Add as a preferred source on Google
Market Roundup
• Canada Core Retail Sales (MoM) (Jun) 0.5%, 0.2% forecast, 1.2% previous
•Canada Retail Sales (MoM) (Jun) 0.6%, 0.4% forecast, 1.0% previous
•Canada Retail Sales (MoM) (Jul) -0.8%, 0.6% previous
•US S&P Global Manufacturing PMI (Aug) 53.2, 54.0 forecast, 53.9 previous
•US S&P Global Services PMI (Aug) 56.8, 53.9 forecast, 54.6 previous
•US S&P Global Composite PMI (Aug) 56.0, 54.0 forecast, 54.5 previous
•Eurozone Consumer Confidence (Aug) -15.5, -16.0 forecast, -15.9 previous
•Canada BoC Senior Loan Officer Survey (Q2) -1.0, 1.0 previous
•US U.S. Baker Hughes Oil Rig Count 452, 456 forecast, 455 previous
•US U.S. Baker Hughes Total Rig Count 588, 593 previous
Looking Ahead Economic Data (GMT)
• No Data Ahead
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Forecast
EUR/USD : The euro strengthened against the U.S. dollar as concerns mounted that the U.S. Treasury's plan to expand buybacks of longer-dated government debt could weigh further on the U.S. currency.Treasury Secretary Scott Bessent said on Thursday he may increase the government's repurchases of Treasuries further, a day after the department surprised markets by pledging to at least double the size of its buybacks of longer-dated debt in an effort to rein in bond yields.The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.01% to 98.80, with the euro up 0.03% at $1.1682. The single currency earlier reached $1.1711, the highest since May 14. Immediate resistance can be seen at 1.1721(38.2%fib), an upside break can trigger rise towards 1.1748(Higher BB).On the downside, immediate support is seen at 1.1678(Daily low), a break below could take the pair towards 1.1570(50%fib).
GBP/USD: The British pound firmed against dollar as investors assessed mixed economic data on Friday against a backdrop of prolonged Middle East tensions that have raised inflation fears. British retail sales fell back as expected in July after a surge in June when hot weather boosted demand for fans and air conditioners, while supermarkets offered promotions alongside the men's soccer World Cup, official figures showed.Separately, Britain's services sector, the engine of its economy, perked up unexpectedly this month, according to a survey, that added to signs of resilience despite the conflict in the Middle East.The Bank of England is widely expected to hold interest rates next month but traders are pricing in at least one 25-basis-point rate hike by the end of 2026. Immediate resistance can be seen at 1.3682(23.6%fib), an upside break can trigger rise towards 1.3716(Higher BB).On the downside, immediate support is seen at 1.3624(Daily low), a break below could take the pair towards1.3531(38.2%fib).
USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Friday, supported by higher oil prices and broad weakness in the greenback. The U.S. dollar fell to a three-month low against the euro as concerns grew that increased Treasury buybacks of longer-dated debt could put additional pressure on the currency.Oil prices also provided support for the loonie after U.S. crude futures climbed as President Donald Trump threatened sanctions on Iran’s trading partners, raising concerns over tighter global oil supplies in the coming weeks.Canadian economic data offered further support, with retail sales rising 0.6% in June, exceeding expectations on stronger sales at clothing and general merchandise stores.Markets will now focus on next week’s Jackson Hole symposium, where comments from the Federal Reserve chair could provide fresh clues about the outlook for U.S. interest rates. Immediate resistance can be seen at 1.3790(Daily high), an upside break can trigger rise towards 1.3889(38.2%fib).On the downside, immediate support is seen at 1.3734(Lower BB), a break below could take the pair towards 1.3711(38.2%fib).
USD/JPY: The U.S. dollar edged lower on Friday as the yen strengthened following Japan’s latest inflation data. Japan’s core consumer price index, which excludes volatile fresh food prices but includes energy costs, rose 1.8% year-on-year in July, matching the median forecast and accelerating from June’s 1.6% increase.Core inflation remained below the Bank of Japan’s 2% target for a seventh consecutive month, largely reflecting the impact of government subsidies aimed at reducing fuel costs.The inflation data will be closely watched by the BOJ ahead of its September 17-18 policy meeting. Markets widely expect the central bank to raise its key interest rate to 1.25% from 1% .Immediate resistance can be seen at 160.20 (SMA 20), an upside break can trigger rise towards 160.67(50%fib).On the downside, immediate support is seen at 158.41(Daily low) a break below could take the pair towards 156.66 (Aug 7th low).
Equities Recap
European shares rose on Friday as investors focused on signs of economic resilience, although the benchmark index still ended the week lower. Higher oil prices and elevated Treasury yields continued to fuel concerns about persistent inflation.
UK's benchmark FTSE 100 was up by 0. 64 percent, Germany's Dax was up by 0.59 percent, France’s CAC was up by 0.37 percent.
Major U.S. stock indexes ended higher on Friday but still posted weekly losses, as investors remained cautious amid volatile Treasury yields and uncertainty over developments in the Middle East.
Dow Jones closed down by 0.98% percent, S&P 500 closed up by 0.44% percent, Nasdaq settled up by 044% percent.
Commodities Recap
Gold climbed to a more than three-month high on Friday, marking its third consecutive weekly gain, as a weaker dollar and the U.S. Treasury’s bond buyback plan supported the precious metal.
Spot gold climbed 2.4% to $4,623.94 per ounce by 1:41 p.m. EDT (1741 GMT), earlier touching $4,631.99 its highest since May 15. U.S. gold futures settled 2.4% higher at $4,680.60.
U.S. crude oil futures rose on Friday after U.S. President Donald Trump threatened economic sanctions on Iran's trading partners, raising expectations of tighter supply in the coming weeks.
International benchmark Brent crude futures settled at $94.39 a barrel, up 61 cents or 0.65%. U.S. West Texas Intermediate crude settled at $87.06 a barrel, up 23 cents or 0.26%.
The Brent benchmark has gained 6.39% while WTI has risen 5.66% this week, with both touching their highest since July 24 in the previous session.
