 0.1% to $1,886.83 per ounce by 0744 GMT, while U.S. gold futures were down 0.1% to $1,885.40.
Oil prices edged up on Tuesday helped by expectations that OPEC and its allies would tighten supplies next year and supported by news of a second possible COVID-19 vaccine.
Brent crude rose 13 cents, or 0.3%, to $43.95 a barrel by 0958 GMT and U.S. West Texas Intermediate crude was up 10 cents, or 0.2%, at $41.44 a barrel.