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Europe Roundup: Euro gains after upbeat German retail sales data, European shares gain,Gold inches higher, Oil slips towards $66 as India offsets demand hopes elsewhere-May 3rd, 2021

Posted at 03 May 2021 / Categories Market Roundups


Market Roundup

•German Mar Retail Sales (MoM)  7.7%, 3.0% forecast, 1.2% previous

•German Mar Retail Sales (YoY)  11.0%, -0.3% forecast, -9.0% previous

•Sweden Apr Manufacturing PMI  69.1, 62.5 forecast, 63.7 previous

•Spanish Apr Manufacturing PMI   57.7, 59.0 forecast, 56.9 previous

•Italian Apr Manufacturing PMI  60.7, 61.0 forecast, 59.8 previous

•French Apr Manufacturing PMI  58.9, 59.2 forecast, 59.2 previous

• German Apr Manufacturing PMI  66.2, 66.4 forecast, 66.4 previous

•EU Apr Manufacturing PMI 62.9, 63.3 forecast, 63.3 previous

Looking Ahead – Economic Data (GMT)

• 13:45 US Apr Manufacturing PMI 60.6 previous

•14:00 US March Construction Spending (MoM) 2.0%,-0.8% previous

•14:00 US ISM Apr ISM Manufacturing Employment 59.6 previous

•14:00 US ISM Apr Manufacturing Prices 86.0, 85.6 previous

• 14:00 US Apr ISM Manufacturing PMI 65.0, 64.7 previous

• 15:30 US Apr ISM Manufacturing New Orders Index 68.0

• 15:30 US 6-Month Bill Auction 0.035% previous

• 15:30  US 3-Month Bill Auction 0.020% previous

Looking Ahead - Economic events and other releases (GMT)

•18:20 US Fed Chair Powell Speaks

•18:10 FOMC Member Williams Speaks

Fxbeat

EUR/USD: The euro strengthened against dollar on Monday after data showed German retail sales posted an unexpected surge in March. German retail sales posted their biggest year-on-year increase in March since the start of the COVID-19 pandemic, data showed on Monday, as the relaxation of some lockdown measures boosted purchases of clothes and shoes. The Federal Statistics Office said retail sales jumped 11.0% compared to the same month a year earlier in real terms after an upwardly revised fall of 6.6% in February. Immediate resistance can be seen at 1.2076 (23.6%fib), an upside break can trigger rise towards 1.2155 (Higher BB).On the downside, immediate support is seen at 1.2006 (38.2%fib), a break below could take the pair towards 1.1948 (50%fib).

GBP/USD: The pound rose higher against dollar on Monday as investors were bullish about the global economic recovery looked ahead to a busy week for U.S. economic data that is expected to underline the strength of the rebound. A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month as consumers spent their stimulus money and the economy opened up more. By 11:50 GMT, sterling was 0.38% higher against the dollar at $1.3869. Immediate resistance can be seen at 1.3921 (38.2%fib), an upside break can trigger rise towards 1.4012 (Higher BB ).On the downside, immediate support is seen at 1.3805 (14DMA), a break below could take the pair towards 1.3714 (50%fib ).

USD/CHF: The dollar strengthened against the Swiss franc on Monday as market awaited central bank meetings and big-ticket U.S. economic data, waiting for clues on the global inflation outlook and policymakers' responses. Trade was thinned by holidays in Japan, China and Britain, which kept a lid on volatility, leaving the greenback to trade where it settled after a Friday leap. The dollar index, measured against six major currencies, held at 91.210. Immediate resistance can be seen at 0.9152 (38.2%fib), an upside break can trigger rise towards 0.9208 (50%fib).On the downside, immediate support is seen at 0.9076(23.6%fib), a break below could take the pair towards 0.9055(Lower BB).

USD/JPY: The dollar steadied against the Japanese yen on Monday as investors awaited upcoming  U raft of global data this week. A raft of U.S. economic data this week, including the ISM manufacturing survey and April payroll numbers, is eyed by investors for further cues about recovery in the world's largest economy. The dollar was last trading up 0.15% at 108.76 yen, after hitting a daily low of 108.65. Strong resistance can be seen at 109.49(50%fib), an upside break can trigger rise towards 110.04 (61.8%fib).On the downside, immediate support is seen at 109.02(50%fib), a break below could take the pair towards 108.41(23.6%fib).

Equities Recap

European stocks drifted higher on Monday after strong euro zone factory activity and German retail sales data highlighted a quick rebound in economic growth, with a largely buoyant earnings season adding to the upbeat mood.

At (GMT 11:40 ),UK's benchmark FTSE 100 was last trading down at 0.12% percent, Germany's Dax was down by 0.83%  percent, France’s CAC  was last down by 0.61%percent.

Commodities Recap

Gold prices ticked up on Monday, supported by a muted dollar ahead of a series of U.S. data, while auto-catalyst metal palladium held firm after surpassing $3,000 per ounce on concerns over supply shortage in the previous session.

Spot gold was up 0.1% at $1,770.66 per ounce by 0119 GMT, U.S. gold futures   rose 0.2% to $1,770.30 per ounce.

Oil dropped towards $66 a barrel on Monday as concern about demand in India and higher OPEC+ supply offset optimism over a strong demand rebound in countries including the United States and China.

Brent crude fell 35 cents, or 0.5%, to $66.41 a barrel by 1000 GMT. U.S. West Texas Intermediate dropped 27 cents, or 0.4%, to $63.31.


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