Posted at 07 July 2022 / Categories Market Roundups
Market Roundup
• Swiss Jun Unemployment Rate n.s.a. 2.0%, 2.0%forecast, 2.1% previous
• Swiss Jun Unemployment Rate s.a. 2.2%,2.2% forecast, 2.2% previous
•UK Jun Halifax House Price Index (MoM) 1.8% forecast, 1.0% previous
•German May Industrial Production (MoM) 0.2%, 0.4% forecast,0.7% previous
•UK Labour Productivity -0.8% ,-0.7% previous
Looking Ahead - Economic Data (GMT)
•11:30 US Challenger Job Cuts (YoY) -15.8% previous
•12:15 US ADP Jun Nonfarm Employment Change 200K forecast, 128K previous
•12:30 Canada May Trade Balance 2.40B forecast, 1.50B previous
•12:30 Canada May Imports 62.81B previous
•12:30 US May Trade Balance -84.90B forecast,-87.10B previous
•12:30 Canada May Exports 64.31B previous
•12:30 US Exports 252.60B previous
•12:30 US Imports 339.70B previous
•12:30 US Initial Jobless Claims 230K forecast, 231K previous
•12:30 US Jobless Claims 4-Week Avg 231.75K previous
•12:30 US Continuing Jobless Claims 1,327K forecast, 1,328K previous
•14:00 Canada Jun Ivey PMI 72.0 previous
•14:00 Canada Jun Ivey PMI n.s.a 66.7 previous
•14:30 US Natural Gas Storage 74B forecast, 82B previous
•14:30 US Crude Oil Inventories -1.043M forecast, -2.762M previous
•15:00 US Gasoline Inventories -0.480M forecast, 2.645M previous
•15:00 US Cushing Crude Oil Inventories -0.782M previous
•15:30 US 4-Week Bill Auction 1.240% previous
•15:30 US 8-Week Bill Auction 1.650% previous
Looking Ahead - Events, Other Releases (GMT)
•16:05 UK BoE MPC Member Pill Speaks
•17:00 US FOMC Member Bullard Speaks
Fxbeat
EUR/USD: The euro hit a fresh two-decade low against the dollar on Thursday as investors grappled with the risks of a recession and a potential pause in interest rate. Also slight pullback in the dollar offered the euro some respite, allowing it to edge away from two-decade lows reached this week after surging energy prices fanned recession fears. The euro rose 0.2% to 1.02 after hitting a two-decade low at 1.01615 on Wednesday. Immediate resistance can be seen at 1.0272 (Daily high),an upside break can trigger rise towards 1.0349(38.2%fib).On the downside, immediate support is seen at 1.0176(23.6%fib), a break below could take the pair towards 1.0100(Psychological level).
GBP/USD: Sterling edged higher on Thursday after reports that British Prime Minister Boris Johnson would shortly resign, with traders welcoming the prospect of reduced political uncertainty. But sharp gains were limited as a stream of ministerial resignations this week had made Johnson's departure almost a certainty and largely priced in by markets. UK assets have been notably calm as a collapse in support engulfed Johnson this week, with the deteriorating global economic backdrop viewed as far more important. By 0915 GMT sterling was at $1.1968, holding firmer on the day. Immediate resistance can be seen at 1.1993(Daily high),an upside break can trigger rise towards 1.2100(38.2%fib).On the downside, immediate support is seen at 1.1892(23.6%fib), a break below could take the pair towards 1.1838(Lower BB).
USD/CHF: The dollar dipped against Swiss franc on Thursday as investors continued to assess the global economic outlook. The global rate tightening seen over recent months, led by the Fed, have stoked recession fears. The U.S. data showed job openings higher than expected and the services sector holding up. The next big data point is on Friday when broader labour market numbers can provide a fuller picture of the state of the world’s biggest economy. While ,James Bullard, the St Louis Fed President, and Fed Governor Christopher Waller are both due to speak at 1700 GMT. Immediate resistance can be seen at 0.9752 (Daily high), an upside break can trigger rise towards 0.9796 (38.2%fib).On the downside, immediate support is seen at 0.9659 (50%fib), a break below could take the pair towards 0.9542(11DMA).
USD/JPY: The dollar edged lower against Japanese yen on Thursday as dollar retreated from a near two-decade high against major peers, tracking an easing in U.S. Treasury yields.. The Japanese yen weakened 0.03% to 135.92 per dollar. The dollar index , which measures the currency against six counterparts, slipped 0.11% to 106.94, pulling away from the overnight peak at 107.27, a level not seen since late 2002. Traders now await Friday’s broader labour market data, which can provide a fuller picture of the state of the world’s biggest economy.Strong resistance can be seen at 136.55 (23.6%fib), an upside break can trigger rise towards 137.90(Higher BB).On the downside, immediate support is seen at 135.66(11DMA), a break below could take the pair towards 134.73(38.2%fib).
Equities Recap
Economy-sensitive stocks and chipmakers boosted European shares on Thursday, with the latter getting a lift from upbeat results by South Korea's Samsung, while investors awaited minutes of the European Central Bank (ECB) meeting for clues on rate hikes.
At (GMT 11:33),UK's benchmark FTSE 100 was last trading up at 1.05 percent, Germany's Dax was up by 1.37 percent, France’s CAC was up by 1.25 percent.
Commodities Recap
Gold prices edged up on Thursday as the dollar eased slightly and some investors scooped up bargains after sharp losses in the previous two sessions.
Spot gold rose 0.2% to $1,741.75 per ounce by 0843 GMT.U.S. gold futures were up 0.2% to $1,739.80.
Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
Brent crude futures rose 14 cents, or 0.1%, to $100.83 a barrel by 0900 GMT. WTI crude futures climbed 21 cents, or 0.2%, to $98.74 a barrel.