Posted at 23 September 2021 / Categories Market Roundups
Market Roundup
•French Sep Manufacturing PMI 55.2, 57.0 forecast,57.5 previous
•French Sep Markit Composite PMI 55.1, 55.8 forecast, 55.9 previous
• French Sep Services PMI 56.0, 56.0 forecast, 56.3 previous
•German Sep Services PMI 56.0, 60.2 forecast, 60.8 previous
•German Sep Manufacturing PMI 58.5, 61.5 forecast, 62.6 previous
•Swiss SNB Interest Rate Decision (Q3) -0.75% forecast, -0.75% forecast, -0.75% previous
•EU Sep Markit Composite PMI 56.1 forecast, 58.5 forecast, 59.0 previous
•EU Sep Manufacturing PMI 58.7 forecast, 60.3 forecast, 61.4 previous
•UK Composite PMI 54.1 forecast, 54.8 previous
•UK BoE Sep Interest Rate Decision0.10, 0.10% forecast, 0.10% previous
•UK Sep BoE MPC vote unchanged 9, 9 forecast, 8 previous
•UK Sep BoE QE Total 875B, 875B forecast, 875B previous
•UK Sep BoE MPC vote cut 0 , 0 previous
Looking Ahead - Economic data ahead (GMT)
•12:30 US Continuing Jobless Claims 2,650K forecast, 2,665K previous
•12:30 US Jobless Claims 4-Week Avg 335.75K previous
•12:30 US Initial Jobless Claims 320K forecast, 332K previous
•12:30 US Chicago Aug Fed National Activity 0.53 previous
•12:30 Canada Core Retail Sales (MoM) -1.5%, 4.7% previous
•13:45 US Sep Markit Composite PMI 58.3 forecast, 55.4 previous
•13:45 US Sep Manufacturing PMI 61.5 forecast, 61.1 previous
•13:45 US Sep Services PMI 55.0 forecast, 55.1 previous
•15:00 US KC Fed Sep Composite Index 29 previous
•15:00 US KC Sep Fed Manufacturing Index 22 previous
Looking Ahead – Events and other releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro strengthened against dollar on Thursday as market shrugged off hawkish Fed statement but gains were limited by weaker Eurozone PMI data. Euro zone business activity grew at its weakest pace in five months in September as curbs to limit the Delta variant of coronavirus hit demand and supply-chain constraints pushed input costs to a more than two-decade high, a survey showed on Thursday.IHS Markit’s Flash Composite Purchasing Managers’ Index, a good gauge of overall economic health, fell to a five-month low of 56.1 in September from 59.0 in August. Immediate resistance can be seen at 1.1722 (38.2%fib), an upside break can trigger rise towards 1.1752(50%fib).On the downside, immediate support is seen at 1.1680(23.6%fib), a break below could take the pair towards 1.1600 (Psychological level).
GBP/USD: Sterling rose against dollar on Thursday after Bank of England kept interest rate unchanged at 0.1%. The Bank of England kept its main interest rate unchanged at 0.1% on Thursday and stuck to its 895 billion pound ($1.22 trillion) asset purchase target. Policymakers voted unanimously to keep interest rates unchanged but Dave Ramsden joined Michael Saunders in voting for an early end to the central bank’s ongoing programme of government bond purchases. The pound was last up 0.6% at $1.3708 after trading around $1.3686 before the BoE announcement. Immediate resistance can be seen at 1.3704 (38.2%fib), an upside break can trigger rise towards 1.3757 (30DMA).On the downside, immediate support is seen at 1.3647 (38.2%fib), a break below could take the pair towards 1.3598 (50%fib).
USD/CHF: The dollar declined against the Swiss franc on Thursday as the dollar gave up some gains that were driven by the U.S. central bank’s hints at faster-than-expected interest rate hikes. The dollar retreated from a one-month high as investors processed the outcome of this week’s Federal Reserve meeting and subsequent statement by Fed chair Jerome Powell that a tapering of stimulus measures was not far away. .Immediate resistance can be seen at 0.9261 (38.2%fib), an upside break can trigger rise towards 0.9317 (23.6%fib).On the downside, immediate support is seen at 0.9215(38.2%fib), a break below could take the pair towards 0.9176(61.8%fib).
USD/JPY: The dollar strengthened against yen on Thursday after the U.S. Federal Reserve clarified its timeline for rate hikes and as concerns over Chinese property developer Evergrande eased. China injected fresh cash into its financial system ahead of a crucial Evergrande bond coupon deadline, easing some of the concerns over a possible default that had hit markets earlier this week. The dollar was trading 0.24% higher versus the dollar at 110.02. Strong resistance can be seen at 110.07(23.6%fib), an upside break can trigger rise towards 110.32(Higher BB).On the downside, immediate support is seen at 109.66(38.2%fib), a break below could take the pair towards 109.39(50%fib).
Equities Recap
European stocks rallied for a third day as the global mood brightened on easing concerns about cash-strapped developer China Evergrande.
At (GMT 11:56),UK's benchmark FTSE 100 was last trading down at 0.0% percent, Germany's Dax was up by 0.76%percent, France’s CAC finished was up by 0.76% percent.
Commodities Recap
Gold steadied on Thursday as the dollar gave up some gains that were driven by the U.S. central bank’s hints at faster-than-expected interest rate hikes, but positive news on China’s Evergrande limited interest for safe-haven bullion.
Spot gold was 0.2% higher at $1,770.94 per ounce by 0924 GMT, while U.S. gold futures fell 0.5% to $1,769.50.
Oil prices eased but remained well above $75 a barrel on Thursday, supported by growing fuel demand and a draw in U.S. crude inventories as production remained hampered in the Gulf of Mexico after two hurricanes.
Brent crude was down 24 cents, or 0.3%, to $75.95 a barrel at 1035 GMT. U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.4%, to $71.95 a barrel.