News

Europe Roundup: Sterling edges lower against dollar,European shares gain,Gold dips, Oil drops as COVID-19 surges threaten fuel demand outlook-June 29th,2021

Posted at 29 June 2021 / Categories Market Roundups


Market Roundup

• UK Nationwide Jun HPI (MoM)  0.7%,0.7% forecast, 1.8% previous

• UK Nationwide Jun  13.4%,13.7% forecast, 10.9% previous

• French Jun Consumer Confidence  102, 100 forecast, 97 previous

•Spanish CPI (YoY) 2.6%,2.7% previous

•Spanish CPI (MoM) 0.4%,0.5% previous

•Spanish May Retail Sales (YoY)  19.6%, 41.0% previous

•UK Net Lending to Individuals 6.9B, 11.3B previous

•UK May BoE Consumer Credit  0.280B, 0.240B forecast, -0.377B previous

•EU Jun Consumer Confidence  -3.3, -3.3 forecast, -3.3 previous

•EU Jun Services Sentiment  17.9, 14.8 forecast, 11.3 previous

•EU Jun Industrial Sentiment  12.7, 12.3 forecast, 11.5 previous

•EU Jun Business and Consumer Survey 117.9, 116.5 forecast, 114.5 previous

•EU Jun Consumer Inflation Expectation  27.1, 22.2 previous

•EU Jun Business Climate  1.71, 1.50 previous

•Belgium Jun CPI (YoY)  1.63%, 1.46% previous

•Belgium Jun CPI (MoM)  0.23%,0.15% previous

•French Unemployment Rate (Q1) 8.1%,8.1% forecast, 8.0% previous

•German Jun CPI (YoY) 2.3%, 2.3% forecast, 2.5% previous

•German Jun CPI (MoM) 0.4%, 0.4% forecast, 0.5% previous

•German Jun HICP (MoM)  0.4%,0.4% forecast, 0.3% previous

Looking Ahead - Economic Data (GMT) 

•12:55 US Redbook (YoY) 17.6% previous

•13:00 US Apr House Price Index (MoM)  1.4% previous

•13:00 US Apr House Price Index  324.9 previous

•13:00 US Apr House Price Index (YoY)  13.9% previous

•13:00 US Apr S&P/CS HPI Composite - 20 s.a. (MoM)  1.7% forecast, 1.6% previous

•13:00 US Apr S&P/CS HPI Composite - 20 n.s.a. (YoY)  14.5% forecast, 13.3% previous

•13:00 US S&P/CS HPI Composite - 20 n.s.a. (MoM)  2.2% previous

•14:00 US Jun CB Consumer Confidence  119.0 forecast, 117.2 previous

•14:30 US Jun Texas Services Sector Outlook  40.0 previous

•14:30 US Jun Dallas Fed Services Revenues  23.9 previous

Looking Ahead - Economic events and other releases (GMT)

•13:00 US FOMC Member Barkin Speaks

•13:40 ECB President Lagarde Speaks

•15:00 German Buba Mauderer Speaks

•16:00 German Buba President Weidmann Speaks

Fxbeat

EUR/USD: The euro declined against dollar on Tuesday as concerns about new coronavirus outbreaks in Europe and Asia continued weigh  on investors sentiment. Fears over the spread of the highly infectious Delta variant are denting sentiment at a time markets are on edge after the Fed shocked traders with a hawkish tilt earlier this month. Investors are also looking at U.S. consumer confidence data later on Tuesday as well as the Institute for Supply Management’s manufacturing index on Thursday for clues as to where interest rates are headed. Immediate resistance can be seen at 1.1921 (5DMA), an upside break can trigger rise towards 1.1967 (38.2%fib).On the downside, immediate support is seen at 1.1885(23.6%fib), a break below could take the pair towards 1.1849(June 21st low).

GBP/USD: Sterling edged down to its lowest in over a week against the dollar on Tuesday, with the British currency on track for its worst month since September.A broad strengthening in the dollar in recent weeks after a surprise hawkish shift by the U.S. Federal Reserve has brought some volatility back to currency markets, while also toppling sterling from levels near 3-year highs. Sterling has since traded between $1.38 and $1.40 as investors tread water over uncertainty around the spread of the delta variant of the coronavirus in Britain, which has forced the government to delay the final phase of reopening the economy. Immediate resistance can be seen at 1.3885 (38.2% fib), an upside break can trigger rise towards 1.3939(50%fib).On the downside, immediate support is seen at 1.3822 (Daily low), a break below could take the pair towards 1.3785 (23.6%fib).

USD/CHF: The dollar strengthened against the Swiss franc on Tuesday as dollar was o firm footing amid concerns about new coronavirus outbreaks in Asia undercutting an economic recovery, while investors remained on edge over the United States' exit from accommodative policy. Fears over the spread of the highly infectious Delta variant are denting sentiment at a time markets are on edge after the Fed shocked traders with a hawkish tilt earlier this month. At ( GMT 12:10),greenback edged lower 0.11% versus the Swiss franc to 0.914.Immediate resistance can be seen at 0.9238 (Daily high), an upside break can trigger rise towards 0.9275 (23.6%fib).On the downside, immediate support is seen at 0.9185 (5DMA), a break below could take the pair towards 0.9164 (50%fib).

USD/JPY: The dollar was little changed  against the Japanese yen on Tuesday as traders largely sidelined ahead of a closely watched U.S. jobs report, which could sway the timing of an exit from Federal Reserve stimulus The U.S. Labor Department is expected to report a gain of 690,000 jobs in June, compared with 559,000 in May, and an unemployment rate of 5.7% versus 5.8% in the previous month.Investors are also looking at U.S. consumer confidence data on Tuesday as well as the Institute for Supply Management's manufacturing index on Thursday for clues as to where interest rates are headed. Strong resistance can be seen at 110.78(5DMA), an upside break can trigger rise towards 111.10 (23.6%fib).On the downside, immediate support is seen at 110.52(38.2%fib), a break below could take the pair towards 110.00 (Psychological level).

Equities Recap                                           

A jump in industrial and financial stocks lifted European shares on Tuesday as investors bought into sectors set to benefit from a steady economic recovery, while France’s Rexel rose on lifting its 2021 sales forecast.

At (GMT 12:20),UK's benchmark FTSE 100 was last trading higher at 0.49 percent, Germany's Dax was up by 1.07 percent, France’s CAC was trading up by 0.58 percent.

Commodities Recap

Gold prices fell to a more than one-week low on Tuesday, dented by the dollar’s gains and with the focus turning to a U.S. jobs report that could offer a clearer picture on the Federal Reserve’s next move on monetary policy.

Spot gold slipped 0.5% to $1,768.83 per ounce by 1104 GMT, after touching $1,766.20, its lowest since June 21. U.S. gold futures fell 0.7% to $1,768.80.

Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious Delta variant of coronavirus sparked new mobility restrictions around the world.

Brent crude futures fell 16 cents, or 0.2%, to $74.52 a barrel by 1100 GMT, after slumping 2% on Monday.

U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.5%, to $72.58 a barrel, extending a 1.5% loss on Monday.

 


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