Posted at 15 May 2020 / Categories Market Roundups
Market Roundup
• U.S. retail sales data due at 1230 GMT
• German April PPI (YoY) -1.9%,-1.8% forecast, -0.8% previous
• German April PPI (MoM) -0.7%, -0.6% forecast, -0.8% previous
• French April HICP (YoY) 0.4%,0.5% forecast, 0.8% previous
• French HICP April (MoM) 0.0% , 0.1% forecast, 0.1% previous
• French CPI April (MoM) 0.0%, -0.1% previous
• French CPI (YoY) 0.3%,0.4% forecast, 0.4% previous
• German GDP (QoQ) (Q1) -2.2% , -2.2% forecast, -0.1% previous
• German GDP (YoY) (Q1) -1.9%,-1.6% forecast, 0.3% previous
• Italian March Industrial New Orders (YoY) -26.6%,-2.6% previous
• Italian March Industrial New Orders (MoM) -26.5%,-4.4% previous
• Portuguese GDP (QoQ) (Q1) -3.9%,0.7% previous
• Portuguese GDP (YoY) (Q1) -2.4%,2.2% previous
• EU GDP (QoQ) (Q1) -3.8%,-3.8% forecast, -3.8% previous
• Italian April CPI (MoM) 0.1%,0.1% forecast, 0.1% previous
• Italian GDP (YoY) (Q1) -3.2%, -3.3% forecast, -3.3% previous
• EU Employment Overall (Q1) 160,363.0K, 160,363.0K previous
• Italian April CPI (YoY) 0.0%, 0.1% forecast, 0.1% previous
• Italian April HICP (MoM) 0.5%,0.5% forecast, 2.2% previous
• Italian March Trade Balance 28.2B, 23.0B previous
• EU Employment Change (QoQ) -0.2%, -0.4% forecast, 0.3% previous
• EU Reserve April Assets Total 909.92B , 866.26B previous
Looking Ahead Economic Data
• 12:30 US April Retail Sales (MoM) -12.0% forecast,-8.4% previous
• 12:30 US April Retail Sales Ex Gas/Autos (MoM) -2.8% previous
• 12:30 US April Retail Sales (YoY) -5.80% previous
• 12:30 US April Retail Control (MoM) -4.6% forecast, 2.0% previous
• 12:30 US April Core Retail Sales (MoM) -8.6% forecast, -4.2% previous
• 12:30 US May NY Empire State Manufacturing Index -63.50 forecast, -78.20 previous
• 12:30 Canada March Foreign Securities Purchases 20.61B previous
• 12:30 Canada March Foreign Securities Purchases by Canadians 6.14B previous
• 13:00 Russia Trade Balance 5.76B forecast, 9.66B previous
• 13:15 US April Industrial Production (YoY) -5.49% previous
• 13:15 US April Manufacturing Production (MoM) -13.0% forecast, -6.3% previous
• 13:15 US April Capacity Utilization Rate 64.0% forecast, 72.7% previous
• 13:15 US April Industrial Production (MoM) -11.5% forecast, -5.4% previous
• 14:00 US May Michigan Inflation Expectations 2.1% previous
• 14:00 US May Michigan 5-Year Inflation Expectations 2.50% previous
• 14:00 US May Michigan Consumer Expectations 71.8 forecast, 70.1 previous
• 14:00 US May Michigan Consumer Sentiment 68.0 forecast, 71.8 previous
•14:00 US May Michigan Current Conditions 75.0 forecast, 74.3 previous
• 14:00 US March Retail Inventories Ex Auto -1.3% previous
• 14:00 US March JOLTs Job Openings 6.882M previous
•14:00 US March Business Inventories (MoM) -0.2% forecast, -0.4% previous
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro declined against dollar on Friday , before a key meeting between euro area finance ministers. The Eurogroup will meet on Friday afternoon via teleconference to discuss pan-European fiscal measures designed to mitigate the economic fallout from coronavirus. European Central Bank President Christine Lagarde will attend. European member states have struggled to coordinate a debt-sharing recovery fund, as the crisis has exposed old political divides between southern European economies, such as Italy and Spain, that have been hardest hit by the virus and more stable countries such as Germany and the Netherlands. Immediate resistance can be seen at 1.0827(38.2% fib), an upside break can trigger rise towards 1.0890 (50% fib).On the downside, immediate support is seen at 1.0754 (23.6% fib), a break below could take the pair towards 1.0700 (Psychological level).
GBP/USD: Sterling declined against dollar on Friday as a combination of Brexit risks and a coronavirus-induced economic slowdown put added pressured on the UK currency. Sterling fell as the government reiterated its refusal to extend the Brexit transition period this December and said it is not keen to compromise in trade negotiations with the EU. Sterling is in its fifth consecutive day of losses and is the worst-performing G10 currency so far this month, having fallen more than 2.2% against the dollar since the end of April.The pound was down 0.2% versus the U.S. dollar at $1.2209.Immediate resistance can be seen at 1.2238 (5 DMA),an upside break can trigger rise towards 1.2301 (9 DMA).On the downside, immediate support is seen at 1.2118 (Lower BB), a break below could take the pair towards 1.2100 (Psychological level).
USD/CHF: The dollar strengthened against the Swiss franc on Friday as rising Sino-U.S. tensions and worries about a second wave of coronavirus infections increased demand for dollar. The Trump administration on Friday moved to block shipments of semiconductors to Huawei Technologies from global chipmakers, an action that could ramp up tensions with China.U.S. President Donald Trump on Thursday signalled a further deterioration in his relationship with China over the novel coronavirus, saying he has no interest in speaking to President Xi Jinping and suggesting he could even cut ties with Beijing. Immediate resistance can be seen at 0.9756 (May 15th high), an upside break can trigger rise towards 0.9800 (Higher BB).On the downside, immediate support is seen at 0.9735 (5 DMA), a break below could take the pair towards 0.9706 (21 DMA).
USD/JPY: The dollar rose against the Japanese yen Friday as rising U.S.-China trade tensions increased fears that the economy reeling from coronavirus will take longer to recover. The pandemic has battered global growth and prompted central banks and governments to roll out massive stimulus measures. The focus now shifts to retail sales data due at 1230 GMT that will reflect the impact of stay-at-home orders on the U.S. consumer in April.Strong resistance can be seen at 107.07 (21 DMA), an upside break can trigger rise towards 107.41 (30 DMA).On the downside, immediate support is seen at 106.82 (11 DMA), a break below could take the pair towards 106.00(Psychological level).
Equities Recap
European shares rose on Friday, with investors taking comfort in China’s first rise in factory output this year after it eased a coronavirus-induced lockdown, but lingering Sino-U.S. tensions kept stocks on course for weekly declines.
At (GMT 12:00 ),UK's benchmark FTSE 100 was last trading up at 0.78 percent, Germany's Dax was up by 0.83 percent, France’s CAC finished was down by 0.01 percent.
Commodities Recap
Gold extended gains for a fourth straight session on Friday, hitting a more than three-week high as rising U.S.-China trade tensions fanned fears that the economy reeling from coronavirus will take longer to recover.
Spot gold was up 0.1% at $1,731.11 per ounce by 1026GMT, after hitting its highest since April 23. Bullion has risen nearly 2% so far this week. U.S. gold futures were steady at $1,740.20.
Oil prices jumped more than 3% on Friday, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, and rounding out a week of bullish news on the supply front.
Brent crude was up $1.21 cents, or 3.9% at $32.34 a barrel by 0707 GMT, after touching $32.44 the highest since April 14.
West Texas Intermediate (WTI) oil was up 92 cents, or 3.3%, at $28.48 a barrel after reaching $28.54, the highest since early April.