Posted at 24 June 2021 / Categories Market Roundups
Market Roundup
• French Jun Business Survey 107, 109 forecast, 107 previous
•Spanish GDP (YoY) (Q1) -4.2%,-4.3% forecast, -8.9% previous
•German Jun Ifo Business Climate Index 101.8, 100.6 forecast, 99.2 previous
•German Jun Business Expectations 104.0, 103.9 forecast, 102.9 previous
• German Jun Current Assessment 99.6, 97.8 forecast, 95.7 previous
•UK Jun BoE Interest Rate Decision 0.10%, 0.10% forecast, 0.10% previous
Looking Ahead - Economic Data (GMT)
•12:30 US May Retail Inventories Ex Auto 0.6% previous
•12:30 US May Goods Trade Balance -85.73B previous
•12:30 Canada Manufacturing Sales (MoM) -2.1% previous
•12:30 Canada Wholesale Sales (MoM) 0.4% previous
•12:30 US Initial Jobless Claims 380K forecast, 412K previous
•12:30 US Jobless Claims 4-Week Avg 395.00K previous
•12:30 US Continuing Jobless Claims 3,470Kforecast , 3,518K previous
•12:30 US Wholesale Inventories (MoM) 0.8% previous
•12:30 US Corporate Profits (QoQ) (Q1) -0.8% previous
•12:30 US May Durables Excluding Defense (MoM) 2.2% previous
•12:30 US GDP Price Index (QoQ) (Q1) 4.3% forecast,1.9% previous
•12:30 US GDP Sales (Q1) 9.5%,9.4% previous
•12:30 US GDP (QoQ) (Q1) 6.4% forecast, 4.3% previous
•12:30 US May Core Durable Goods Orders (MoM) 0.8% forecast, 1.0% previous
•12:30 US Real Consumer Spending (Q1) 11.3% previous
•12:30 US PCE Prices (Q1) 3.7% forecast, 3.7% previous
•12:30 US May Durable Goods Orders (MoM) 2.8%, -1.3% previous
•12:30 US Core PCE Prices (Q1) 2.50% forecast, 2.50% previous
•13:00 Belgium Jun NBB Business Climate 6.5 previous
•14:30 US Natural Gas Storage 66B, 16B previous
•15:00 US June KC Fed Manufacturing Index 32 previous
•15:00 US June KC Fed Composite Index 26 previous
Looking Ahead - Economic events and other releases (GMT)
•15:00 US FOMC Member Williams Speaks
•15:30 ECB's Schnabel Speaks
Fxbeat
EUR/USD: The euro strengthened on Thursday after data showed German business morale rose in June. survey on Thursday showed that German buiness morale rose more than expected in June as companies improved their assessment of the current situation and increased optimism in the second half of the year.The Ifo institute said its business climate index rose to 101.8 from 99.2 in May. A poll of analysts had pointed to a June reading of 100.6.Immediate resistance can be seen at 1.1956(38.2% fib), an upside break can trigger rise towards 1.2010 (50% fib).On the downside, immediate support is seen at 1.1914 (5DMA), a break below could take the pair towards 1.882 (23.6%fib).
GBP/USD: The British pound fell against the dollar on Thursday after the Bank of England left the scope of its stimulus plan unchanged and, as expected, kept its key interest rate at a record low of 0.1%. The BoE said its monetary policy committee voted 81 votes to keep its government bond purchase program at £ 875 billion ($ 1.2 trillion). The MPC voted with 90 votes in favor of keeping the key rate unchanged and to leave its 20 billion pound stock of corporate bond purchases unchanged. Sterling fell 0.4% against the dollar to $1.3907.Immediate resistance can be seen at 1.3932 (38.2% fib), an upside break can trigger rise towards 1.3998 (50%fib).On the downside, immediate support is seen at 1.3888 (Daily low), a break below could take the pair towards 1.3836(23.6%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Thursday as investors reassessed U.S. Federal Reserve statements on inflation and looked to upcoming data for direction. Investors are now pricing the first full U.S. interest rate rise for February 2023 compared to December 2022 in the immediate aftermath of the Fed meeting. Investors awaited the latest weekly U.S. jobless claims, expected to show that fewer Americans filed new claims for unemployment benefits in the week ended June 19 amid an improving job market recovery. Immediate resistance can be seen at 0.9205 (38.2%fib), an upside break can trigger rise towards 0.9269 (23.%6fib).On the downside, immediate support is seen at 0.9154 (50%fib), a break below could take the pair towards 0.9127 (9DMA).
USD/JPY: The dollar edged lower against the Japanese yen Thursday as markets were quiet as traders weighed up different signals from Federal Reserve officials on the timing of a withdrawal of monetary stimulus. Six Fed officials are due to speak on Thursday, including New York Fed President John Williams, who on Tuesday said any conversation about when to adjust interest rates is still far off. Strong resistance can be seen at 111.12 (Daily high), an upside break can trigger rise towards 111.27 (23.6%fib).On the downside, immediate support is seen at 110.72 (38.2%fib), a break below could take the pair towards 110.42 (9DMA).
Equities Recap
European shares attempted another rebound on Tuesday as a fresh wave of monetary and fiscal stimulus halted a global selloff in equity markets, but growing evidence of the economic damage from the coronavirus pandemic kept investors on edge.
At (GMT 12:15 ),UK's benchmark FTSE 100 was last trading down at 0.76 percent, Germany's Dax was down by 1.34 percent, France’s CAC finished was down by 1.53 percent.
Commodities Recap
Gold edged higher, buoyed by a slight dip in the dollar, on Thursday but gains were limited as mixed signals from U.S. Federal Reserve officials on stimulus withdrawal kept investors on their toes.
Spot gold gained 0.2% to $1,782.27 per ounce by 1045 GMT, while U.S. gold futures shed 0.1% to $1,782.30.
Oil prices fell slightly on Thursday but remained near their highest level in nearly three years, aided by declines in US inventories and the acceleration of German economic activity.
Brent fell 18 cents, or 0.24%, to $ 75.01 a barrel at 1055 GMT after rising to $ 75.78.