Posted at 19 March 2021 / Categories Market Roundups
Market Roundup
•Canada Jan Core Retail Sales (MoM ) -1.2%,-2.6% forecast, -4.1% previous
• Canada Retail Sales (MoM) -1.1%, -3.0% forecast,-3.4% previous
•Russian Jan Real Wage Growth (YoY) 0.1%,4.6% previous
•Russian Feb Retail Sales (YoY) -1.3%,-1.1% forecast, -0.1% previous
•Russian Feb Unemployment Rate 5.7% , 5.7% forecast, 5.8% previous
•U.S. Baker Hughes Oil Rig Count 318, 310 previous
•U.S. Baker Hughes Total Rig Count 411, 403 previous
Looking Ahead – Economic data (GMT)
•No data ahead
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Currency Summaries
EUR/USD: The euro declined against dollar on Friday a new wave of coronavirus infections across Europe triggered fresh lockdowns. France imposed fresh regional lockdowns to curb the spread of the coronavirus amid signs of slowing vaccination in some countries. France reported 35,000 new cases on Thursday and there were more COVID patients in intensive care in Paris than at the peak of the second wave. Immediate resistance can be seen at 1.1944 (38.2%fib), an upside break can trigger rise towards 1.2000 (Psychological level).On the downside, immediate support is seen at 1.1881(Daily low), a break below could take the pair towards 1.1825 (23.6%fib).
GBP/USD: The pound fell against the dollar and euro on Friday, pausing its recent upward trend, in a move was likely to be a temporary retracement as the market remained generally bullish on sterling due to Britain’s quick vaccine rollout. The pound slipped on Friday, falling to a three-day low against the dollar. At 1633 GMT, it was down around 0.4% at $1.3876, set for a net weekly loss of 0.7%.Versus the euro, it was down around 0.3% at 85.79 pence per euro but still set for a small gain on the week overall.Immediate resistance can be seen at 1.3886( 38.2%fib), an upside break can trigger rise towards 1.4013 (23.6%fib).On the downside, immediate support is seen at 1.3821 (Daily low), a break below could take the pair towards 1.3779(50%fib).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as oil fell, but the currency stuck to a narrower range than the day before as bond yields steadied and domestic data showed retail sales falling less than expected in January.The price of oil , one of Canada's biggest exports, was down 0.5% at $59.68 a barrel. The Canadian dollar was trading 0.3% lower at 1.2519 to the greenback, or 79.88 U.S. cents, having traded in a range of 1.2461 to 1.2527. Immediate resistance can be seen at 1.2542 (14DMA), an upside break can trigger rise towards 1.2596 (38.2%fib).On the downside, immediate support is seen at 1.2469 (23.6%fib), a break below could take the pair towards 1.2353 (18th March low).
USD/JPY: The dollar edged lower against the Japanese yen on Friday after Bank of Japan widened band around long-term rate target. The Bank of Japan on Friday widened the band at which it allows long-term interest rates to move around its target, as part of a raft of measures to make its ultra-easy policy more sustainable amid a prolonged battle to fire up inflation.As widely expected, the BOJ kept intact its target of -0.1% for short-term rates and 0% for the 10-year bond yield under its yield curve control policy. Strong resistance can be seen at 108.93 (5DMA), an upside break can trigger rise towards 109.40 (23.6% fib).On the downside, immediate support is seen at 108.48 (38.2%fib), a break below could take the pair towards 108.00(Psychological level).
Equities Recap
European stocks slid on Friday after France imposed fresh regional lockdowns to curb the spread of the coronavirus, amid concern over the pace of vaccination campaigns in some countries, while bank stocks led sectoral declines.
UK's benchmark FTSE 100 closed up by 1.05 percent, Germany's Dax ended down by 1.05 percent, France’s CAC finished the day down by 1.07 percent.
The Nasdaq ended higher on Friday, lifted by Facebook and energy shares, while the S&P 500 lost ground as U.S. Treasury yields took a break from a recent surge.
Dow Jones closed down by 0.71% percent, S&P 500 closed down by 0.06% percent, Nasdaq settled up by 0.76% percent.
Treasuries Recap
U.S. Treasury yields eased on Friday from more than one-year highs, while the shortest end of the market flirted with negative rate territory as it tried to absorb a flood of cash from massive fiscal stimulus.
The benchmark 10-year note yield was last down less than a basis point at 1.721%
Commodities Recap
Oil rose more than 2% in volatile trading on Friday, but finished the week about 7% lower as a new wave of coronavirus infections across Europe dampened hopes that fuel demand would recover soon.
Brent crude settled up $1.25 a barrel, or 2%, at $64.53 a barrel. West Texas Intermediate (WTI) U.S. crude rose $1.42, or 2.4%, to $61.42.
Gold rose on Friday, on track for a second weekly gain as U.S. Treasury yields dipped and dollar eased off session highs.
Spot gold rose 0.3% to $1,742.14 per ounce at 3:11 p.m. EDT (1911 GMT), and was up 0.9% this week. U.S. gold futures settled up 0.5% at $1,741.70.