Posted at 27 May 2021 / Categories Market Roundups
Market Roundup
•Finnish May Industrial Confidence 13, 9 previous
•Finnish May Consumer Confidence 2.7, 3.8 previous
•German Jun GfK German Consumer Climate -7.0, -5.2 forecast, -8.8 previous
•Switzerland Apr Trade Balance 3.837B, 5.816B previous
• Switzerland Employment Level (Q1) 5.101M, 5.135M previous
• Sweden May Manufacturing Confidence 126.0, 121.0 previous
• Sweden May Consumer Confidence 112.3, 103.2 previous
• Italian May Business Confidence 110.2, 106.4 forecast, 105.4 previous
• Italian May Consumer Confidence 110.6, 104.4 forecast, 102.3 previous
Looking Ahead - Economic Data (GMT)
•12:30 US Apr Goods Orders Non Defense Ex Air (MoM) 0.8%,1.0% previous
•12:30 US Corporate Profits (QoQ) (Q1) 27.0% previous
•12:30 US GDP Price Index (QoQ) (Q1) 4.1% forecast, 4.1% previous
•12:30 US Initial Jobless Claims 425K forecast, 444K previous
•12:30 US Continuing Jobless Claims 3,680K forecast, 3,751K previous
•12:30 US Jobless Claims 4-Week Avg 504.75K previous
•12:30 US Core PCE Prices (Q1) 2.30% forecast,2.30% previous
•12:30 US Apr Durables Excluding Defense (MoM) 1.8% previous
•12:30 US PCE Prices (Q1) 3.5% previous
•12:30 US Durable Goods Orders (MoM) 0.7% forecast, 1.0% previous
•12:30 US GDP (QoQ) (Q1) 6.5% forecast, 6.4% previous
•12:30 US Apr Core Durable Goods Orders (MoM) 0.8% forecast, 2.3% previous
•14:00 US Apr Pending Home Sales (MoM) 0.8% forecast, 1.9% previous
•14:00 US Apr Pending Home Sales Index 111.3 previous
•14:00 US Natural Gas Storage 104B forecast, 71B previous
•15:00 US May KC Fed Composite Index 31 previous 40 previous
Looking Ahead - Economic events and other releases (GMT)
•13:00 ECB's Schnabel Speaks
•15:00 ECB's Schnabel Speaks
Fxbeat
EUR/USD: The euro was little changed against dollar on Thursday as investors sought guidance from various policy makers at the European Central Bank, who will speak later in the session. Focus is on new speakers on Thursday, which include board members Luis de Guindos and Isabel Schnabel, and Germany’s Jens Weidmann. With most speakers thus far giving dovish signals, Weidmann in particular, among the foremost hawkish, are watched closely for future policy decision. The euro was last up 0.03 percent at $1.2196. Immediate resistance can be seen at 1.2209(38.2%fib), an upside break can trigger rise towards 1.2280(23.6%fib).On the downside, immediate support is seen at 1.2179(5DMA), a break below could take the pair towards 1.2154 (38.2%fib)
GBP/USD: The pound against the US dollar rebounded from overnight losses, causing the US dollar to stagnate in European morning trading and fell to a 10-day low on Thursday. A senior Fed official commented on Wednesday that he is ready to start negotiations on the Fed's cut in emergency aid to the economy, and traders are preparing to predict inflation data on Friday, which will help the dollar rebound in the short term. During the Asian session, the pound fell to its lowest level since May 17. Immediate resistance can be seen at 1.4185(Daily high), an upside break can trigger rise towards 1.4222 (23.6%fib).On the downside, immediate support is seen at 1.4099 (38.2%fib), a break below could take the pair towards 1.4055 (21DMA).
USD/CHF: The dollar edged higher against the Swiss franc on Thursday as investors await cues from U.S. data. Investors are awaiting U.S. jobless claims data, which is due later in the day and personal consumption data on Friday, two important metrics considered by the Federal Reserve in adjusting policy. Fed officials have downplayed rising price pressures and affirmed support to keep monetary policy accommodative for some time. But Fed vice chair for supervision Randal Quarles on Wednesday said he was prepared to open talks on reducing emergency support measures. Immediate resistance can be seen at 0.9020 (38.2%fib), an upside break can trigger rise towards 0.9064 (30DMA).On the downside, immediate support is seen at 0.8954 (Daily low), a break below could take the pair towards 0.8933 (23.6%fib).
USD/JPY: The dollar edged higher against the Japanese yen on Thursday as investors expected key U.S. data to determine whether or not inflationary pressures were transient or signalled a additional sturdy turn.The monthly U.S. personal consumption report is due out on Friday whereas U.S. gross domestic product and unemployed claims numbers are expected later within the day. The greenback was up 0.14% against the yen at 108.89.Strong resistance can be seen at 109.52 (38.2%fib), an upside break can trigger rise towards 109.79 (Higher BB).On the downside, immediate support is seen at 109.02 (50%fib), a break below could take the pair towards 108.77(30DMA).
Equities Recap
European shares inched higher on Thursday as investors awaited key U.S. labour data, while German shares fell after shares in pharmaceuticals maker Bayer were hit by a court ruling.
At (GMT 12:30 ),UK's benchmark FTSE 100 was last trading down at 0.19 percent, Germany's Dax was down by 0.24 percent, France’s CAC finished was up by 0.75percent.
Commodities Recap
Gold steadied off from the key $1,900 level on Thursday, as gains were in check by the rising dollar as investors expected importtant U.S. economic data that could provide cues on inflation and monetary policy.
Spot gold had inched 0.1% lower to $1,895.10 per ounce by 0917 GMT, when touching its highest since Jan 8th at $1,912.50 on Wednesday. U.S. gold futures fell 0.3% to $1,898.50.