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Europe Roundup: Euro dips against dollar as investors seek safety after U.S. debate, European stocks slip, Gold slips, Oil extends losses as rising virus cases spur demand worries-September 30th,2020

Market Roundup

•German Aug Retail Sales (MoM)  3.1% , 0.4% forecast, -0.9% previous

•German Aug Import Price Index (MoM)  0.1%,0.2% forecast, 0.3% previous

•German Aug Import Price Index (YoY)  -4.0%,-4.1% forecast, -4.6% previous

•UK GDP (QoQ) (Q2) -19.8%,-20.4% forecast, -2.2% previous

•UK GDP (YoY) (Q2) -21.5%,-21.7% forecast, -1.7% previous

•UK Business Investment (YoY) (Q2) -26.1%,-31.3% forecast, 0.8% previous

•UK Business Investment (QoQ) (Q2) -26.5%,-31.4% forecast, -0.3% previous

•UK Current Account (Q2) -2.8B, -0.4B forecast, -21.1B previous

•German Aug Retail Sales (YoY) 3.7%,4.2% forecast, 4.2% previous

•French Aug Consumer Spending (MoM) 2.3%,-0.1% forecast, 0.5% previous

•French Aug French PPI (MoM)  0.1%,0.4% previous

•French CPI (YoY) 0.1%,0.2% previous

•French CPI (MoM) -0.5%,-0.1% previous

•German Sep Unemployment Rate  6.3%,6.4%  forecast, 6.4% previous

•German Sep Unemployment n.s.a.  2.847M, 2.955M previous

•German  Sep  Unemployment  2.907M, 2.915M previous

•German Sep Unemployment Change -8K, -8K forecast, -9K previous

•Italian Sep HICP (MoM)  1.0%,1.4% forecast, -1.3% previous

•Italian Sep CPI (MoM)  -0.6%,0.3% forecast, 0.3% previous

•US ADP Sep Nonfarm Employment Change  749K, 650K forecast, 481K previous

• Canada Aug IPPI (YoY ) -2.3% previous

• Canada Aug RMPI (YoY)  -12.1% previous

• US Corporate Profits (QoQ) (Q2) -11.8% previous

•  US GDP Sales (Q2) -31.4%,-31.7% forecast, -5.0% previous

•  US PCE Prices (Q2) -1.6%,-1.8% previous

•  US GDP Price Index (QoQ) (Q2) -2.1%,-2.0% forecast, -2.3% previous

•  US Core PCE Prices (Q2) 0.80%,-1.00% forecast, -1.00% previous

•  Canada Jul GDP (MoM)  3.0%,3.0% forecast, 6.5% previous

Looking Ahead - Economic Data (GMT)

•13:45 US Chicago Sep PMI  52.0 forecast, 51.2 previous

•14:00 US Aug Pending Home Sales Index  122.1 previous

•14:00 US Aug Pending Home Sales (MoM)  3.2% forecast,5.9% previous

•14:30 US Crude Oil Inventories 1.569M forecast, -1.639M

•14:30 US Gasoline Inventories -1.083M   , -4.025M previous

•15:00 Budget Balance YoY -148.58B previous

Looking Ahead - Events, Other Releases (GMT)

•15:00 US FOMC Member Kashkari Speaks

Fxbeat

EUR/USD: The euro declined against dollar on Friday as chaotic first U.S. presidential debate and rising COVID-19 cases. President Donald Trump and Democratic rival Joe Biden battled over Trump’s record on the coronavirus pandemic, healthcare and the economy in a bad-tempered first debate marked by personal insults and Trump’s repeated interruptions. The euro   dipped from a one-week high to back below $1.17. Immediate resistance can be seen at 1.1768 (55DMA), an upside break can trigger rise towards 1.1800 (50%fib).On the downside, immediate support is seen at 1.1722 (38.2% fib ), a break below could take the pair towards 1.1693(Daily low).

GBP/USD: Sterling fell against dollar on Wednesday after Britain’s lower house of parliament approved legislation on Tuesday that gives ministers the power to break its divorce agreement with the European Union. The UK Internal Market Bill, which ministers acknowledge breaks international law, was approved by 340 votes to 256 in the House of Commons and now passes to the House of Lords for debate. The British pound was last trading down 0.3% versus the U.S. dollar at $1.2817, after reaching earlier its lowest since Monday. Immediate resistance can be seen at 1.2900 (20DMA), an upside break can trigger rise towards 1.2955 (38.2% fib).On the downside, immediate support is seen at 1.2828 (38.2%fib), a break below could take the pair towards 1.2794 (5DMA).

USD/CHF: The dollar gained against Swiss franc on Wednesday as traders assessed a debate between President Donald Trump and his challenger, Joe Biden. The dollar index against a basket of currencies crept above the 94 mark, after two days of losses that followed the dollar reaching a two-month high last week. The dollar rose 0.28% against the Swiss franc at 0.9218 franc, after falling as low as 0.9191 franc overnight. Switzerland’s KOF leading indicator hit a 10-year high in September, rising for the fourth time in a row as the economy extended its recovery from the coronavirus. Immediate resistance can be seen at 0.9222 (50%fib), an upside break can trigger rise towards 0.9242 (38.2% fib).On the downside, immediate support is seen at 0.9190 (61.8% fib), a break below could take the pair towards 0.9100(Psychological level).

USD/JPY: The dollar ticked up against the Japanese yen on Wednesday as traders weighed the implications of a bad-tempered first debate between President Donald Trump and his challenger, Joe Biden. Market action following the debate however showed some nervousness as uncertainty over the outcome of the U.S. presidential election remains high after a chaotic encounter in which the candidates battled over the president’s leadership on the coronavirus pandemic, the economy and taxes. Traders also watched for progress in talks about further U.S. fiscal stimulus to soften the coronavirus blow. Strong resistance can be seen at 105.68 (38.2% fib), an upside break can trigger rise towards 105.87 (55 DMA).On the downside, immediate support is seen at 105.42 ( Daily low ), a break below could take the pair towards 105.00(Psychological level).

Equities Recap

European stocks slipped on Wednesday as surging coronavirus cases and a chaotic debate that highlighted risks from the U.S. presidential election sapped risk appetite at the end of a tumultuous month for financial markets.

At (GMT 13:00 ),UK's benchmark FTSE 100 was last trading up at 0.12 percent, Germany's Dax was down by 0.11 percent, France’s CAC   was last down by 0.02 percent.

Gold fell on Wednesday and was on track for its biggest monthly decline in nearly four years, as the dollar benefited from caution that crept into financial markets after the first U.S. presidential debate.

Spot gold fell 0.7% to $1,883.62 per ounce by 0944 GMT, declining 4.3% so far in September, setting it up for its worst monthly performance since November 2016.U.S. gold futures were down 0.8% at $1,888.10 per ounce.

Oil prices fell for a second day on Wednesday as rising coronavirus cases prompted concerns about further restrictions on global economic activity that could curb fuel demand.

Brent crude  for November delivery dropped 57 cents, or 1.4%, to $40.46 per barrel by 1005 GMT. West Texas Intermediate   fell 14 cents, or 0.4%, to $39.15.

The November Brent contract expires today, to be replaced by the December contract, which was down around 0.5% at $41.36.

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