Posted at 28 May 2021 / Categories Market Roundups
Market Roundup
•Finnish GDP (QoQ) (Q1) -0.1%,0.4% previous
•Finnish GDP (YoY) (Q1) -1.0%,1.1% forecast, -1.4% previous
•German Apr Import Price Index (YoY) 10.3%, 10.0% forecast, 6.9% previous
•German Apr Import Price Index (MoM) 1.4%, 1.1% forecast, 1.8% previous
•French GDP (YoY) 1.2% , -4.9% previous
•French GDP (YoY) 1.8% ,1.6% previous
•French CPI (MoM) 0.3%,0.1% previous
•French GDP (QoQ) (Q1) -0.1%,0.4% forecast, 0.4% previous
• French Apr Consumer Spending (MoM) -8.3%, 0.4% forecast, -1.1% previous
•Sweden GDP (QoQ) 0.8%,-0.2% previous
•Italian Apr PPI (YoY ) 6.5%,2.7% previous
•Portuguese May Consumer Confidence -16.70, -21.00 previous
•Greek Feb Unemployment Rate 15.9%,16.0% previous
•EU May Business Climate 1.50, 1.13 previous
•EU May Services Sentiment 11.3, 7.5 forecast, 2.1 previous
•Belgium May CPI (MoM) 0.15%, 0.33%previous
•Irish Apr Retail Sales (MoM) 7.4%,-1.9% previous
Looking Ahead - Economic Data (GMT)
•12:30 US Wholesale Inventories (MoM) 1.3% previous
•12:30 US Apr Personal Income (MoM) -14.1% forecast, 21.1% previous
•12:30 US Apr Goods Trade Balance -90.60B previous
•12:30 US Apr Retail Inventories Ex Auto 0.6% previous
•12:30 US Apr Core PCE Price Index (YoY) 2.9% forecast, 1.8% previous
•12:30 US Apr Personal Spending (MoM) 0.5% forecast, 4.2% previous
•12:30 US Apr Core PCE Price Index (MoM) 0.6% forecast, 0.4% previous
•12:30 US Apr PCE price index (MoM) 0.5% previous
•12:30 US Apr Real Personal Consumption (MoM) 3.6% 3.6% previous
•13:00 Belgium May NBB Business Climate 2.0 forecast, 4.4 previous
•14:00 US May Michigan 5-Year Inflation Expectations 3.10% forecast, 2.70% previous
•14:00 US May Michigan Consumer Expectations 77.6 forecast, 82.7 previous
•14:00 US Michigan Consumer Sentiment 82.8 forecast, 88.3 previous
•14:00 Canada Mar Budget Balance (YoY) -282.56B previous
•14:00 Canada Mar Budget Balance -14.37B previous
•16:00 US Apr Dallas Fed PCE 2.00% previous
Looking Ahead - Economic events and other releases (GMT)
•No significant evemts
Fxbeat
EUR/USD: The euro declined on Friday as dollar gained ahead of U.S. inflation data. The greenback moved further away from recent lows with all eyes on U.S. inflation data due at 1230 GMT, as a high reading could fuel expectations of policy tightening by the Federal Reserve. The euro was down 0.1% at $1.2178, compared to the four-month high of $1.2266 it hit earlier in the week. Immediate resistance can be seen at 1.2191(38.2%fib), an upside break can trigger rise towards 1.2254(23.6%fib).On the downside, immediate support is seen at 1.2135(50%fib), a break below could take the pair towards 1.2113 (30DMA)
GBP/USD: Sterling edged lower against the dollar on Friday, but remained on track for it latest weekly gain following Bank of England comments this week on the timing of rate hikes.The pound was down 0.2% versus the dollar at $1.4158 at 1200 GMT, after hitting $1.4220 on Thursday. It was on track for the fourth consecutive week of gains versus the greenback.BoE policymaker Gertjan Vlieghe said on Thursday the central bank was likely to raise rates only well into next year, while noting an increase could come earlier in 2022 if the economy rebounds more quickly than expected.. Immediate resistance can be seen at 1.4225(23.6%fib), an upside break can trigger rise towards 1.4278(Higher BB).On the downside, immediate support is seen at 1.4152 (5DMA), a break below could take the pair towards 1.4099 (38.2%fib).
USD/CHF: The dollar edged higher against the Swiss franc on Friday as traders awaited likely higher U.S. inflation data later in the day. Core personal consumption expenditures data an inflation report closely watched by U.S. central bankers is due at 1230 GMT.Investors have now begun cutting back on those Federal Reserve bets as new economic data showed declining job losses. The U.S. inflation announcement due later in the day has also prompted some caution and profit-taking, supporting the dollar. Immediate resistance can be seen at 0.9030 (38.2%fib), an upside break can trigger rise towards 0.9064 (30DMA).On the downside, immediate support is seen at 0.8946 (23.6%fib), a break below could take the pair towards 0.8913 (Lower BB).
USD/JPY: The dollar rose higher against the Japanese yen on Friday as after data showed Japan's jobless rate rose in April. Japan’s unemployment rate crept up and job availability slid in April, data showed on Friday, underscoring the pain the country’s prolonged battle with COVID-19 is inflicting on the economy. Japan’s jobless rate rose to 2.8% in April from 2.6% in March, government data showed on Friday, exceeding a median market forecast of 2.7%. The greenback was up 0.14% against the yen at 110.45.Strong resistance can be seen at 110.45 (23.6%fib), an upside break can trigger rise towards 111.00 (Psychological level).On the downside, immediate support is seen at 109.50 (50%fib), a break below could take the pair towards 109.06(61.8%fib).
Equities Recap
European shares rose to a record high on Friday as UK-exposed financial stocks gained following a hawkish comment from a Bank of England official, with the prospects of increased U.S. fiscal spending boosting market sentiment.
At (GMT 12:00 ),UK's benchmark FTSE 100 was last trading up at 0.27 percent, Germany's Dax was up by 0.57 percent, France’s CAC was last up by 0.65.
Commodities Recap
Gold prices fell for a third straight session on Friday, hurt by a firm dollar, while investors awaited U.S. personal consumption data later in the day to gauge inflationary pressure.
Spot gold fell 0.2% to $1,892.81 per ounce by 909 GMT. U.S. gold futures slipped 0.2% to $1,895.30.
Oil prices inched higher on Friday, with Brent holding near $70 a barrel as strong U.S. economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
Brent was up 24 cents, or 0.4%, to $69.70 a barrel by 1125 GMT, while U.S. West Texas Intermediate crude rose 35 cents, or 0.5%, to $67.20 a barrel.