Posted at 29 July 2021 / Categories Market Roundups
•French Jun PPI (MoM)1.1%,0.5%previous
•Spanish Jul CPI (YoY) 2.9%,2.6%forecast, 2.7% previous
•Spanish Jul HICP (YoY) 2.9%,2.9% forecast, 2.5% previous
•Sweden GDP (QoQ) (Q2) 0.9%,0.7% forecast, 0.8% previous
•German Jul Unemployment Change -91K, -28K forecast, -38K previous
•German Unemployment Rate 5.7%,5.8% forecast, 5.9% previous
•German Jul Unemployment n.s.a 2.600M forecast, 2.614M previous
•UK Jun Mortgage Approvals 81.34K, 86.10K forecast, 87.55K previous
•UK Jun BoE Consumer Credit 0.308B, 0.600B forecast, 0.280B previous
•EU Jul Consumer Confidence -4.4m, -4.4 forecast, -4.4 previous
•EU Jul Services Sentiment 19.3, 19.9 forecast, 17.9 previous
• EU Jul Business and Consumer Survey 119.0, 118.5 forecast,117.9 previous
•Belgian GDP (QoQ) (Q2) 1.4%,1.5% forecast, 1.0% previous
•Belgium Jul CPI (YoY) 2.27%, 1.63% previous
Looking Ahead –Economic Data (GMT)
•12:30 US Continuing Jobless Claims 3,196K forecast, 3,236K previous
•12:30 US Jobless Claims 4-Week Avg 385.25K previous
•12:30 US Initial Jobless Claims 380K forecast, 419K previous
•12:30 US GDP Price Index (QoQ) (Q2) 5.4% forecast, 4.3% previous
•12:30 US Core PCE Prices (Q2) 5.90% forecast, 2.50% previous
•12:30 US GDP (QoQ) (Q2) 8.5% forecast, 6.4% previous
•14:00 US Jun Pending Home Sales (MoM) 0.3% forecast, 8.0% previous
•14:00 US Jun Pending Home Sales Index 114.7 previous
•14:30 US Natural Gas Storage 43B forecast, 49B previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
EUR/USD: The euro rose against dollar on Thursday as euro was boosted by upbeat Euro zone sentiment and weaker dollar. Euro zone economic sentiment hit a record high in July, estimates from the European Commission showed on Thursday, but a drop in optimism among consumers and the slower rate of increase may signal the peak is fast approaching. Sentiment in the 19-country single-currency bloc rose to 119.0 points in July, a record since data began to be collected in 1985. Immediate resistance can be seen at 1.1895(50%fib), an upside break can trigger rise towards 1.1940 (61.8%fib).On the downside, immediate support is seen at 1.1838 (38.2% fib), a break below could take the pair towards 1.1767(23.6%fib).
GBP/USD: Sterling rose against dollar on Thursday as falling coronavirus cases in Britain and a dovish U.S. Federal Reserve statement weighed on the greenback. The British currency has gained for five consecutive sessions, and on Thursday was 1.4% higher against the dollar on the week. By 0754 GMT, sterling was 0.3% higher on the day at $1.3843, having hit its highest since June 24 against the dollar. Against a broadly stronger euro, the pound gained 0.1% to 85.10 pence per euro. Immediate resistance can be seen at 1.3963(Higher BB),an upside break can trigger rise towards 1.4004 (23.6%fib).On the downside, immediate support is seen at 1.3891 (38.2%fib), a break below could take the pair towards 1.3860(5DMA).
USD/CHF: The dollar declined against the Swiss franc on Thursday as U.S Federal Reserve's signal that rate hikes and stimulus tapering aren't on the radar in the near future weighed on dollar. Fed Chair Jerome Powell in a news conference overnight took a dovish stance, saying that the U.S job market still had some ground to cover before it would be time to pull back emergency economic support measures. At 11:36 GMT, the dollar was trading 0.14 percent lower versus the swiss franc at 0.9086.Immediate resistance can be seen at 0.9109(50%fib), an upside break can trigger rise towards 0.9146 (61.8%fib).On the downside, immediate support is seen at 0.9073 (38.2%fib), a break below could take the pair towards 0.9021(23.6%fib).
USD/JPY: The dollar declined against the Japanese yen Thursday after the U.S. Federal Reserve signalled it was in no rush to taper stimulus. Following Powell comments, the dollar slipped to a one-month low against its rivals. Focus now shifts to the U.S. weekly jobless claims data due at 1230 GMT. At 11:36 GMT, the dollar was trading 0.08 percent lower versus the yen at 109.82.Strong resistance can be seen at 110.03(38.2%fib), an upside break can trigger rise towards 110.26 (21DMA).On the downside, immediate support is seen at 109.64 (50%fib), a break below could take the pair towards 109.39(61.8%fib).
European stocks hit record highs on Thursday as strong earnings from commodity majors, Airbus and others set a bright tone in markets, while concerns about China’s regulatory moves faded.
At (GMT 11:38),UK's benchmark FTSE 100 was last trading up at 0.87 percent, Germany's Dax was up by 0.37 percent, France’s CAC was last up by 0.76 percent.
Gold prices rose to a more than one-week high on Thursday after U.S. Federal Reserve Chairman Jerome Powell reassured investors that a rate hike is not on the cards anytime soon, sending the dollar to multi-week lows.
Spot gold was up 0.8% to $1,821.31 per ounce by 0929 GMT. U.S. gold futures climbed 1.1% to $1,819.40 per ounce.
Oil prices rose on Thursday as crude stockpiles in the United States, the world's top oil consumer, fell to their lowest since January 2020, with Brent crude oil prices pushing back past $75 a barrel.
Brent crude oil futures were up 17 cents, or 0.2 %, at $74.91 a barrel by 1049 GMT, having traded as high as $75.55. U.S. West Texas Intermediate (WTI) crude oil futures were also up 17 cents, or 0.2 %, to $72.56 a barrel.