Posted at 14 October 2021 / Categories Market Roundups
Market Roundup
• Spanish Sep HICP (YoY) 4.0% ,4.0% forecast,3.3% previous
• Spanish Sep CPI (YoY) 4.0%,4.0% forecast, 3.3% previous
• Spanish Sep CPI (MoM) 0.8%,0.8% forecast, 0.5% previous
•Sweden Sep CPI (MoM) 0.5%, 0.2% forecast, 0.5% previous
•Sweden Sep CPI (YoY) 2.5%,1.7% forecast, 2.1% previous
•Irish Sep CPI (MoM) 0.5%, 0.6% previous
•Irish Sep CPI (YoY) 3.7%, 2.8% previous
•Irish Sep HICP (MoM) 0.4%,0.7% previous
Looking Ahead Economic Data (GMT)
•12:30 US Sep PPI (MoM) 0.6% forecast, 0.7% previous
•12:30 US Core PPI (MoM) 0.5% forecast, 0.6% previous
•12:30 US Sep Core PPI (YoY) 7.1% forecast, 6.7% previous
•12:30 US Aug Manufacturing Sales (MoM) 0.5% forecast, -1.5% previous
•12:30 US Initial Jobless Claims 319K forecast, 326K previous
•12:30 US Jobless Claims 4-Week Avg 344.00K previous
•12:30 US Continuing Jobless Claims 2,675K forecast, 2,714K previous
•15:00 US Crude Oil Inventories 0.702M forecast, 2.346M previous
•18:00 US Federal Budget Balance -171.0B previous
•14:30 US Natural Gas Storage 94B forecast, 118B previous
Looking Ahead - Events, Other Releases (GMT)
•14:00 US FOMC Member Bostic Speaks
•17:00 US FOMC Member Barkin Speaks
•17:00 US FOMC Member Williams Speaks
Fxbeat
EUR/USD: The euro strengthened on Thursday as dollar dipped as investors assessed whether the Federal Reserve would tighten its monetary policy as early as anticipated. Investors will focus on central bank speakers, from the European Central Bank, executive board member Frank Elderson is due to speak at 1005 GMT, while some U.S. Federal Reserve policymakers will also be in focus after the bank's September meeting minutes showed how it might start reducing its bond purchases from mid-November. The euro was up 0.2% at $1.1619, a nine-day high. Immediate resistance can be seen at 1.1619 (50%fib), an upside break can trigger rise towards 1.1649(61.8%fib).On the downside, immediate support is seen at 1.1588(38.2%fib), a break below could take the pair towards 1.1544(23.6%fib).
GBP/USD: Sterling hit a two-week high on Thursday, building on the previous session’s gains, as traders focused on hopes a post-Brexit trade war with the European Union will be avoided and on expectations the Bank of England will increase rates this year.Two BoE policy makers are expected to give speeches later in the day and investors will be closely watching for any signs that markets got ahead of themselves in pricing a rise in interest rates before the end of the year. At 0841 GMT on Thursday, sterling rose 0.30% versus the dollar to $1.3704. Immediate resistance can be seen at 1.3732(50%fib),an upside break can trigger rise towards 1.3772 (Higher BB).On the downside, immediate support is seen at 1.3667(38.2%fib), a break below could take the pair towards 1.3580(23.6%fib).
USD/CHF: The dollar declined against Swiss franc on Thursday as greenback took a breather following US inflation data . A Labor Department report showed U.S. consumer prices rose solidly in September, and they are likely to rise further amid a surge in energy prices, potentially pressuring the Fed to act sooner to normalise policy. The dollar pulled back even after minutes of the Federal Open Market Committee's September meeting confirmed tapering of stimulus is all but certain to start this year, and showed a growing number of policymakers worried that high inflation could persist. Immediate resistance can be seen at 0.9227 (50%fib), an upside break can trigger rise towards 0.9244 (30DMA).On the downside, immediate support is seen at 0.9193(38.2% fib), a break below could take the pair towards 0.9151(23.6%fib).
USD/JPY: The dollar declined against yen on Thursday as dollar eased taking a breather from rally as investors assessed whether the Federal Reserve would tighten its monetary policy as early as expected. Minutes from the U.S. Federal Reserve’s September meeting showed it could start reducing stimulus by mid-November. At 0913 GMT, the dollar index was down 0.2% on the day at 93.794, its lowest since Oct 4. On Tuesday, it had reached a one-year high at 94.563.The dollar rose 0.26% to 113.55 yen , but still back from the three-year peak of 113.80 yen hit overnight. Strong resistance can be seen at 113.80(23.6%fib), an upside break can trigger rise towards 114.00(Psychological level).On the downside, immediate support is seen at 113.21(38.2%fib), a break below could take the pair towards 112.76(50%fib).
Equities Recap
European stocks hit a more than two-week high on Thursday as investors hoped that a steady economic recovery from the pandemic-induced slump will support corporate earnings despite signs of elevated inflation.
At (GMT 11:20 ),UK's benchmark FTSE 100 was last trading up at 0.71 percent, Germany's Dax was up by 0.86 percent, France’s CAC was last up by 0.88 percent.
Commodities Recap
Gold prices hit their highest in almost a month on Thursday, drawing support from a subdued dollar and U.S. bond yields as investors assessed whether the Federal Reserve would tighten its monetary policy as early as anticipated.
Spot gold rose 0.3% to $1,797.27 per ounce by 0920 GMT, having earlier hit its highest since Sept. 15 at $1,797.31. U.S. gold futures gained 0.2% to $1,797.90.
Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.
Brent crude futures gained 87 cents, or 1.1%, to $84.05 a barrel by 1010 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 77 cents, or 1%, to $81.21, more than recouping the previous day's 0.3% decline.