Market Roundup
•US Import Price Index (YoY) 1.1% ,0.4% previous
•US Export Price Index (YoY) -1.0% ,-1.4% previous
•US Jobless Claims 4-Week Avg. 217.75K, 215.00K previous
•US Continuing Jobless Claims 1,794K ,1,780K forecast,1,785K previous
•US Apr Building Permits 1.440M ,1.480M forecast,1.467M previous
•US Initial Jobless Claims 222K 219K forecast,231K previous
•US Apr Housing Starts (MoM) 5.7% ,-14.7% previous
•US May Philly Fed CAPEX Index 20.10,20.00 previous
•US May Philly Fed Prices Paid 18.70 ,23.00 previous
•US May Philly Fed Employment -7.9, -10.7 previous
•US Philadelphia Fed Manufacturing Index 4.5,.7 forecast,15.5 previous
•US Apr Export Price Index (MoM) 0.5% , 0.4% forecast,0.3% previous
•US Apr Import Price Index (MoM) 0.9%, 0.2% forecast,0.4% previous
•US Apr Housing Starts 1.360M, 1.420M forecast,1.321M previous
•US Apr Building Permits (MoM) -3.0% , -3.7% previous
•US Apr Industrial Production (YoY) -0.38%,0.00% previous
•US Apr Manufacturing Production (MoM) -0.3%, 0.1% forecast,0.5% previous
•US Apr Capacity Utilization Rate 78.4%, 78.4% forecast, 78.4% previous
•US Apr Industrial Production (MoM) 0.0%,0.1% forecast, 0.4% previous
•US Import Price Index (YoY) 1.1% ,0.4% previous
•US Export Price Index (YoY) -1.0% ,-1.4% previous
•US Jobless Claims 4-Week Avg. 217.75K, 215.00K previous
•US Continuing Jobless Claims 1,794K ,1,780K forecast,1,785K previous
•US Apr Building Permits 1.440M ,1.480M forecast,1.467M previous
•US Initial Jobless Claims 222K 219K forecast,231K previous
•US Apr Housing Starts (MoM) 5.7% ,-14.7% previous
•US May Philly Fed CAPEX Index 20.10,20.00 previous
•US May Philly Fed Prices Paid 18.70 ,23.00 previous
•US May Philly Fed Employment -7.9, -10.7 previous
•US Philadelphia Fed Manufacturing Index 4.5,.7 forecast,15.5 previous
•US Apr Export Price Index (MoM) 0.5% , 0.4% forecast,0.3% previous
•US Apr Import Price Index (MoM) 0.9%, 0.2% forecast,0.4% previous
•US Apr Housing Starts 1.360M, 1.420M forecast,1.321M previous
•US Apr Building Permits (MoM) -3.0% , -3.7% previous
•US Apr Industrial Production (YoY) -0.38%,0.00% previous
•US Apr Manufacturing Production (MoM) -0.3%, 0.1% forecast,0.5% previous
•US Apr Capacity Utilization Rate 78.4%, 78.4% forecast, 78.4% previous
•US Apr Industrial Production (MoM) 0.0%,0.1% forecast, 0.4% previous
Looking Ahead Economic Data(GMT)
•02:00 China Apr Industrial Production (YoY) 5.5% forecast, 4.5% previous
•02:00 China Apr Chinese Unemployment Rate 5.2% forecast, 5.2% previous
•02:00 China Apr Chinese Retail Sales YTD (YoY) 4.70% previous
•02:00 China Apr Retail Sales (YoY) 3.7% forecast, 3.1% previous
•02:00 China Apr Fixed Asset Investment (YoY) 4.6% forecast, 4.5% previous
Looking Ahead Events And Other Releases(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro eased against dollar on Thursday after data showed U.S. import prices increased last month . According to the Bureau of Labor Statistics, the increase in the price index for U.S. imports in April was the largest one-month rise since March 2022, when it surged by 2.9%. The BLS noted that prices for U.S. imports had last decreased on a monthly basis in December. The dollar rebounded from a sharp decline against all major currencies on Wednesday when data showed U.S. inflation slowing to 0.3% in April from a month earlier.The dollar index , which tracks the U.S. currency against six peers, rose 0.27% to 104.47 after a 0.75% slide on Wednesday. The euro hit a two-month high at $1.0895 on Thursday before dipping to trade 0.14% lower at $1.0867.Immediate resistance can be seen at 1.0901 (23.6%fib), an upside break can trigger rise towards 1.0940(21st Mar).On the downside, immediate support is seen at 1.0835 (38.2% fib), a break below could take the pair towards 1.0768(50% fib).
GBP/USD: Sterling eased on Thursday as dollar found a footing on Thursday after data showed U.S. import prices increased 0.9% last month, a jump that raised concerns the Federal Reserve's fight to tame inflation is not yet done and could delay plans for policymakers to cut interest rates.Economic data this week offered the U.S. central bank good news, but policymakers haven't openly shifted their views on the timing of rate cuts many investors believe will start this year.The jump in the price index for U.S. imports in April was the largest one-month increase since it rose 2.9% in March 2022, the Bureau of Labor Statistics said . Britain's pound reached a one-month top of $1.2675 before falling back 0.13% to $1.1268. Immediate resistance can be seen at 1.2701(23.6%fib), an upside break can trigger rise towards 1.2716(Higher BB).On the downside, immediate support is seen at 1.2626(38.2% fib), a break below could take the pair towards 1.2558 ( 50% fib).
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Thursday as the recent rally lost some momentum and investors assessed economic for signs the U.S. economy is slowing down. The number of Americans filing new claims for unemployment benefits fell last week, unwinding nearly half of the jump at the start of the month, indicating that labor market conditions remain fairly tight even as job growth is cooling. Canada's monthly inflation report, due next Tuesday, is seen as a major input into the Bank of Canada's decision in June whether to begin its own interest rate cutting campaign.The price of oil, one of Canada's major exports, settled 0.8% higher at $79.23 a barrel. The loonie was trading 0.1% lower at 1.3615 to the U.S. dollar , after trading in a range of 1.3591 to 1.3641. Immediate resistance can be seen at 1.2336 (38.2%fib), an upside break can trigger rise towards 1.3682 (23.6%fib).On the downside, immediate support is seen at 1.3597 (50% fib), a break below could take the pair towards 1.3556(61.8% fib).
USD/JPY: The U.S. dollar initially dipped against yen on Thursday but recovered most the ground as dollar rebounded after data showed U.S. import prices increased last month. Meanwhile, market also contended with a decline in the number of Americans filing new claims for unemployment benefits last week, indicating underlying strength in the U.S. labor market. A robust economy may lead to prolonged higher rates. Economic data this week offered the U.S. central bank good news, but policymakers haven't openly shifted their views on the timing of rate cuts many investors believe will start this year.Market participants are pricing in a roughly 68% chance that the Fed will cut rates in September, according to CME's FedWatch tool .The dollar dropped 1% against the yen on Wednesday but was up 0.28% on Thursday at 155.30, having fallen as low as 153.6 . Strong resistance can be seen at 156.32 (38.2%fib), an upside break can trigger rise towards 157.86(23.6%fib).On the downside, immediate support is seen at 154.93(50% fib), a break below could take the pair towards 153.29(61.8% fib).
Equities Recap
European shares snapped a nine-day winning streak on Thursday, weighed by Germany's Siemens after a second-quarter industrial profit miss, while a number of automobile and energy stocks also dropped on trading ex-dividend.
UK's benchmark FTSE 100 closed down by 0.08 percent, Germany's Dax ended down by 0.75 percent, France’s CAC finished the day down by 0.63 percent.
U.S. stocks closed lower on Thursday after the Dow reached an intra-day high of 40,000 for the first time, as investors continued to recalibrate their rate-cut expectations following data showing a slowdown in inflation, as well as strong corporate earnings results.
Dow Jones closed down by 0.10 %percent, S&P 500 closed down by 0.21% percent, Nasdaq settled down by 0.26 % percent.
Commodities Recap
Gold prices edged lower on Thursday as the dollar rebounded, although signs of cooling U.S. inflation cemented hopes for interest rate cuts from the Federal Reserve this year and kept bullion near the one-month peak.
Spot gold fell 0.3% to $2,379.60 per ounce as of 1817 GMT, after hitting its highest since April 19 earlier in the session. Bullion rose more than 1% on Wednesday.
Meanwhile, U.S. gold futures for June delivery settled 0.4% lower at 2385.50 per ounce.
Crude prices edged up on Thursday after data showed a stabilizing U.S. job market, fueling expectations that the Federal Reserve could begin to cut interest rates in autumn, which should stimulate the economy and boost oil demand.
Brent crude futures settled 52 cents, or 0.6%, higher at $83.27 a barrel, while U.S. West Texas Intermediate crude (WTI) ended at $79.23, up 60 cents, or 0.8%.
