Posted at 16 July 2021 / Categories Market Roundups
Market Roundup
•French Jun Car Registration (YoY) -14.7%,46.4%previous
•German Jun Car Registration (YoY) 24.5%, 37.2% previous
•Italian Jun Car Registration (YoY) 12.6%, 43.0% previous
•UK Jun Car Registration (MoM) 18.8%,10.7% previous
• French Jun Car Registration (MoM) 41.5%, 0.4% previous
• German Car Registration (MoM) 18.9%,0.4% previous
• Italian May Trade Balance 5.642B, 5.870B previous
• EU June CPI (MoM) 0.3%,0.3%forecast, 0.3% previous
• EU Trade May Balance7.5B, 10.9B previous
• EU Jun CPI (YoY) 1.9%, 1.9% forecast, 2.0% previous
• EU Jun CPI ex Tobacco (YoY) 1.9%,1.9% previous
• EU Core CPI (YoY) 0.9%,0.9% forecast, 0.9% previous
Looking Ahead Economic Data (GMT)
• 12:15 Canada Housing Starts 270. forecast, 275.9K previous
•12:30 US June Retail Sales (YoY) 28.15% previous
• 12:30 Canada May Wholesale Sales (MoM) 1.1% forecast, 0.4% previous
• 12:30 Canada Jun Core Retail Sales (MoM) 0.4% forecast, -0.7% previous
•12:30 US Jun Retail Sales (MoM) -0.4% forecast, -1.3% previous
• 12:30 Canada May Foreign Securities Purchases 9.95B previous
•12:30 US Jun Retail Sales Ex Gas/Autos (MoM) -0.8% previous
•12:30 US Jun Retail Control (MoM) 0.4% forecast, -0.7% previous
• 12:30 Canada May Foreign Securities Purchases by Canadians 18.63B previous
• 14:00 US May Business Inventories (MoM) 0.5% forecast, -0.2% previous
• 14:00 US May Retail Inventories Ex Auto 0.9% previous
• 14:00 US Jul Michigan Current Conditions 90.2 forecast, 88.6 previous
• 14:00 US Jul Michigan Consumer Expectations 85.0 forecast, 83.5 previous
• 14:00 US Jul Michigan 5-Year Inflation Expectations 2.80% previous
• 14:00 US Michigan Jul Consumer Sentiment 86.5 forecast, 85.5 previous
• 14:00 US Jul Michigan Consumer Sentiment 86.5 forecast, 85.5 previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro edged higher against the U.S. dollar on Friday as markets sought direction ahead of next week’s European Central Bank meeting. In the absence of major euro area data releases on Friday, and with ECB policymakers entering their silent period ahead of next Thursday’s meeting traders avoided making new bets on euro. On the data front, the final June euro zone inflation reading came in at 1.9% year-on-year, slowing from 2% in May and confirming an initial estimate. Immediate resistance can be seen at 1.1820 (38.2%fib an upside break can trigger rise towards 1.1864 (20%fib).On the downside, immediate support is seen at 1.1768 (Lower BB), a break below could take the pair towards 1.1750(23.6%fib)
GBP/USD: Sterling slipped on Friday against the dollar, and headed for its worst week in a month, as investors sought safety in the greenback amid concerns over rising COVID-19 cases globally.The pound fell 0.3% against the dollar at $1.3805, and was poised for a similar weekly loss, which if sustained would be its worst since mid-June. The pound fell slightly against the euro to 85.53 pence , moving further away from 3-1/2-month highs hit earlier this week. Immediate resistance can be seen at 1.3869 (38.2% fib), an upside break can trigger rise towards 1.3940 (50%fib).On the downside, immediate support is seen at 1.3778 (23.6%fib), a break below could take the pair towards 1.3735 (Lower BB).
USD/CHF: The dollar strengthened against the Swiss franc on Friday as investors' switched to dollar as rising COVID-19 infections loomed over the pandemic recovery. Solid U.S. data and a shift in interest rate expectations after the Federal Reserve flagged in June sooner-than-expected hikes in 2023 have put a floor under the greenback over the past month and made investors nervous about shorting it. The gains came despite Fed Chair Powell reiterating on Thursday that rising inflation was likely to be transitory and that the U.S. central bank would continue to support the economy. Immediate resistance can be seen at 0.9211 (38.2%fib), an upside break can trigger rise towards 0.9266 (Higher BB).On the downside, immediate support is seen at 0.9157 (50%fib), a break below could take the pair towards 0.9119 (Lower BB).
USD/JPY: The dollar strengthened against the Japanese yen on Friday as demand for dollar increased as rising COVID-19 infections loomed over the pandemic recovery.The dollar index, tracking the greenback against major currencies, is on course for a 0.5% gain this week, which would be close to its biggest weekly gain in about a month. It was broadly flat on the day at 92.530. Traders will be watching out for U.S. retail sale figures for June due later this session and looking for any reading on inflation and the strength of the recovery. At 10:30 GMT, the dollar was 0.32 percent lower versus the yen at 110.16. Strong resistance can be seen at 110.18 (50%fib), an upside break can trigger rise towards 110.48 (14DMA).On the downside, immediate support is seen at 109.72 (23.6%fib), a break below could take the pair towards 109.53 (July 8th Low).
Equities Recap
European stocks rose on Friday after travel stocks rebounded from sharp losses posted earlier this week, while a batch of upbeat earnings reports overshadowed concerns about rising cases of Delta variant in the continent.
At (GMT 10:21 ),UK's benchmark FTSE 100 was last trading up at 0.02 percent, Germany's Dax was down by 0.19 percent, France’s CAC was last down by 0.58 percent.
Commodities Recap
Gold prices eased on Friday due a slight rebound in U.S. bond yields and a firmer dollar, although a dovish stance on monetary policy by the Federal Reserve kept bullion on track for its fourth straight weekly rise.
Spot gold was down 0.4% at $1,822.50 per ounce by 0936 GMT, but was up 0.8% so far this week.
Brent crude was up 37 cents, or 0.5%, at $73.84 a barrel by 1000 GMT, heading for a 2.3% fall this week, marking its biggest weekly drop since May.
U.S. crude for August rose 42 cents, or 0.6%, to $72.07 a barrel, on track for a 3.4% decline, its largest weekly drop since April.