Market Roundup
•German Dec GfK Consumer Climate -6.7, -5.0 forecast, -3.1 previous
•Sweden Employment Level (Q3) 5.138M, 5.095M previous
•French Nov Consumer Confidence 90, 92 forecast, 94 previous
•Sweden Nov Consumer Confidence 88.3, 90.0 previous
•Sweden Oct Household Lending Growth (YoY) 5.3% , 5.2% previous
•Sweden Interest Rate Decision 0.00%, 0.00% previous
•Sweden Oct M3 Money Supply (YoY) 10.5%,10.4% forecast, 10.4% previous
•Sweden Oct Loans to Non Financial Corporations 6.8%, 7.1% previous
•Italian Oct Trade Balance Non-EU 7.09B, 5.32B previous
•EU Private Sector Loans (YoY) 3.1%, 3.1% previous
Looking Ahead - Economic events and other releases (GMT)
•19:00 Brazil Oct CAGED Net Payroll Jobs 233.50K forecast, 313.56K previous
•13:00 Russia Central Bank reserves (USD) 583.9B previous
Looking Ahead - Economic events and other releases (GMT)
•No significant events
Fxbeat
EUR/USD: The euro rose to a nearly three-month high on Thursday as the dollar went on the defensive on downbeat U.S. economic data and optimism about coronavirus vaccines. Pressure also mounted on the U.S. currency after Federal Reserve minutes on Wednesday signalled the central bank is likely to strengthen their quantitative easing program at the next meeting in December. Trading was was subdued on Thursday because U.S. financial markets are closed later on Thursday for the Thanksgiving holiday. Euro/dollar was last trading up 0.1% at $1.1915 after rising to $1.1941, its highest since Sept. 1 .Immediate resistance can be seen at 1.1924 (23.6%fib), an upside break can trigger rise towards 1.1958 (Higher BB).On the downside, immediate support is seen at 1.1895 (38.2%fib), a break below could take the pair towards 1.1879 (50% fib).
GBP/USD: Sterling held near three-month high on Thursday as broadening U.S. dollar weakness offset some of the uncertainty over the outcome of Brexit talks. Traders are looking for progress on a trade deal between Britain and the European Union. A succesful deal is priced in, but fears persist that the discussions could break down. Sterling, in common with British stocks, has largely shrugged off finance minister Rishi Sunak’s unprecedented spending plans announced on Wednesday, as Britain looks to borrow some 400 billion pounds ($534.68 billion) to pay for the novel coronavirus’s hit to the economy. Immediate resistance can be seen at 1.3401(23.6%fib), an upside break can trigger rise towards 1.3454 (Higher BB).On the downside, immediate support is seen at 1.3339 (5DMA), a break below could take the pair towards 1.3309 (38.2%fib).
USD/CHF: The dollar edged higher against the Swiss franc on Thursday as the focus returned to the mounting number of coronavirus cases and their economic toll, raising investor expectations of further fiscal and monetary support. The United States has recorded 2.3 million new infections in the past two weeks. U.S. President-elect Joe Biden has urged people to forgo big family gatherings, wear protective masks and maintain social distancing for the Thanksgiving holiday in the face of the surging coronavirus pandemic. But Americans are defying pleas from officials to stay home.At 12:50 GMT, the dollar was 0.14 percent higher versus the Swiss franc at 0.9084.Immediate resistance can be seen at 0.9079(5DMA), an upside break can trigger rise towards 0.9108 (23.6% fib).On the downside, immediate support is seen at 0.9066 (23.6% fib), a break below could take the pair towards 0.9029 (Lower BB).
USD/JPY: The dollar dipped against the Japanese yen on Thursday as the dollar lost more ground in the wake of downbeat U.S. economic data. The greenback, already at a three-month low against major currencies, took a hit after data showed weekly U.S. jobless claims rose more than expected and personal income fell. U.S. financial markets will be closed on Thursday for the Thanksgiving holiday. U.S. bonds and stocks will trade on a partial schedule on Friday. Strong resistance can be seen at 104.50 (50% fib), an upside break can trigger rise towards 104.56(30%fib).On the downside, immediate support is seen at 104.19 (38.2%fib), a break below could take the pair towards 103.80 (23.6%fib).
Equities Recap
European dipped on Thursday, as extension of coronavirus restrictions in Germany and grim economic growth forecasts for the United Kingdom dented sentiment.
At (GMT 12:50 ),UK's benchmark FTSE 100 was last trading down at 0.53 percent, Germany's Dax was down by 0.03 percent, France’s CAC was last down by 0.16 percent.
Commodities Recap
Gold gained on Thursday on a softer dollar and as the focus returned to the mounting number of coronavirus cases and their economic toll, raising investor expectations of further fiscal and monetary support.
Spot gold rose 0.5% to $1,813.40 per ounce by 1002 GMT. U.S. gold futures were up 0.4% to $1,812.10.
Oil slipped from seven-month highs on Thursday as signs of growing supplies helped to halt a rally driven by optimism that vaccines will revive fuel demand.
Brent was down 75 cents at $47.86 a barrel by 0918 GMT, after earlier falling by $1. The contract rose around 1.6% in the previous session.
West Texas Intermediate crude fell 72 cents to $44.99 a barrel, after gaining 1.8% on Wednesday.
