Posted at 26 November 2021 / Categories Market Roundups
Market Roundup
•German Oct Import Price Index (YoY) 21.7%,19.6% forecast, 17.7% previous
•German Oct Import Price Index (MoM) 3.8%,2.0% forecast, 1.3% previous
•French Nov Consumer Confidence 99, 98 forecast, 99 previous
•Switzerland GDP (QoQ) (Q3) 1.7%,1.6% forecast, 1.8% previous
•Switzerland GDP (YoY) (Q3) 4.1%,3.2% forecast, 7.7% previous
•Italian Nov Business Confidence 116.0, 114.0 forecast, 114.9 previous
•Italian Nov Consumer Confidence 117.5, 117.0 forecast, 118.4 previous
Looking Ahead Economic Data (GMT)
•12:30 Brazil Oct Bank lending (MoM) 2.0% previous
•13:00 Brazil Oct CAGED Net Payroll Jobs 270.00K forecast, 313.90K previous
•16:00 Canada Sep Budget Balance (YoY) -57.15B previous
•16:00 Canada Sep Budget Balance -9.83B previous
Looking Ahead - Events, Other Releases (GMT)
•No Economic data
Fxbeat
EUR/USD: The euro rose against dollar on Friday after the discovery of a new, potentially vaccine-resistant coronavirus variant saw investors dump dollar. The market swings come against a backdrop of already growing concern about COVID-19 outbreaks driving restrictions on movement and activity in Europe and beyond.European countries have expanded COVID-19 booster vaccinations and tightened curbs. Slovakia announced a two-week lockdown, the Czech government will shut bars early and Germany crossed the threshold of 100,000 COVID-19-related deaths. The euro rose 0.4% to $1.1251. Immediate resistance can be seen at 1.1304(11DMA), an upside break can trigger rise towards 1.1322 (50%fib).On the downside, immediate support is seen at 1.1261(38.2 % fib), a break below could take the pair towards 1.1190(23.6%fib).
GBP/USD: Sterling briefly dropped below $1.33 for the first time since December 2020 as the British currency found itself caught up in the dumping of riskier assets amid panic over a new COVID-19 variant described as the most concerning yet. Sterling has been falling in recent weeks in October it traded above $1.38 sent lower first by disappointment the BoE did not raise rates this month and more recently by worries over slowing economic momentum and growing expectations of tighter monetary policy in the United States, which has boosted the dollar.After falling to as low as $1.3278, sterling had recovered to $1.3315 by 0845 GMT, down marginally. Immediate resistance can be seen at 1.3345(5DMA), an upside break can trigger rise towards 1.3399(50%fib).On the downside, immediate support is seen at 1.3312 (23.6%fib), a break below could take the pair towards 1.3255 (Lower BB).
USD/CHF: The dollar declined against the Swiss franc on Friday after news of a possibly vaccine-resistant coronavirus variant sent investors scurrying to the safety of bonds, the yen and the Swiss franc.Little is known of the variant, detected in South Africa, Botswana and Hong Kong, but scientists say it has an unusual combination of mutations, may be able to evade immune responses and could be more transmissible. Immediate resistance can be seen at 0.9285(50% fib), an upside break can trigger rise towards 0.9319 (38.2%fib).On the downside, immediate support is seen at 0.9248 (61.8%fib), a break below could take the pair towards 0.9200(Psychological level ).
USD/JPY: The dollar declined against the Japanese yen on Friday as investors reacted to a newly-identified coronavirus variant spreading in South Africa by piling into safe haven assets. The variant was considered by scientists to be the most significant yet found, Britain said on Friday, adding that authorities needed to ascertain whether or not it made vaccines ineffective. As investors dashed for safe-haven assets, the yen jumped more than 1% to around 113 per dollar, having languished earlier this week at five-year lows. Strong resistance can be seen at 114.44 (50% fib), an upside break can trigger rise towards 114.88 (38.2%fib).On the downside, immediate support is seen at 113.98(50%fib), a break below could take the pair towards 113.41 (61.8% fib).
Equities Recap
European stock index futures fell more than 2% on Friday, as a newly identified and possibly vaccine-resistant coronavirus variant drove investors out of riskier assets amid fears of a fresh hit to the global economy.
At (GMT 10:32 ),UK's benchmark FTSE 100 was last trading down at 2.63 percent, Germany's Dax was down by 2.59 percent, France’s CAC finished was down by 3.24 percent.
Commodities Recap
Gold gained on Friday as concerns about a hit to the global economic recovery, due to the spread of a new coronavirus variant identified in South Africa, drove investors to the safety of bullion.
Spot gold jumped 0.9% to $1,805.26 per ounce by 0951 GMT. U.S. gold futures advanced 1.2% to $1,805.20.
Oil prices slid, with U.S. crude futures down 5.7% to $73.96 a barrel and Brent crude down 4.66% to $78.38 amid fresh demand fears.