Posted at 04 November 2022 / Categories Market Roundups
Market Roundup
•Italian Oct Composite PMI 45.8, 47.6 previous
•German Sep Factory Orders (MoM) -4.0%, -0.5% forecast, -2.4% previous
•Italian Oct Composite PMI 45.8, 47.6 previous
• Italian Oct Services PMI 46.4, 48.5 forecast, 48.8 previous
•French Oct Services PMI 51.7, 51.3 forecast, 52.9 previous
• German Oct Services PMI 46.5, 44.9 forecast,45.0 previous
• EU Oct Services PMI 48.6,48.2 forecast, 48.8 previous
• EU Oct S&P Global Composite PMI 47.3,47.1 forecast, 48.1 previous
•UK Oct Construction PMI 53.2, 50.5 forecast, 52.3 previous
Looking Ahead Economic Data(GMT)
•12:30 US Oct U6 Unemployment Rate 6.7% previous
•12:30 US Oct Participation Rate 62.3% previous
•12:30 Canada Oct Employment Change 10.0K forecast, 21.1K previous
•12:30 US Oct Average Hourly Earnings (YoY) (YoY) 4.7% forecast, 5.0% previous
•12:30 US Oct Unemployment Rate 3.6% forecast, 3.5% previous
• 12:30 US Oct Government Payrolls -25.0K previous
• 12:30 Canada Oct Unemployment Rate 5.3% forecast, 5.2% previous
•12:30 US Oct Nonfarm Payrolls 200K forecast, 263K previous
•12:30 US Oct Private Nonfarm Payrolls 200K forecast, 288K previous
•12:30 US Oct Average Hourly Earnings (MoM) 0.3% forecast, 0.3% previous
•12:30 Canada Oct Full Employment Change 5.7K previous
•12:30 Canada Oct Part Time Employment Change 15.4K previous
•12:30 Canada Oct Participation Rate 64.7% previous
•14:00 Canada OctIvey PMI n.s.a 55.9 previous
•14:00 Canada Oct Ivey PMI 59.5 previous
•17:00 US U.S. Baker Hughes Oil Rig Count 610 previous
•17:00 U.S. Baker Hughes Total Rig Count 768 previous
Looking Ahead - Events, Other Releases (GMT)
• 12:15 UK BoE MPC Member Pill Speaks
•14:00 US FOMC Member Rosengren Speaks
Fxbeat
EUR/USD: The euro regained some footing on Friday as dollar rally stalled as investors awaited U.S. jobs data for further market direction. U.S. payroll data released later on Friday will provide the latest indication of the health of the U.S. economy. A survey of economists showed them forecasting an increase of 200,000 jobs last month after a rise of 263,000 in September. The euro was last up 0.24% at $0.9801, after hitting daily low at 0.9739. Immediate resistance can be seen at 0.9820(5DMA), an upside break can trigger rise towards 0.9854(38.2%fib).On the downside, immediate support is seen at 0.9718 (23.6%fib), a break below could take the pair towards 0.9633 (Lower BB).
GBP/USD: Sterling strengthened on Friday paring some of Thursday's 2%-drop after the Bank of England said the economy as facing a two-year recession even as it raised rates by the most since 1989. While investors awaited U.S. jobs data for further market direction. Nonfarm payrolls likely increased by 200,000 jobs last month after rising 263,000 in September, according to survey of economists. The Labor Department's closely watched employment report on Friday is also expected to show unemployment ticking up to 3.6% from 3.5% in September. Average hourly earnings are forecast to have increased 0.3%, matching September's gain .Immediate resistance can be seen at 1.1330 (5DMA), an upside break can trigger rise towards 1.1408(38.2%fib).On the downside, immediate support is seen at 1.1154(23.6%fib), a break below could take the pair towards 1.0724(Lower BB).
USD/CHF: The dollar dipped against the Swiss franc on Friday as the dollar pulled back slightly, with investors globally awaiting a U.S. payrolls report for further clues on the Federal Reserve's rate-hike trajectory. A survey showed nonfarm payrolls likely increased by 200,000 jobs last month after rising 263,000 in September. The U.S. dollar index, which measures the greenback against a basket of currencies, dipped 0.58% to 112.34, after surging 0.8% overnight and touching a roughly two-week high of 113.15.The index was on track for a weekly gain of 2%, its largest since September. Immediate resistance can be seen at 1.0139(23.6%fib), an upside break can trigger rise towards 1.0200(Psychological level).On the downside, immediate support is seen at 1.0070 (38.2%fib), a break below could take the pair towards 1.0047 (5DMA).
USD/JPY: The dollar dipped against the yen on Friday as investors’ focus shifted to the U.S. non-farm payrolls data, due at 1230 GMT, which could offer further cues on the Fed’s rate-hike stance. Nonfarm payrolls likely increased by 200,000 jobs last month after rising 263,000 in September, according to a survey of economists. That would be the smallest gain since December 2020, when payrolls declined under an onslaught of COVID-19 infections. Estimates ranged from 120,000 to 300,000. The dollar was last down 0.42% at 147.62 yen . Strong resistance can be seen at 148.56 (23.6%fib), an upside break can trigger rise towards 149.88 (Oct 24th high).On the downside, immediate support is seen at 146.78 (30DMA), a break below could take the pair towards 140.06(38.2%fib).
Equities Recap
European shares rose on Friday as China-sensitive luxury stocks and miners jumped on hopes that the world's second-largest economy will ease COVID-19 curbs.
At (GMT 11:30 ),UK's benchmark FTSE 100 was last trading up at 1.31 percent, Germany's Dax was up by 1.64 percent, France’s CAC was up by 2.16 percent.
Commodities Recap
Gold prices jumped more than 1% on Friday as the dollar slipped ahead of a U.S. jobs report that could offer cues on the Federal Reserve’s rate-hike path.
Spot gold rose 1.3% to $1,649.93 per ounce by 1054 GMT, and was up 0.4% for the week. U.S. gold futures also gained 1.3% to $1,652.90.
Oil climbed on Friday as the dollar eased and supply risks lingered, though recession fears and China’s COVID outbreaks kept a check on prices.
Brent crude futures were up $1.84, or 1.9%, to $96.51 a barrel at 0740 GMT. The contract is headed for a weekly climb of more than 0.5%.
U.S. West Texas Intermediate (WTI) crude futures were up $1.94, or 2.2%, at $90.11 a barrel, on course for a weekly gain of more than 2%.