America’s Roundup: Dollar heads for longest weekly losing streak since July ,Wall street ends lower,Gold prices dips, Oil prices slips as India's demand fears weigh-May 1st,2021

Posted at 30 April 2021 / Categories Market Roundups

Market Roundup

•Canada March IPPI (MoM) 34.7%  1.6%,2.6% previous

•Canada Mar RMPI (MoM)  2.3%,6.6% previous

•Canada Mar IPPI (YoY) 10.0%, 7.1% previous

•US Employment Wages (QoQ) (Q1) 1.00%,0.90% previous

•US Employment Benefits (QoQ) (Q1) 0.60%,0.60% previous

•Brazil Mar Debt-to-GDP ratio  61.3%, 61.8% forecast, 61.6% previous

•Canada Feb GDP (MoM) 0.4%, 0.5% forecast, 0.7% previous

•US Mar Real Personal Consumption (MoM)  3.6%,-1.2% previous

•US Mar PCE price index (MoM) 0.5%, 0.2% previous

•US Mar PCE Price index (YoY) 2.3, 1.6 previous

•US Mar Core PCE Price Index (MoM)  0.4%,0.3% forecast,0.1% previous

•US Mar Personal Spending (MoM) 4.2%, 4.1% forecast, -1.0% previous

•US Mar Core PCE Price Index (YoY)  1.8%,1.8% forecast, 1.4% previous

•US Mar Personal Income (MoM)  21.1%,20.3% forecast, -7.1% previous

Looking Ahead – Economic Data (GMT)

• US Apr Chicago PMI 72.1,65.3 forecast, 66.3 previous

•   US Apr Michigan Consumer Sentiment 88.3, 87.4 forecast, 86.5 previous

• US Apr Michigan Inflation Expectations  2.70% %,3.7% forecast, 3.7% previous

• US Apr Michigan 5-Year Inflation Expectations  2.70%,2.70% forecast, 2.70% previous

• US Apr Michigan Consumer Expectations2.70%,  79.7 forecast, 79.7 previous

• Canada Feb Budget Balance (YoY) -282.56B, -268.18B previous

• Canada Feb Budget Balance -14.37B,-20.01B previous

• US Mar Dallas Fed PCE  -282.56B, -268.18B previous

• US U.S. Baker Hughes Oil Rig Count 342, 344 previous

Looking Ahead – Economic Data (GMT)

•No data ahead

Looking Ahead – Economic release and other data (GMT)

•No events ahead

EUR/USD: The euro declined against dollar on Friday as after data showed Euro zone economy dipped in first quarter. The euro zone economy dipped into a second technical recession after a smaller than expected contraction in the first quarter, but is now firmly set for recovery as pandemic curbs are lifted amid accelerating vaccination campaigns. The European Union’s statistics office Eurostat said gross domestic product in the 19 countries sharing the euro contracted 0.6% quarter-on-quarter for a 1.8% year-on-year fall. The euro was last trading down 0.27% at $1.2085 . Immediate resistance can be seen at 1.2130(23.6%fib), an upside break can trigger rise towards 1.2177 (Higher BB).On the downside, immediate support is seen at 1.2068 (11DMA), a break below could take the pair towards 1.2044(38.2%fib).

GBP/USD: The pound slipped against the dollar on Friday as traders held off major bets before the Bank of England’s policy meeting next week.Sterling was down 0.2% at $1.3922, losing ground from a nine-day high hit on Thursday following a slump in the dollar to its lowest in nine weeks after the U.S. Federal Reserve waved off any talk of shifting its monetary policy. The dollar index, a measure of the greenback’s value against a basket of major peers, rose 0.735%.Immediate resistance can be seen at 1.3978 (23.6%fib), an upside break can trigger rise towards 1.4006 (Higher BB).On the downside, immediate support is seen at 1.3861(38.2%fib), a break below could take the pair towards 1.3800(Psychological level).

USD/CAD: The Canadian dollar steadied against a broadly stronger U.S. counterpart on Friday as data showed growth in Canada's economy, with the loonie holding near a three-year high and on track to advance in April, a seasonally strong month for the currency.The Canadian economy grew by 0.4% in February as retail trade rebounded after lockdown measures were eased across parts of the country, Statistics Canada said. A flash estimate showed GDP jumping 0.9% in March. The Canadian dollar was trading nearly unchanged at 1.2275 to the greenback. Immediate resistance can be seen at 1.2335(5DMA), an upside break can trigger rise towards 1.2404 (38.2%fib).On the downside, immediate support is seen at 1.2260(23.6%fib), a break below could take the pair towards 1.2200 (Psychological level).

USD/JPY: The dollar strengthened against Japanese yen on Friday as strong U.S. data and corporate earnings plus the Federal Reserve's commitment to support the economy fuelled investors' appetite for riskier dollar. Data on Thursday showed U.S. economic growth accelerated in the first quarter, fuelled by massive government aid to households and businesses. Data came against the backdrop of the Federal Reserve's reassurance on Wednesday that it was not time yet to begin discussing any change in its easy monetary policy. Strong resistance can be seen at 109.49(50%fib), an upside break can trigger rise towards 109.95 (61.8%fib).On the downside, immediate support is seen at 108.98(38.2%fib), a break below could take the pair towards 108.62(23.6%fib).

 Equities Recap

European stocks inched higher on Friday, as strong corporate earnings lifted investor spirits ahead of the release of euro zone economic growth data for the first quarter.

UK's benchmark FTSE 100 close up by  0.12 percent, Germany's Dax ended down by 0.12 percent, France’s CAC finished the day down by 0.53 percent.                         

U.S. stock index futures retreated on Friday as investors hit pause after a barrage of strong earnings and upbeat economic data through the week drove the benchmark S&P 500 index to record levels.

Dow Jones closed down by 0.54 percent, S&P 500 ended down by 0.72 percent, Nasdaq finished the day down by 0.85 percent.

Commodities Recap

Gold prices dipped on Friday, set for their worst week in a month, as U.S. Treasury yields gained on strong economic data and dented the non-yielding metal's appeal, while palladium came off the record high marked in the previous session.

 Spot gold was down 0.1% at $1,770.41 per ounce by 0626 GMT, dropped 0.3% so far in the week. U.S. gold futures were steady at $1,769.00 per ounce.

Oil prices fell from six-week highs on Friday as investors unloaded positions after weak Japanese crude import data and on worries about fuel demand in India, where COVID-19 infections have soared.

Brent crude settled at $67.25 a barrel, falling $1.31, or 1.9% on the last day of trading for the front-month June contract. U.S. West Texas Intermediate crude for June settled at $63.58 a barrel, down $1.43, or 2.2%. Brent gained 1.7% on the week and WTI rose 2.3%.

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