Posted at 30 November 2021 / Categories Market Roundups
Market Roundup
•French GDP (QoQ) (Q4) 3.0%,3.0% forecast, 3.0% previous
• French Oct Consumer Spending (MoM) -0.4%, 0.3% forecast, -0.2% previous
•French Oct PPI (MoM) 2.9%, 1.7% previous
•French CPI (MoM) 0.4% ,0.4% previous
•French HICP (MoM) 0.4%,0.4% previous
•German Nov Unemployment Rate 5.3%, 5.3% forecast, 5.4% previous
•German Nov Unemployment n.s.a 2.317M, 2.377M previous
•German Nov Unemployment Change -34K, -25K forecast, -39K previous
•EU Nov HICP ex Energy & Food (YoY) 2.3% forecast, 2.1% previous
•EU Nov CPI (YoY) 4.5% forecast, 4.1% previous
•Italian Nov CPI (MoM) 0.1% forecast, 0.7% previous
•Italian Nov HICP (YoY) 3.3% forecast, 3.2% previous
•Belgian GDP (QoQ) (Q3) 1.8% previous
•EU CPI (MoM) 0.8% previous
•EU HICP ex Energy and Food (MoM) 0.3% previous
•EU Core CPI (YoY) 2.0% previous
Looking Ahead Economic Data (GMT)
•13:30 Canada GDP (QoQ) (Q3) -0.3% previous
•13:30 Canada GDP (YoY) (Q3) 12.72% previous
•13:30 Canada GDP Annualized (QoQ) (Q3) 3.0% forecast, -1.1% previous
•13:30 Canada Sep GDP (MoM) 0.1% forecast, 0.4% previous
•13:55 US Redbook (YoY) 15.4% previous
•14:00 US Sep S&P/CS HPI Composite - 20 n.s.a. (MoM) 1.5% forecast, 0.9% previous
•14:00 US Sep S&P/CS HPI Composite - 20 n.s.a. (YoY) 19.3% forecast, 19.7% previous
•14:00 US Sep House Price Index (YoY) 18.5% previous
•14:00 US Sep House Price Index 351.7 previous
•14:00 US Sep House Price Index (MoM) 1.0% previous
•14:45 US Nov Chicago PMI 67.0 forecast, 68.4 previous
•15:00 US Nov CB Consumer Confidence 110.9 forecast, 113.8 previous
•15:00 US Nov Texas Services Sector Outlook 20.7 previous
•15:00 US Nov Dallas Fed Services Revenues 19.6 previous
Looking Ahead - Events, Other Releases (GMT)
•15:00 US Fed Chair Powell Testifies
•15:00 US FOMC Member Williams Speaks
•15:00 US FOMC Member Clarida Speaks
Fxbeat
EUR/USD: The euro rose against dollar on Tuesday as single currency drew support from a subdued dollar as investors assessed the severity of the Omicron coronavirus variant's impact on the global economy. The World Health Organization warned of a “very high” risk of infection surges from Omicron, and countries around the world have reacted quickly to tighten border controls.The euro was steady at $1.131 while sterling was little changed at $1.3315The single currency slumped to a nearly 17-month trough of $1.11864 last week as European Central Bank policy makers stuck to their dovish stance in the face of heated inflation. Immediate resistance can be seen at 1.1400(21DMA), an upside break can trigger rise towards 1.1450(61.8%fib).On the downside, immediate support is seen at 1.1286 (38.2 % fib), a break below could take the pair towards 1.1185(23.6%fib).
GBP/USD: Sterling strengthened on Tuesday against weakening dollar on the expectations that the BoE could raise interest rates faster than the European Central Bank. Markets are pricing in around 8 bps of an increase in interest rates by the Bank of England on Dec. 16. That has fallen from more than 12 bps at the start of last week. Sterling rose 0.3% versus the weakening dollar to $1.3360, after touching a December 2020 low of $1.3278 on Friday. Immediate resistance can be seen at 1.3382(38.2%fib), an upside break can trigger rise towards 1.3438(50%fib).On the downside, immediate support is seen at 1.3303 (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 Tuesday as dollar after Moderna's CEO said COVID-19 vaccines are unlikely to be as effective against the Omicron variant as they have been with other types.Risk appetite took a beating across world markets with the greenback weakening. Investors now await Federal Reserve Chairman Jerome Powell's congressional testimony later this week after his warning on Monday that the new COVID-19 strain muddied the central bank's inflation outlook and prices could continue to rise for longer than earlier thought. Immediate resistance can be seen at 0.9215 (50% fib), an upside break can trigger rise towards 0.9250(38.2%fib).On the downside, immediate support is seen at 0.9178 (61.8%fib), a break below could take the pair towards 0.9151(25th Oct low ).
USD/JPY: The dollar declined against the Japanese yen on Tuesday as warnings about the impact of the Omicron coronavirus variant renewed demand for safe-haven assets. Moderna's chief warned that COVID-19 vaccines are unlikely to be as effective against the Omicron variant as they have been against the Delta version. The Moderna chief's comments rattled financial markets, with dollar dropping against yen. Strong resistance can be seen at 113.18 (38.2% fib), an upside break can trigger rise towards 113.82 (23.6%fib).On the downside, immediate support is seen at 112.70(50%fib), a break below could take the pair towards 112.22(61.8%fib).
Equities Recap
European stocks fell more than 1% on Tuesday after vaccine-maker Moderna's head cast doubts over the efficacy of COVID-19 shots against the Omicron coronavirus variant.
At (GMT 10:04 ),UK's benchmark FTSE 100 was last trading down at 1.28 percent, Germany's Dax was down by 1.47 percent, France’s CAC finished was down by 1.43 percent.
Commodities Recap
Oil prices tumbled more than 3% on Tuesday after Moderna's CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries about oil demand.
Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel at 0912 GMT after slipping to an intraday low of $70.52, the lowest since Sept. 1.
U.S. West Texas Intermediate (WTI) crude futures fell $2.15, or 3.1%, to $67.80 a barrel, off a session low of $67.06, the weakest since Aug. 26.
Gold rose on Tuesday as investors sought safe havens again after Moderna's CEO warned that COVID-19 vaccines were likely to be less effective against the Omicron variant, putting bullion on course for a second straight monthly gain.
Spot gold rose 0.4% to $1,791.86 per ounce by 0913 GMT. U.S. gold futures advanced 0.6% to $1,794.80.