Market Roundup
•Sweden Jan Consumer Confidence 93.1, 92.3 previous
• Sweden Dec Retail Sales (MoM) -4.9%, 0.8% previous
• Italian Jan Business Confidence 95.1, 95.6 forecast, 95.9 previous
•Italian Jan Consumer Confidence 100.7, 100.5 forecast, 102.4 previous
•EU Jan Business and Consumer Survey 91.5, 89.5 forecast, 90.4 previous
•EU Jan Consumer Confidence -15.5, -15.5 forecast, -15.5 previous
•EU Jan Industrial Sentiment -5.9, -7.2 forecast, -7.2 previous
•EU Jan Services Sentiment -17.8, -18.8 forecast, -17.4 previous
•Italian 10-Year BTP Auction 0.65%,0.59% previous
•Irish Dec Retail Sales (MoM) 14.3%,-12.2% previous
•Irish Dec Retail Sales (YoY) 8.2%, -4.3% previous
•German Jan CPI (MoM) 0.8%, 0.4%, 0.5% previous
•German Jan CPI (YoY) 1.0% ,0.7%,-0.3% previous
Looking Ahead - Economic Data (GMT)
•13:30 US Continuing Jobless Claims 5,054K forecast, 5,054K previous
•13:30 US Jobless Claims 4-Week Avg 848.00K previous
•13:30 US Initial Jobless Claims 875K forecast, 900K previous
•13:30 US Wholesale Inventories (MoM) 0.0% previous
•13:30 Canada Dec Building Permits (MoM) -5.0% forecast, 12.9% previous
•13:30 US Dec Goods Trade Balance -85.49B previous
•13:30 US Dec Retail Inventories Ex Auto 0.2% previous
•13:30 US GDP Price Index (QoQ) (Q4) 2.4% forecast,3.7% previous
•13:30 US Core PCE Prices (Q4) 1.50% forecast, 3.40% previous
•13:30 US GDP Sales (Q4) 25.9% previous
•13:30 US GDP (QoQ) (Q4) 4.0%, 33.4% previous
•13:30 US PCE Prices (Q4) 3.7% previous
•13:30 US Real Consumer Spending (Q4) 41.0% previous
•15:00 US US New Home Sales 865K forecast, 841K previous
•15:00 US Dec Leading Index (MoM) 0.3% forecast, 0.6% previous
•15:00 US Dec New Home Sales (MoM) 1.9% forecast, -11.0% previous
•15:00 US Natural Gas Storage -136B forecast -187B previous
•16:00 Russia Dec Unemployment Rate 6.1% forecast, 6.1% previous
•16:00 Russian Nov Real Wage Growth (YoY) -0.3% forecast, 0.5% previous
•16:00 Russian Dec Retail Sales (YoY) -2.5% forecast, -3.1% previous
•15:00 US Jan KC Fed Manufacturing Index 12 previous
•15:00 US Jan KC Fed Composite Index 14 previous
Looking Ahead - Economic events and other releases (GMT)
• No significant events
Fxbeat
EUR/USD: The euro edged lower against greenback on Thursday as extended coronavirus lockdowns and talk of further interest rate cuts by the European Central Bank weighed on euro. Euro came under pressure as a member of the ECB’s governing council, Klaas Knot, said the central bank could decide to cut its deposit rate further below zero if that proved necessary to keep its inflation target in sight. The common currency was last down 0.07% at 1.2099. Immediate resistance can be seen at 1.2123 (5EMA), an upside break can trigger rise towards 1.2209 (23.6%fib).On the downside, immediate support is seen at 1.2067 (38.2% fib), a break below could take the pair towards 1.2000 (Psychological level).
GBP/USD: The British pound retreated on Thursday from the previous session’s multi-month highs, as investors tempered some of their optimism about the UK vaccine rollout, with the lockdown in England set to last until at least March . Britain has the world’s fifth highest death toll from COVID-19, and Prime Minister Boris Johnson has indicated that the strict COVID-19 lockdown in England will last until March 8. At 12:40 GMT, the pound was down 0.2% against a stronger dollar, at $1.3647, compared with its Wednesday high of $1.3759 . Immediate resistance can be seen at 1.3677 (5EMA), an upside break can trigger rise towards 1.3700(Psychological level).On the downside, immediate support is seen at 1.3639 (38.2%fib), a break below could take the pair towards 1.3601(25 EMA).
USD/CHF: The dollar edged higher against the Swiss franc on Thursday as a stock market rout due to concerns about excessive valuations boosted safe-harbour demand for the U.S. currency. The U.S. Federal Reserve kept monetary policy unchanged as expected on Wednesday but did signal some concern about the pace of economic recovery, which some traders said is another negative factor.U.S. gross domestic product data is due later on Thursday to gauge the strength of the world's largest economy as it struggles with the coronavirus pandemic. Immediate resistance can be seen at 0.8922 (38.2 % fib), an upside break can trigger rise towards 0.8938 (Higher BB).On the downside, immediate support is seen at 0.8890 (50%fib), a break below could take the pair towards 0.8879 (25EMA ).
USD/JPY: The dollar rose higher against the Japanese yen on Thursday as investors flocked to the safety of the dollar following an overnight Wall Street sell-off, after the U.S. Federal Reserve flagged a slowdown in the pace of economic recovery. Wall Street suffered its biggest one-day percentage drop in three months overnight, with declines accelerated in the wake of the policy statement from the U.S. Federal Reserve. The dollar gained 0.22 % at 104.34 against Japanese yen. Strong resistance can be seen at 104.44 (23.6% fib), an upside break can trigger rise towards 104.60 (Higher BB).On the downside, immediate support is seen at 104.09 (38.2%fib), a break below could take the pair towards 103.78 (50% fib).
Equities Recap
European stocks hit a near one-month low on Thursday following Wall Street’s worst sell-off since October on concerns about high valuations, with investors also growing wary about a rise in more contagious coronavirus variants.
At (GMT 12:40 ),UK's benchmark FTSE 100 was last down at 0.95 percent, Germany's Dax was down by 0.71 percent, France’s CAC was last down by 0.12 percent.
Commodities Recap
Gold prices edged lower on Thursday as investors opted for the safety of the dollar after the U.S. Federal Reserve flagged concerns about the pace of recovery in the world's largest economy.
Spot gold eased 0.3% to $1,839.21 per ounce by 0042 GMT. Prices fell to their lowest since Jan. 18 at $1,830.80 on Wednesday. U.S. gold futures shed 0.5% to $1,835.90.
Oil steadied after earlier declines on Thursday fuelled by fresh travel curbs to prevent new coronavirus outbreaks and delays to vaccine rollouts.
Brent crude futures were up 2 cents to $55.83 a barrel by 1039 GMT, having hit a session low of $55.31.
U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.2%, to $52.77 a barrel, after falling to a $52.22 earlier.
