Posted at 23 April 2021 / Categories Market Roundups
Market Roundup
• US Continuing Jobless Claims 3,674K,3,667K forecast, ,731K previous
•US Jobless Claims 4-Week Avg 651.00K,683.00K previous
•US Initial Jobless Claims 547K, 617K forecast, 576K previous
•US Mar Chicago Fed National Activity -1.09 previous
•Canada New Housing Price Index (MoM)1.1%, 1.4% forecast, 1.9% previous
•Russia Central Bank reserves (USD) 583.7B,580.5B previous
•US Mar Existing Home Sales 6.01M, 6.19M forecast, 6.22M previous
• US Mar Leading Index (MoM) 1.3%,1.0% forecast, 0.2% previous
• EU Apr Consumer Confidence 1.3%-10.8 forecast, -10.8 previous
• US Natural Gas Storage 38B, 49B forecast, 61B previous
• US KC Apr Fed Manufacturing Index 31, 23 previous
• US KC Apr KC Fed Composite Index40,26 previous
• US 4-Week Bill Auction 0.005%,0.010% previous
• US 8-Week Bill Auction 0.015%, 0.015% previous
Looking Ahead - Economic Data (GMT)
•01:00 New Zealand Credit Card Spending (YoY) -12.4% previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events ahead
Fxbeat
EUR/USD: The euro edged higher against dollar on Thursday as markets digested European Central Bank comments on interest rate policy amid new evidence in the United States of a stronger economic recovery. The euro edged higher, toyed with a bigger gain and then fell back after the European Central kept its interest rate policy intact and left questions about how it will withdraw stimulus when the economy recovers. euro was up on the day about 0.1% against the U.S. dollar. Immediate resistance can be seen at 1.2072 (50%fib), an upside break can trigger rise towards 1.2100 (Psychological level).On the downside, immediate support is seen at 1.1986 (38.2%fib), a break below could take the pair towards 1.940(5DMA).
GBP/USD: The pound declined against dollar Thursday as investors weighed up the outlook for an economic recovery from COVID-19 in the UK. Earlier this week, sterling hit a six-week high against the dollar after Britain’s unemployment rate unexpectedly fell for a second month in a row in the December to February period, most of which the country spent under a tight COVID-19 lockdown. At 11:30 GMT, the pound was at $1.3901 versus the dollar, down 0.1% on the day. Versus the euro, it was down around 0.2% at 86.605 pence per euro. Immediate resistance can be seen at 1.3809 (50%fib), an upside break can trigger rise towards 1.3915(61.8%fib ).On the downside, immediate support is seen at 1.3748 (5DMA), a break below could take the pair towards 1.3702(38.2%fib ).
USD/CAD: The Canadian dollar was little changed against its U.S. counterpart on Thursday as a decline in risk appetite was offset by the Bank of Canada's more hawkish stance, with the currency holding on to its gains from the prior day. The loonie was trading nearly unchanged at 1.2500 to the greenback, or 80.00 U.S. cents, having traded in a range of 1.2472 to 1.2534. It was one of only three G10 currencies to keep pace with the U.S. dollar as U.S. stocks dived on reports that President Joe Biden planned to propose nearly doubling the capital gains tax . Immediate resistance can be seen at 1.2527 (9DDMA), an upside break can trigger rise towards 1.2612 (38.2%fib).On the downside, immediate support is seen at 1.2475 (Lower BB), a break below could take the pair towards 1.2454(23.6%fib).
USD/JPY: The dollar was pinned near recent lows against the Japanese yen on Thursday as fading gains in U.S. Treasury yields reduced the greenback's interest rate advantage. Sentiment toward the dollar has weakened as last month's spike in Treasury yields reverses course, but some analysts say the outlook over the longer term remains positive due to a strong U.S. economy and an improved coronavirus vaccination programme. The dollar was last up 0.01% at 107.96 yen, after hitting a daily low of 107.82 . Strong resistance can be seen at 108.22(38.2%fib), an upside break can trigger rise towards 108.44 (50%fib).On the downside, immediate support is seen at 108.09(23.6%fib), a break below could take the pair towards 107.94(Daily low).
Equities Recap
European stocks moved towards record highs on Thursday, following a set of strong company earnings and as the European Central Bank left policy unchanged as expected.
UK's benchmark FTSE 100 closed up by 0.62 percent, Germany's Dax ended up by 0.82 percent, France’s CAC finished the day up by 0.91percent.
U.S. stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax, news analysts said provided an excuse to take profits in a directionless market ahead of big tech’s earnings next week.
Dow Jones closed down by 0.94% percent, S&P 500 closed down by 0.92% percent, Nasdaq settled down by 0.94% percent.
Treasuries Recap
U.S. Treasury yields fell back on Thursday on news that President Joe Biden will propose a tax hike for high earners, after climbing in morning trading.
The benchmark 10-year yield was down less than 1 basis point for the session, at 1.5556%, after having risen above 1.587% just after noon.
Commodities Recap
Gold slipped 1% on Thursday, retreating from a two-month peak, as the U.S. dollar gained some ground, while palladium lingered below an all-time high.
Spot gold was down 0.7% to $1,781.46 per ounce by 1:44 p.m. EDT (1744 GMT), after hitting its highest level since Feb. 25 at $1,797.67. U.S. gold futures settled 0.6% lower at $1,782.
Oil prices were little changed on Thursday as concerns over lower crude production in Libya offset expectations that rising coronavirus cases in India and Japan would cause energy demand to decline.
Brent futures edged up 8 cents, or 0.1%, to settle at $65.40 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 8 cents, or 0.1%, to end at $61.43.