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Europe Roundup: Euro little changed ahead of ECB meeting, European stocks gain, Gold dips, Oil drops ahead of stocks data, Iran talks-October 26th,2021

Posted at 26 October 2021 / Categories Market Roundups


Market Roundup

•Spanish PPI (YoY) 23.6%,18.0% previous

•Sweden Sep PPI (MoM)  1.5%,2.0% previous

•Sweden Sep PPI (YoY)   17.2%,15.8% previous

Looking Ahead Economic Data (GMT)

•12:55 US Redbook (YoY) 15.4% previous            

•13:00 US Aug House Price Index (MoM)  1.4% previous

•13:00 US Aug House Price Index  348.4 previous

•13:00 US Aug House Price Index (YoY)  19.2% previous

•13:00 US Aug S&P/CS HPI Composite - 20 s.a. (MoM)  1.5%forecast, 1.5% previous

•13:00 US Aug S&P/CS HPI Composite - 20 n.s.a. (YoY)  20.0% forecast, 19.9% previous

•13:00 US Aug S&P/CS HPI Composite - 20 n.s.a. (MoM)  1.5% forecast, 1.5% previous

•14:00 US Sep New Home Sales (MoM)  1.5% previous

•14:00 US Sep New Home Sales  760K forecast, 740K previous

•14:00 US Oct CB Consumer Confidence  108.3 forecast, 109.3 previous

•14:00 US Oct Richmond Services Index  -3 previous

•14:00 US Oct Richmond Manufacturing Index -3 previous

•14:00 US Oct Dallas Fed Services Revenues  14.5 previous

•14:00 US Oct Texas Services Sector Outlook  8.3 previous

Looking Ahead - Events, Other Releases (GMT)

• 18:15 German Buba Vice President Buch Speaks

• 18:15 EU ECB's Enria Speaks

Fxbeat

EUR/USD: The euro was little changed against dollar on Tuesday as expectations that the European Central Bank will take a dovish stance when it meets on Thursday kept investors  cautious. Monday’s German business climate index, which showed business morale deteriorated for the fourth month running in October, also weighed on the euro. The euro was a touch lower against the dollar, down 0.1% at $1.1598. Immediate resistance can be seen at 1.1658 (38.2%fib), an upside break can trigger rise towards 1.1708(50%fib).On the downside, immediate support is seen at 1.1592 (23.6%fib), a break below could take the pair towards 1.1500(Psychological level).

GBP/USD: The British pound gained against dollar on Tuesday as expectation that Bank of England. Will raise interest rate supported sterling. Money markets are pricing in a rate hike by the Bank of England at its Nov. 4 meeting, helping the pound rally around 2% versus the euro and the dollar so far this month. By 11:30 GMT, sterling traded marginally firmer against the dollar  at $1.378, having come off five-week highs touched last week. Immediate resistance can be seen at 1.3803(23.6%fib),an upside break can trigger rise towards 1.3856(Higher BB).On the downside, immediate support is seen at 1.3726(38.2%fib), a break below could take the pair towards 1.3687(50%fib).

USD/CHF: The dollar strengthened against Swiss franc on Tuesday as investors assessed central banks’ likely response to growing inflationary pressure ahead of key policy meetings due this week. Investors have shifted focus to policy meetings of the Bank of Japan (BoJ) and the European Central Bank (ECB) due on Thursday followed by next week’s U.S. Federal Reserve and the Bank of England policy meet. U.S. GDP data for the third quarter was also on their radar. Immediate resistance can be seen at 0.9210(9DMA), an upside break can trigger rise towards 0.9225 (50%fib).On the downside, immediate support is seen at 0.9191(38.2%fib), a break below could take the pair towards 0.9149(23.6%fib).

USD/JPY: The dollar strengthened against yen on Tuesday  as solid company earnings and a glimmer of improvement in U.S.-China trade ties lifted sentiment. Moves were light as traders eye central bank meetings in Europe, Japan and Canada this week and data releases in Australia and the United States. The U.S. dollar index held at 93.856 - in between a one-year high of 94.563 hit earlier in the month and a one-month low of 93.483 made on Monday. The greenback was last up 0.2% at 113.93 yen. Strong resistance can be seen at 114.05 (38.2%fib), an upside break can trigger rise towards 114.62(23.6%fib).On the downside, immediate support is seen at 113.60(50%fib), a break below could take the pair towards 113.16(61.8%fib).

Equities Recap

European stocks hit seven-week highs on Tuesday, as strong results from UBS, Reckitt Benckiser and others added to overall optimism about the third-quarter earnings season.

At (GMT 09:42 ),UK's benchmark FTSE 100 was last trading up at 0.59 percent, Germany's Dax was up by 0.92  % percent, France’s CAC   was last up by 0.61 percent.

Commodities Recap

Gold prices fell on Tuesday after a five-session rally, as the dollar firmed and investors awaited key central bank meetings for clues about rate hikes amid rising inflation concerns.

Spot gold declined 0.4% to $1,800.80 per ounce by 0816 GMT. U.S. gold futures were down 0.2% to $1,802.50.

Oil prices edged lower on Tuesday but remained near multi-year highs, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer.

Brent crude was down 55 cents, or 0.6%, at $85.44 a barrel by 0922 GMT. U.S. oil dropped 56 cents, or 0.7%, to $83.20.

 


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