Posted at 16 September 2021 / Categories Market Roundups
Market Roundup
•French Jul Car Registration (MoM) -42.0%, -42.0% previous
•French Jul Car Registration (YoY) -35.3%,-14.7% previous
•Italian Jul Car Registration (YoY) -19.2%,12.6% previous
•UK Jul Car Registration (YoY) -29.5%,28.0% previous
•German Jul Car Registration (YoY) -24.9%,24.5% previous
•Italian Jul Trade Balance 8.762B, 5.681B previous
•EU Jul Trade Balance 18.1B previous
Looking Ahead –Economic Data (GMT)
•Canada Aug Housing Starts 268.0K forecast, 272.2K previous
•12:30 US Sep Philly Fed Employment 32.6 previous
•12:30 US Sep Philly Fed CAPEX Index 33.70 previous
•12:30 US Aug Retail Sales (YoY) 15.78% previous
•12:30 Canada Jul Wholesale Sales (MoM) -2.0%,-0.8% previous
•12:30 US Initial Jobless Claims 330K, 310K previous
•12:30 US Jobless Claims 4-Week Avg 339.50K previous
•12:30 US Continuing Jobless Claims 2,785K forecast, 2,783K previous
•12:30 US Aug Retail Control (MoM) -0.1% forecast, -1.0% previous
•12:30 US Aug Core Retail Sales (MoM) -0.1% forecast, -0.4% previous
•12:30 US Retail Sales (MoM) -0.8%, -1.1% previous
•12:30 US Sep Philadelphia Fed Manufacturing Index 18.8, 19.4 previous
•14:00 US Jul Business Inventories (MoM) 0.5%, 0.8% previous
•14:00 US Retail Inventories Ex Auto 0.5% previous
Looking Ahead - Events, Other Releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro declined against dollar on Thursday as uncertainty around both the U.S Federal Reserve's timeline for tapering asset purchases and a global economic rebound from the pandemic prevented investors from making new bets. Market participants looked to next week'sFed policy meeting for indications on the bank's hawkish tilt.The euro was down 0.2% at $1.17865.Immediate resistance can be seen at 1.1773 (38.2%fib), an upside break can trigger rise towards 1.1807(23.6%fib).On the downside, immediate support is seen at 1.1749(50%fib), a break below could take the pair towards 1.1789 (61.8%fib).
GBP/USD: Sterling fell versus the dollar on Thursday as traders assessed the Bank of England’s next move after data showed British inflation hit a more than nine-year high in August, fuelling expectation of a rate increase.The BoE expects inflation to hit a peak of 4% this year. The strong reading for inflation could reinforce expectations that the central bank is set to tighten monetary policy quicker than the European Central Bank or the U.S. Federal Reserve. Sterling edged 0.2% lower at $1.3812 at 0840 GMT, off the 5-week high of $1.3913 touched earlier this week. Immediate resistance can be seen at 1.3812(38.2%fib),an upside break can trigger rise towards 1.3871(23.6%fib).On the downside, immediate support is seen at 1.3763(50%fib), a break below could take the pair towards 1.3717(61.8%fib).
USD/CHF: The dollar strengthened against the Swiss franc on Thursday as traders waited for next week's Federal Reserve policy meeting for clues as to how soon the Federal Reserve will start to taper stimulus.The two-day monetary policy meeting of the Federal Open Market Committee (FOMC), which ends on September 22, should clarify the prospects for both the gradual cut and any rate hikes. Immediate resistance can be seen at 0.9267(38.2%fib), an upside break can trigger rise towards 0.9321 (23.6%fib).On the downside, immediate support is seen at 0.9227(50%fib), a break below could take the pair towards 0.9184(61.8%fib).
USD/JPY: The dollar strengthened against yen on Thursday as traders looked to next week’s Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus. The Federal Open Market Committee’s (FOMC) two-day policy meeting ending Sept. 22 should provide some clarity on the outlook for both tapering and eventual interest rate hikes. The dollar index, which measures the currency against six rivals, was 0.2% higher at 92.626, little changed from Wednesday. The dollar gained 0.1% to 109.28 yen, after sliding to a six-week low of 109.110 in the previous session.Strong resistance can be seen at 109.74(38.2%fib), an upside break can trigger rise towards 110.13(23.6%fib).On the downside, immediate support is seen at 109.41(50%fib), a break below could take the pair towards 109.08(61.8%fib).
Equities Recap
European shares opened higher on Thursday, though market participants were still cautious after Asian equities fell for a fourth consecutive day, and as focus turns to key U.S. data due later in the session.
At (GMT 12:10),UK's benchmark FTSE 100 was last trading up at 0.17% percent, Germany's Dax was up by 0.45 %percent, France’s CAC was last up by 0.90% percent.
Commodities Recap
Gold prices eased on Thursday as a firmer dollar dented the metal’s allure for holders of other currencies, while investors awaited the U.S. Federal Reserve’s meeting for guidance on its timeline for stimulus withdrawal and interest rate hikes.
Spot gold was down 0.4% at $1,785.13 per ounce, as of 0702 GMT, while U.S. gold futures als0 fell 0.4% to $1,787.40.
Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories and expectations of recovering global demand
Brent crude was down 9 cents, or 0.1%, to $75.37 by 0815 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) was down 4 cents at $72.57.