Market Roundup
• Canada Core Retail Sales (MoM) (Oct) -0.6%, 0.0% forecast, -0.1% previous
• Canada Core Retail Sales (MoM) (Oct) -0.6%, 0.0% forecast, -0.1% previous
• Canada Retail Sales (MoM) (Oct) -0.2%, 0.0% forecast, -0.9% previous
• Canada New Housing Price Index (MoM) (Nov) 0.0%, 0.1% forecast, -0.4% previous
• Canada Retail Sales (MoM) (Nov) 1.2%, -0.2% previous
•EU Belgium NBB Business Climate (Dec) -11.9, -7.8 forecast, -8.2 previous
• US Existing Home Sales (Nov) 4.13M, 4.15M forecast, 4.11M previous
• US Michigan Consumer Expectations (Dec) 54.6, 55.0 forecast, 51.0 previous
• US Michigan Consumer Sentiment (Dec) 52.9, 53.5 forecast, 51.0 previous
• US Michigan 1-Year Inflation Expectations (Dec) 4.2%, 4.1% forecast, 4.5% previous
• US Existing Home Sales (MoM) (Nov) 0.5%, 1.5% previous
• US Michigan 5-Year Inflation Expectations (Dec) 3.2%, 3.2% forecast, 3.4% previous
• US CB Employment Trends Index (Nov) 105.80, 106.24 previous
• US Michigan Current Conditions (Dec) 50.4, 50.7 forecast, 51.1 previous
Looking Ahead Economic Data (GMT)
•No DataAhead
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Summaries
EUR/USD : The euro eased against the dollar following comments from ECB President Christine Lagarde on Thursday, emphasized that all policy options remain on the table and provided no forward guidance, tempering hawkish expectations. The ECB kept interest rates unchanged on Thursday while raising growth and inflation forecasts, signaling limited scope for near-term rate cuts. Euro zone growth has outperformed expectations, aided by resilient exporters. In the U.S., existing home sales in November rose slightly, as high mortgage rates and economic uncertainty restrained demand. Meanwhile, the University of Michigan’s consumer sentiment survey came in below consensus estimates but remained above November’s reading. The euro was down 0.03% at $ 1.1718 . Immediate resistance can be seen at 1.1766(Daily high), an upside break can trigger rise towards 1.1795(23.6%fib).On the downside, immediate support is seen at 1.1705(Daily low), a break below could take the pair towards 1.1649(50%fib).
GBP/USD: Sterling slipped against the dollar on Friday as weaker-than-expected U.K. retail sales weighed on the pound. Official data showed that retail sales fell 0.1% in November from October, following a revised 0.9% decline in October, slightly less than the initially reported 1.1% drop, according to the Office for National Statistics. The November figures, collected between November 2 and 29, come ahead of Finance Minister Rachel Reeves’ budget announcement on November 26. Recent updates from U.K. retailers indicate challenging trading conditions ahead of the Christmas period, with increased budget clarity doing little to boost sentiment. Immediate resistance can be seen at 1.3450(23.6%fib), an upside break can trigger rise towards 1.3480(Higher BB).On the downside, immediate support is seen at 1.3369(38.2%fib), a break below could take the pair towards 1.3304(50%fib).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday after domestic data pointed to sluggish household spending. Canadian retail sales declined by 0.2% month-over-month in October, after declining 0.9% in September, on lower sales at food and beverage retailers. Economists had expected a flat reading. Earlier this month, the Bank of Canada signaled a potential end to its easing campaign as it cut the benchmark interest rate to a three-year low of 2.25%.The loonie was trading down at 1.3801 per U.S. dollar, after moving in a range of 1.3756 to 1.3801.For the week, the currency was also little changed after domestic data showed inflation running at a cooler than expected pace. It follows three straight weekly gains. Immediate resistance can be seen at 1.3861 (50%fib), an upside break can trigger rise towards 1.3959 (SMA 20).On the downside, immediate support is seen at 1.3736(38.2%fib), a break below could take the pair towards 1.36903 (Lower BB).
USD/JPY: The U.S. dollar firmed against yen on Friday after the Bank of Japan raised rates to a 30-year high but did not offer clarity on future hikes. The move underscored the central bank’s confidence that Japan is on track to sustainably meet its 2% inflation goal, supported by wage growth, and remains ready to continue normalising monetary policy.The Bank of Japan raised interest rates on Friday to levels not seen in three decades, marking another landmark step in unwinding decades of massive monetary stimulus and near-zero borrowing costs.As anticipated, the central bank unanimously lifted short-term interest rates from 0.5% to 0.75%.Data released on Friday showed core consumer inflation hit 3.0% in November, steady from the previous month and well exceeding the BOJ's target. Governor Kazuo Ueda remained vague on the exact timing and pace of future interest rate hikes. Immediate resistance can be seen at 157.27(Daily high) an upside break can trigger rise towards 157.40(Psychological level) .On the downside, immediate support is seen at 155.20 (38.2%fib) a break below could take the pair towards 154.67 (SMA 20).
Equities Recap
European stocks finished Friday mostly in the green, marking healthy weekly advances despite a series of key central bank meetings.
UK's benchmark FTSE 100 closed up by 0.61 percent, Germany's Dax ended up by 0.37 percent, France’s CAC finished the day up by 0.01 percent.
Tech stocks lifted U.S. equities on Friday, helping the market recover from earlier weakness, while consumer giants like Nike weighed on the broader index.
Dow Jones closed up by 0.38% percent, S&P 500 closed up by 0.89 % percent, Nasdaq settled up by 1.31% percent.
Commodities Recap
Oil prices rose slightly on concerns over a potential U.S. blockade of Venezuelan tankers, while markets await updates on a possible Russia-Ukraine peace agreement.
Brent futures rose 65 cents, or 1.1%, to settle at $60.47 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 51 cents, or 0.9%, to settle at $56.66.
Gold prices rose slightly as a stronger U.S. dollar and rising Treasury yields dented demand for the non-yielding metal, though bullion was still set for a weekly gain.
Spot gold rose 0.26% to $ 4,342.99 an ounce. U.S. gold rose 0.34% to $ 4,354.40 an ounce.
