Posted at 09 March 2023 / Categories Market Roundups
Market Roundup
•French Non-Farm Payrolls (QoQ) (Q4) 0.2%, 0.0% forecast, 0.4% previous
•Sweden Jan Industrial New Orders (YoY) -10.5%, 24.9% previous
•Sweden Industrial Production (YoY)3.5%,-2.5% previous
•US Continuing Jobless Claims 1,718K , 1,659K forecast,1,655K previous
•US Initial Jobless Claims 211K ,195K forecast,190K previous
•U Jobless Claims 4-Week Avg. 197.00K ,193.00K previous
Looking Ahead Economic data (GMT)
•15:30 US Natural Gas Storage -80B forecast,-81B previous
•16:30 US 4-Week Bill Auction 4.590% previous
•16:30 US 8-Week Bill Auction 4.655% previous
Looking ahead events and other Releases(GMT)
•18:40 Canada BoC Senior Deputy Governor Rogers Speaks
•15:00 US Fed Vice Chair for Supervision Barr Speaks
Fxbeat
EUR/USD: The euro edged higher against the dollar on Thursday as investors grew increasingly worried about the prospects of interest rates staying higher for longer. The European Central Bank will be in focus next week, when it is expected to hike its key lending rate by 50 basis points amid numerous policymakers calling for the central bank to keep hiking rates in subsequent meetings. Investors’ focus will now be on the U.S. jobs report for February due on Friday. The euro was last up 0.1% at $1.0555. Immediate resistance can be seen at 1.0596 (9DMA), an upside break can trigger rise towards 1.0699(38.2%fib).On the downside, immediate support is seen at 1.0521 (50%fib), a break below could take the pair towards 1.0490(Lower BB).
GBP/USD: Sterling ticked higher against a softer dollar and euro on Thursday, although traders were still focused on the global backdrop after expectations rose this week for bigger interest rate hikes from the U.S Federal Reserve. Looking at the UK, Turner pointed to key data in the coming weeks before the Bank of England convenes on March 23 for its next policy meeting.UK employment and wage data will be published on March 14. Next week will also see British finance minister Jeremy Hunt announce his new budget.By 1158 GMT, the pound was up 0.42% against the dollar at $1.1887 and 0.1% higher against the euro at 88.892 pence. Nevertheless, the pound is down 1.3% against the dollar for the week as rate-hike expectations from the Fed have ticked up. Immediate resistance can be seen at 1.2061(21DMA), an upside break can trigger rise towards 1.2150(23.6%fib).On the downside, immediate support is seen at 1.1986(38.2%fib), a break below could take the pair towards 1.1924(Lower BB).
USD/CHF: The dollar declined against the Swiss franc on Thursday as investors stayed on the sidelines ahead of U.S. jobs data that could influence the Federal Reserve’s monetary policy path.In the second day of his testimony to Congress on Wednesday, Powell reaffirmed his message, though he struck a cautious note, saying debate on the scale and path of future rate hikes was still underway and would depend on data.That caused the U.S. dollar to pause its sharp rally from earlier in the week. The U.S. dollar index edged 0.05% lower to 105.57, and remained near a three-month peak of 105.88 hit on Wednesday. Immediate resistance can be seen at 0.9429 (38.2%fib), an upside break can trigger rise towards 0.9477(Higher BB).On the downside, immediate support is seen at 0.9370(9DMA), a break below could take the pair towards 0.9360(50%fib).
USD/JPY: The dollar dipped against yen on Thursday as investors were cautious ahead of U.S. jobs data that could influence the Federal Reserve’s monetary policy path. The U.S. jobs report is expected to show non-farm payrolls increased by 205,000 in February, according to economists polled. Private employment increased by 242,000 jobs last month, according to the ADP National Employment report, while separate data on Wednesday showed U.S. job openings fell less than expected in January . Markets are pricing in a 50-basis-point hike at the Fed’s March 21-22 policy meeting. Strong resistance can be seen at 136.54(5DMA), an upside break can trigger rise towards 138.11(Higher BB).On the downside, immediate support is seen at 136.08 (38.2%fib), a break below could take the pair towards 134.38(50%fib).
Equities Recap
European shares fell on Thursday, with real estate and mining stocks leading declines, as investors grew increasingly worried about the prospects of interest rates staying higher for longer.
At (GMT 14:00 ),UK's benchmark FTSE 100 was last trading down at 0.56 percent, Germany's Dax was down by 0.29 percent, France’s CAC was down by 0.31 percent.
Commodities Recap
Gold prices edged up but traded in a relatively tight range on Thursday as traders squared positions before the U.S. jobs data that could influence the Federal Reserve’s monetary policy path.
Spot gold was up 0.2% at $1,817.76 per ounce, as of 1232 GMT, after hitting its lowest since Feb. 28 on Wednesday.
Oil steadied on Thursday after a two-day decline as strike-disrupted fuel supply in France, a drop in U.S. crude inventories and a weaker dollar offset fears over the economic impact of rising interest rates.
Brent crude rose by 5 cents to $82.71 a barrel by 1305 GMT while U.S. West Texas Intermediate (WTI) crude added 6 cents to $76.72. Both benchmarks fell by between 4% and 5% over the previous two days.