Posted at 12 August 2021 / Categories Market Roundups
Market Roundup
•Finnish Jun Current Account 0.70B, 0.30B previous
•UK June Manufacturing Production (YoY) 13.9% , 13.5% forecast, 27.7% previous
•UK June Industrial Production (YoY) 8.3%,9.4% forecast, 20.6% previous
•UK June Trade Balance Non-EU -7.10B, -7.10B previous
•UK June Trade Balance -11.99B,-9.10B forecast, -8.48B previous
•UK June Industrial Production (MoM) 0.7%, 0.3% forecast, 0.8% previous
•UK June Index of Services 5.7%,3.9% previous
•UK June Manufacturing Production (MoM) 0.2%, 0.4% forecast, -0.1% previous
•UK June Construction Output (YoY) 30.0%,32.0% forecast, 56.6% previous
•UK GDP (QoQ) (Q2) 4.8%,4.8% forecast, -1.6% previous
•UK GDP (YoY) (Q2) 22.2%,22.1% forecast, -6.1% previous
•UK Business Investment (QoQ) (Q2) 22.2%, -10.7% previous
•Italian Jun Trade Balance 5.681B, 5.642B previous
•EU June Industrial Production (YoY) 9.7%, 10.4% forecast,20.5% previous
•Irish July HICP (YoY) 0.4%,1.6% previous
Looking Ahead –Economic Data (GMT)
•12:30 US Continuing Jobless Claims 2,880K forecast, 2,930K previous
•12:30 US Jobless Claims 4-Week Avg 394.00K previous
•12:30 US Initial Jobless Claims 375K forecast, 385K previous
•12:30 US Jul Core PPI (YoY) 5.6% forecast, 5.6% previous
•12:30 US Jul PPI (MoM) 0.6% forecast, 1.0% previous
•12:30 US Jul Core PPI (MoM) 0.5% forecast, 1.0% previous
•13:00 UK NIESR Monthly GDP Tracker 4.8% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro strengthened against dollar on Thursday as fears of early tapering by the Federal Reserve subsided after data suggested a slight slowdown in U.S. consumer price increase, caused the dollar to fall . Data on Wednesday showed the U.S. consumer price index rose 0.5% last month, in line with economists’ estimates and down from a 0.9% increase in June. The euro edged higher versus the dollar at $1.17350 , after recovering from a four-month low of $1.1706 on Wednesday. Immediate resistance can be seen at 1.1760(38.2%fib), an upside break can trigger rise towards 1.1796(50%fib).On the downside, immediate support is seen at 1.1707 (23.6%fib), a break below could take the pair towards 1.1678(Lower BB)
GBP/USD :Sterling was little changed on Thursday as analysts expected the Bank of England to make no moves in its monetary policy after official data showed Britain’s economy grew in line with expectations in the second quarter. The Office for National Statistics said the economy grew by 4.8% in the second quarter, in line with poll of economists’ quarter-on-quarter expectations. British GDP remained 2.2% smaller than it was before the pandemic, a reminder of the damage done by Britain’s long coronavirus lockdowns last year. Sterling edged 0.1% lower versus the dollar at $1.3848 by 11:10 GMT . Immediate resistance can be seen at 1.3881(38.2%fib),an upside break can trigger rise towards 1.3992 (23.6%fib).On the downside, immediate support is seen at 1.3828(21DMA), a break below could take the pair towards 1.3793(50%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Thursday as currency traders digested data from the previous day showing U.S. inflation may be coming off the boil. The dollar index , which measures the greenback against a basket of six rivals, was little changed at 92.942, after edging 0.2% lower on Wednesday following the report of easing consumer price growth. The greenback has broadly strengthened since mid-June hitting its highest since April 1 at 93.195 prior to Wednesday's data.Immediate resistance can be seen at 0.9243(11th Aug high), an upside break can trigger rise towards 0.9262 (23.6% fib).On the downside, immediate support is seen at 0.9215 (38.2% fib), a break below could take the pair towards 0.9180 (50%fib ).
USD/JPY: The dollar was little changed against the Japanese yen on Thursday as markets continued to digest an easing of inflationary pressures in the United States. Increases in U.S. consumer prices slowed in July, CPI data on Wednesday showed, taking some heat out of speculation over when the Federal Reserve might taper its bond buying. The dollar was also unchanged against the yen at 110.44 yen , after pulling back from a five-week high of 110.80 overnight. Strong resistance can be seen at 110.52(38.2%fib), an upside break can trigger rise towards 110.82(23.6%fib).On the downside, immediate support is seen at 110.28(50%fib), a break below could take the pair towards 110.05(61.8%fib).
Equities Recap
European stocks held steady on Thursday, trading just below record highs as strong earnings from a clutch of insurers and M&A activity in UK helped offset a decline in miners.
At (GMT 11:50 ),UK's benchmark FTSE 100 was last trading down at 0.17 percent, Germany's Dax was up by 0.39 percent, France’s CAC was last up by 0.29 percent.
Commodities Recap
Gold edged up on Thursday as fears of early tapering by the Federal Reserve eased after data indicated a slight moderation in U.S. consumer price increases, with a resultant dip in the dollar and bond yields lending further support to bullion.
Spot gold was little changed at $1,751.27 per ounce by 1026 GMT, having recorded it biggest one-day percentage gain since May 6 on Wednesday. U.S. gold futures were up 0.1% to $1,754.00.
Oil prices steadied on Thursday as the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand.
Brent crude futures was down 12 cents, or 0.17%, at $71.32 a barrel by 1056 GMT, after earlier rising to a session-high of $71.90.U.S. West Texas Intermediate (WTI) crude futures edged down 20 cents, or 0.29%, to $69.05.