Market Roundup
•Canada Ivey PMI n.s.a (Oct) 52.2 ,54.5 previous
•Canada Ivey PMI (Oct) 52.0,54.2 forecast, 53.1 previous
•US Crude Oil Inventories 2.149M,0.300M forecast, -0.515M previous
•EIA Refinery Crude Runs (WoW) 0.281M,-0.031M previous
•Crude Oil Imports1.676M, -0.605M previous
•Cushing Crude Oil Inventories0.522M , 0.681M previous
•US Distillate Fuel Production 0.233M,-0.148M previous
•EIA Weekly Distillates Stocks 2.947M,-1.500M forecast, -0.977M previous
• US Gasoline Inventories 0.013M, -1.650M forecast, -2.707M previous
Looking Ahead Economic Data(GMT)
•00:30 Australia Exports (MoM) (Sep) -0.2% previous
•00:30 Australia Imports (MoM) (Sep) -0.2% previous
•00:30 Australia Private House Approvals 2.2% previous
•00:30 Australia Trade Balance (Sep) 5.240B forecast,5.644B previous
• 01:30 Australia Building Approvals (MoM) 4.4% forecast, -3.9% previous
• 03:00 China Exports (Oct) 1.60M previous
• 03:00 China Imports (Oct) -0.50M previous
• 03:00 China Trade Balance (Oct) 582.62B previous
• 03:00 China Exports (YoY) (Oct) 5.0% forecast ,2.4% previous
• 03:00 China Imports (YoY) (Oct) -1.5% forecast, 0.3% previous
• 03:00 China Trade Balance (USD) (Oct) 73.50B 81.71B previous
Looking Ahead Events And Other Releass(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro declined sharply against dollar on Wednesday as dollar rallied as Donald Trump was elected U.S. president. Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency. Trump has vowed to impose a 10% tariff on imports from all countries and 60% duties on Chinese imports. In the run-up to the election, Trump said India charged high tariffs and that he would reciprocate if elected. The dollar index which measures the currency against six major peers including the euro and yen climbed 1.45% to 104.95.The euro dropped 1.54% to $1.0748. Immediate resistance can be seen at 1.0756(38.2%fib), an upside break can trigger rise towards 1.0794(50%fib).On the downside, immediate support is seen at 1.0700(23.6%fib), a break below could take the pair towards 1.0667 (June 26th low).
GBP/USD: Sterling slipped lower against dollar on Wednesday as the U.S. currency soared after Donald Trump was elected president. The election result sent the dollar surging against a basket of currencies, including the pound, as Trump's expected expansionary fiscal policy and imposition of U.S. import tariffs are expected to drive inflation higher. The Republican Party also won control of the Senate and made gains in the House. A Red Sweep where the party controls the presidency, Senate and House would put the Republicans in a stronger position to dictate policy. Sterling was last down 1.2% against the dollar at $1.28955, its biggest one-day fall since March 2023.The dollar index , which measures the currency against six others including the pound, was up 1.6% at 104.97. Immediate resistance can be seen at 1.2903(50%fib), an upside break can trigger rise towards 1.2952 (61.8%fib).On the downside, immediate support is seen at 1.2856 (38.2%fib), a break below could take the pair towards 12803(23.6%fib).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Wednesday as dollar rose following the reelection of Republican Donald Trump as U.S. president. Trump was elected after defeating Vice President Kamala Harris, marking a comeback four years after he was voted out of the White House. The win propelled dollar, global stock market rally, while investors also evaluated the future impact of Trump's second term on the world economy. The loonie was trading 0.8% lower at C$1.3932 to the greenback, or 71.78 U.S. cents, after trading in a range of 1.3823 to 1.3958..Immediate resistance can be seen at 1.3983(23.6%fib), an upside break can trigger rise towards 1.4004(Higher BB).On the downside, immediate support is seen at 1.3893(38.2%fib), a break below could take the pair towards 1.3819 (50%fib).
USD/JPY: The dollar rose higher against the yen on Wednesday as the U.S. currency surged following Donald Trump's election victory. Investors reacted to the result with a rush into the dollar, fearing the economic implications of a Trump presidency and anticipating more volatility in global markets .U.S. budget deficits and government debt levels were largely projected to surge under either candidate in the election, according to several estimates, although Harris was expected to add less debt than Trump.The Committee for a Responsible Federal Budget, which advocates reducing federal deficits, estimates Trump's spending plans would add $7.5 trillion to deficits over 10 years. Immediate resistance can be seen at 154.26(23.6 %fib) an upside break can trigger rise towards 155.00(Psychological level). On the downside, immediate support is seen at 152.76(5SMA), a break below could take the pair towards 151.47(38.2%fib).
Equities Recap
European shares ended lower on Wednesday, following a broad rally earlier in the session, hurt by a drop in utilities shares on fears that U.S. President-elect Donald Trump could halt fresh approvals for offshore wind projects.
UK's benchmark FTSE 100 closed down by 0.07 percent, Germany's Dax ended down by 1.13 percent, France’s CAC finished the day down by 0.51 percent.
U.S. stocks rallied sharply to close at record highs on Wednesday after Republican Donald Trump won the 2024 U.S. presidential election in a stunning comeback four years after being voted out of the White House.
Dow Jones closed down by 3.57 percent, S&P 500 closed up by 2.53 percent, Nasdaq settled up by 2.93 % percent.
Commodities Recap
Gold prices slid to a three-week low on Wednesday, as investors piled into the U.S. dollar after Republican Donald Trump was elected U.S. president.
Spot gold was down 2.8% at $2,667.19 per ounce, as of 2:07 p.m. ET (1907 GMT), after hitting a three-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months.
U.S. gold futures settled 2.7% lower at $2,676.30.
Oil prices settled lower on Wednesday as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply.
Brent crude oil futures settled down 61 cents, or 0.81%, at $74.92 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 30 cents or 0.42%, to $71.69.
