Posted at 06 August 2021 / Categories Market Roundups
Market Roundup
• UK Jul Halifax House Price Index (MoM) 0.4%,-0.5% previous
• French Non-Farm Payrolls (QoQ) (Q2) 1.2%,0.3% previous
•French Jun Current Account -0.50B, -2.30B previous
•French Jun Imports 47.4B,46.2B previous
•French Jun Exports 41.6B,39.4B previous
• French Jul Reserve Assets Total 190,654.0M,186,242.0M previous
• Italian Jun Industrial Production (MoM) 1.0%,1.0% forecast, -1.5% previous
•Italian Jun industrial Production (YoY) 13.9%,21.1% previous
Looking Ahead –Economic Data (GMT)
•12:30 Canada July Employment Change 177.5K forecast, 230.7K previous
•12:30 US Jul U6 Unemployment Rate 9.8% previous
•12:30 US Jul Participation Rate 61.6% previous
•12:30 US Jul Average Hourly Earnings (YoY) (YoY) 3.8% forecast, 3.6% previous
•12:30 US Jul Average Weekly Hours 34.7 forecast, 34.7 previous
•12:30 US Jul Unemployment Rate 5.7% forecast, 5.9% previous
•12:30 US Jul Participation Rate 65.2% previous
•12:30 US Jul Unemployment Rate 7.4% forecast, 7.8% previous
•12:30 US Jul Nonfarm Payrolls 870K, 850K previous
•12:30 US Jul Government Payrolls 188.0K previous
•12:30 US Jul Manufacturing Payrolls 25K forecast, 15K previous
•12:30 US Jul Private Nonfarm Payrolls 700K forecast, 662K previous
•12:30 US Jul Average Hourly Earnings (MoM) 0.3% forecast, 0.3% previous
•12:30 US Jul Part Time Employment Change 263.9K previous
•12:30 Canada Jul Full Employment Change -33.2K previous
•14:00 Canada Jul Ivey PMI n.s.a 67.7 previous
•14:00 Canada Jul Ivey PMI 71.9 previous
•14:00 US Wholesale Trade Sales (MoM) 0.8% forecast, 0.8% previous
•17:00 U.S. Baker Hughes Oil Rig Count 387 previous
•17:00 U.S. Baker Hughes Total Rig Count 491 previous
Looking Ahead - Events, Other Releases (GMT)
•No significant data
Fxbeat
EUR/USD: The euro dipped to one-week low against dollar on Friday as fears about the spread of the Delta variant of the coronavirus and stronger dollar weighed on euro. Investors will also be looking out for U.S. non-farm payrolls data for July later on Friday, with job growth likely to have remained robust and rising by at least 1 million. The euro fell and was trading last down 0.21% at $1.1807, its lowest since 28th July. Immediate resistance can be seen at 1.1816(38.2%fib), an upside break can trigger rise towards 1.1843(50%fib).On the downside, immediate support is seen at 1.1803(Daily low), a break below could take the pair towards 1.1784 (23.6%fib).
GBP/USD: Sterling steadied against dollar on Friday after the Bank of England set out plans for how it would tighten monetary policy. The central bank’s message was slightly hawkish, the monetary policy committee voted 7-1 to maintain the pace of its government bond-buying, even though it expects inflation to jump to 4.0% around the end of the year. But it also said that “some modest tightening” of monetary policy over its three-year forecast period was likely to be necessary. At 0756 GMT on Friday, sterling was little changed against the dollar at $1.3925, up 0.2% on the week as a whole. Immediate resistance can be seen at 1.3950 (Aug 6th high),an upside break can trigger rise towards 1.3983 (23.6%fib).On the downside, immediate support is seen at 1.3900(Daily low), a break below could take the pair towards 1.3790 (38.2%fib).
USD/CHF: The dollar edged higher against Swiss franc on Friday as market awaited key US jobs data. A key jobs report due later in the day is expected to deliver further signs of growth in the United States, soothing some of those concerns about the global economy and further boosting the rising dollar. Investors hoped for a further shot of confidence from the report on July employment data due 1230 GMT, expected to show robust gains albeit partly due to seasonal technical factors as much as underlying growth.Immediate resistance can be seen at 0.9095(50%fib), an upside break can trigger rise towards 0.9102 (29th July high).On the downside, immediate support is seen at 0.9061 (38.2%fib), a break below could take the pair towards 0.9021 (23.6%fib).
USD/JPY: The dollar strengthened against the Japanese yen on Friday ticked up on Friday with all eyes on a U.S. jobs report later in the session that is expected to set the tone for global markets. A Reuters poll expects U.S. non-farm payrolls to rise to 870,000 from 850,000 in June, though estimates ranged from 350,000 to 1.6 million, underscoring the uncertainty in gauging the data. The dollar strengthened 0.05% versus the greenback at 109.80 per dollar. Strong resistance can be seen at 109.91(38.2%fib), an upside break can trigger rise towards 110.35 (50%fib).On the downside, immediate support is seen at 109.38 (23.6%fib), a break below could take the pair towards 109.00(Psychological level).
Equities Recap
European stocks gained on Friday ahead of a key U.S. jobs report as investors grew confident in the region’s economic recovery and corporate earnings growth.
At (GMT 10:46),UK's benchmark FTSE 100 was last trading up at 0.10 percent, Germany's Dax was up by 0.13 percent, France’s CAC was last up by 0.18 percent
Commodities Recap
Gold was pinned below the $1,800 mark on Friday as the dollar firmed in the run-up to a key U.S. employment report that could prove pivotal to the Federal Reserve’s monetary policy strategy.
Spot gold fell 0.3% to $1,799.20 per ounce by 0844 GMT and was on course for its worst week since mid-June. U.S. gold futures eased 0.4% to $1,801.10.
Oil prices edged higher on Friday but remained on track for their biggest weekly decline since March on concerns over the impact on fuel demand from travel restrictions to curb the spread of the Delta variant of COVID-19.
Brent crude oil futures were up 39 cents at $71.68 a barrel by 0940 GMT and U.S. West Texas Intermediate (WTI) crude futures rose 39 cents to $69.48, though both contracts have given up 6% this week.