News

America’s Roundup: Dollar dips as risk-off mood boosts yen, Wall Street slips, Gold rises, Oil mixed amid U.S. crude stock build-November 15th, 2019

Market Roundup

• Russia Central Bank Reserves (USD) 541.1B, 542.9B previous           

• US Continuing Jobless Claims 1,683K, 1,687K forecast, 1,693K previous

• US Initial Jobless Claims 225K, 215K forecast, 211K previous

• US Jobless Claims 4-Week Avg 217.00K, 215.25K previous 

• US Oct PPI (MoM) 0.4%,0.3% forecast, -0.3% previous

• US Sep New Housing Price Index (MoM) 0.2%,0.1% forecast, 0.1% previous   

• US Industrial Production (MoM)) 1.4%   forecast, 1.4%                                                                                                       
Looking Ahead – Economic Data (GMT)

• 21:30 New Zealand Oct Business NZ PMI  48.4 previous       

• 21:30   China Thomson Reuters IPSOS PCSI  68.92 previous

Looking Ahead – Events, Other Releases (GMT)

• 02:30   Canada BoC Gov Poloz Speaks

• 02:45   Australia RBA Assist Gov Debelle Speaks 

Currency Summaries

EUR/USD: The euro was little changed against the U.S. dollar on Thursday, as Chinese economic data slowed added to worries about the global growth fallout from the U.S.-China trade war. China’s factory output growth slowed significantly more than expected in October, as weakness in global and domestic demand and the drawn-out Sino-U.S. trade war weighed on broad segments of the world’s second-largest economy. Worries about spiralling violence as anti-government protests intensify in Hong Kong have also soured investor sentiment.The euro was up 0.17 percent at $1.1025.The dollar index, which measures the greenback against six major currencies, was 0.18 percent lower at 98.14. Immediate resistance can be seen at 1.1040 (50 DMA), an upside break can trigger rise towards 1.1099 (100 DMA).On the downside, immediate support is seen at 1.0988 (Daily low), a break below could take the pair towards   1.0960 (Lower BB).

GBP/USD: The pound strengthened against the dollar Thursday, as expectations that Britain’s ruling Conservative Party might win a majority in a Dec. 12 election has fuelled investors’ optimism that the Brexit impasse will finally end. Prime Minister Boris Johnson’s Conservatives have a 10-point lead over the main opposition Labour Party, a poll by Savanta ComRes showed on Wednesday.A poll by Ipsos Mori on Thursday showed that 25% of respondents expected a Conservative majority while a third expected a hung parliament with the Conservatives as the largest party. Immediate resistance can be seen at 1.2900 (Psychological level), an upside break can trigger rise towards 1.2970 (Higher BB).On the downside, immediate support is seen at 1.2775 (Lower BB), a break below could take the pair towards 1.2696 (200 DMA).

USD/CAD: The Canadian dollar weekend to hit one-week low against its U.S. counterpart on Thursday as a speech by Bank of Canada Governor Stephen Poloz loomed and investors grew more nervous about a global economic slowdown. World stocks fell as Chinese economic data slowed in October and Germany only narrowly avoided a recession in the third quarter, adding to worries about the global growth fallout from the U.S.-China trade war. At(1918 GMT), the Canadian dollar was trading 0.1% lower at 1.3262 to the greenback. Immediate resistance can be seen at 1.3276 (200 DMA), an upside break can trigger rise towards 1.3293 (Higher BB).On the downside, immediate support is seen at 1.3239 (5 DMA), a break below could take the pair towards 1.3194 (11 DMA).

USD/JPY: The dollar declined against the Japanese yen on Thursday, as demand for safe haven yen increased amid ongoing political turmoil in Hong Kong. Hong Kong pro-democracy protesters paralyzed parts of the city for a fourth day on Thursday, forcing schools to close and blocking highways, as students built campus barricades and the government dismissed rumors of a curfew. At 1908 GMT, the dollar was 0.44 percent lower versus the Japanese yen at 108.33. Strong resistance can be seen at 109.49 (Nov 7th High), an upside break can trigger rise towards 110.00 (Psychological level).On the downside, immediate support is seen at 108.12 (50 DMA), a break below could take the pair towards 107.66 (100 DMA).

Equities Recap

European shares closed lower on Thursday as a warning from German carmaker Daimler and weak economic data from major economies added to concerns about a global slowdown.

The UK's benchmark FTSE 100 closed down by 0.80 percent, Germany's Dax ended down by 0.38 percent, and France’s CAC finished the day down  by 0.10percent.

U.S. stocks slipped on Thursday, weighed down by technology shares after Cisco’s dour forecast raised worries of a global economic slowdown and overshadowed strong results from big box retailer Walmart.

At (19:10 GMT) Dow Jones was down by 0.08 percent, S&P 500 was up by 0.01 percent, Nasdaq was  down by 0.11 percent.

Treasuries Recap

 U.S. Treasury yields fell on Thursday as investors reassessed the likelihood that the United States and China are close to reaching a deal to de-escalate their trade war and as bonds retraced last week’s selloff, which was exaggerated by technical factors.

Benchmark 10-year note yields  rose to 1.973% last Thursday, which was the highest since Aug. 1, and have climbed from 1.670% on Nov. 1.

Commodities Recap

Gold prices rose on Thursday as investors remained concerned about the imminence of a trade deal between the United States and China, while a slip in riskier assets and the U.S. currency further supported the metal.

 Spot gold rose 0.7% to $1,472.66 per ounce as of 02:05 p.m. EST (1905 GMT). U.S. gold future settled up 0.7% at $1,473.40 per ounce.

Oil prices were mixed on Thursday as U.S. crude futures were pressured by a build in domestic inventories and record production, while forecasts from the Organization of the Petroleum Exporting Countries for a lower-than-expected oil surplus supported Brent.

Brent crude futures   were up 3 cents to $62.40 a barrel by 1:22 p.m. EST (1822 GMT), while West Texas Intermediate crude CLc1 was down 20 cents to $56.92 a barrel.


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