Posted at 07 September 2021 / Categories Market Roundups
Market Roundup
•Swiss Aug Unemployment Rate n.s.a 2.7%,2.8% forecast, 2.8% previous
•Swiss Aug Unemployment Rate s.a 2.9%,3.0% forecast, 3.0% previous
•UK Halifax House Price Index (YoY) 0.7%, 0.4%previous
•German Jul Industrial Production (MoM) 1.0%,0.9% forecast, -1.3% previous
•EU Employment Change (QoQ) (Q2) 0.7%,0.5% forecast, 0.5% previous
•EU Employment Change (YoY) (Q2) 1.8%,1.8% forecast, 1.8% previous
•EU Sep ZEW Economic Sentiment 31.1,42.7 previous
•German Sep ZEW Economic Sentiment 31.9,30.0 forecast, 40.4 previous
•German Sep ZEW Current Conditions 26.5,34.0 forecast, 29.3 previous
•EU GDP (QoQ) (Q2) 2.2%, 2.0% forecast, 2.0% previous
Looking Ahead –Economic Data (GMT)
•14:00 US Aug CB Employment Trends Index 109.80 previous
•15:30 US 6-Month Bill Auction 0.055% previous
•15:30 US 52-Week Bill Auction 0.080% previous
•15:30 New Zealand GlobalDairyTrade Price Index 0.3% previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
Fxbeat
EUR/USD: The dipped against dollar on Tuesday as investors awaited a European Central Bank meeting and U.S. data to gauge the policy outlook. The ECB is seen debating a cut in stimulus with analysts expecting purchases under the ECB’s Pandemic Emergency Purchase Programme (PEPP) falling possibly as low as 60 billion euros a month from the current 80 billion. The euro changed hands at $1.1884, a tad below Friday's one-month peak of $1.1909.Immediate resistance can be seen at 1.1886 (Daily high), an upside break can trigger rise towards 1.1908(23.6%fib).On the downside, immediate support is seen at 1.1860(38.2%fib), a break below could take the pair towards 1.1833 (50%fib)
GBP/USD: Sterling dipped for a second consecutive day against a broadly stronger dollar on Tuesday, adding to losses sustained at the start of the week on stuttering economic momentum in Britain. With currencies largely range-bound on Tuesday owing to a U.S. holiday, traders largely kept the dollar bid in morning deals in London. Sterling, earlier trading flat on the dollar, eased 0.2% to $1.381 by 0820 GMT, trading some ways off a 4-week high of $1.3890.Immediate resistance can be seen at 1.3824(38.2%fib),an upside break can trigger rise towards 1.3884 (23.6%fib).On the downside, immediate support is seen at 1.3772(50%fib), a break below could take the pair towards 1.3723 (61.8%fib).
USD/CHF: The dollar was little changed against the Swiss franc on Tuesday as the possibility of a delay in monetary policy tapering in the United States kept investors cautious. Focus now shifts to the European Central Bank’s meeting on Thursday, where it is likely to debate winding back stimulus measures as the euro zone economy roars back to life. Immediate resistance can be seen at 0.9160 (9DMA), an upside break can trigger rise towards 0.9192 (23.6%fib).On the downside, immediate support is seen at 0.9138(38.2%fib), a break below could take the pair towards 0.9098 (50%fib).
USD/JPY: The dollar strengthened against yen on Tuesday as softer Treasury yields and upbeat Chinese economic data boosted sentiment. While trading ranges remained narrow thanks to a U.S. holiday, broader sentiment was unmistakably upbeat as traders bet weak U.S. data would keep the Federal Reserve from unwinding its tapering plans. Against a basket of its rivals, the dollar steadied at 92.23 and within striking distance of an early August low of 91.941 hit on Friday. Strong resistance can be seen at 110.06(38.2%fib), an upside break can trigger rise towards 110.42(23.6%fib).On the downside, immediate support is seen at 109.78(50%fib), a break below could take the pair towards 109.45(61.8%fib).
Equities Recap
European stocks slipped from recent highs on Tuesday as a flurry of deals in the telecom sector led by Deutsche Telekom was offset by caution ahead of a European Central Bank meeting later this week.
At (GMT 11:34),UK's benchmark FTSE 100 was last trading down at 0.21% percent, Germany's Dax was down by 0.26 %percent, France’s CAC finished was down by 0.02% percent.
Commodities Recap
Gold prices fell on Tuesday, retreating further from a 2-1/2 month peak hit last week, as a firmer dollar and a rise in U.S. Treasury yields dented demand for safe-haven bullion.
Spot gold was down 0.5% to $1,813.60 per ounce by 0902 GMT, while U.S. gold futures fell 1% to $1,815.80.
Oil prices were mixed on Tuesday as Saudi Arabia's sharp cuts in crude contract prices for Asia sparked fears over slower demand, but strong Chinese economic data capped losses.
Brent crude futures were up 12 cents, or 0.2%, to $72.34 a barrel by 0947 GMT, after falling 39 cents on Monday. U.S. West Texas Intermediate crude was at $68.83 a barrel, down 46 cents, or 0.7%, from Friday's close