Market Roundup
•US Initial Jobless Claims: 213K, 219K forecast,220K previous
•US Jobless Claims 4-Week Avg.: 217.75K, 221.50K previous
•US Philadelphia Fed Manufacturing Index (Nov): -5.5, 10.3, forecast ,-7.4 previous
•US Philly Fed Business Conditions (Nov): 56.6, 36.7 previous
•US Philly Fed CAPEX Index (Nov): 24.90, 23.50 previous
•US Philly Fed Employment (Nov): 8.6, -2.2 previous
•US Philly Fed New Orders (Nov): 8.9, 14.2 previous
•US Philly Fed Prices Paid (Nov): 26.60, .70 previous
• Canada IPPI (MoM) (Oct): 1.2%, -0.8% forecast ,- 0.3% previous
• Canada IPPI (YoY) (Oct): 1.1%, -1.0% previous
•Canada RMPI (YoY) (Oct): -2.8%, -8.8% previous:
•US Existing Home Sales (MoM) (Oct) 3.4%, -1.3% previous
•US Existing Home Sales (Oct) 3.96M 3.95M forecast, 3.83M previous
• US Leading Index (MoM) (Oct) -0.4%, -0.3% forecast,-0.3%previous
Looking Ahead Economic Data(GMT)
•No data Ahead
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Summaries
EUR/USD fell against dollar on Thursday as concerns about growth in the euro zone and the impact of the Ukraine-Russia conflict weighed on the euro. Russian President Vladimir Putin said Russia had launched a hypersonic medium-range ballistic missile in retaliation and that the West was escalating the conflict in Ukraine. The United States briefed Ukraine and close allies in recent days to help them prepare for the possible use of an experimental intermediate-range ballistic missile used to attack the Ukrainian city of Dnipro, a U.S. official said. At the same time, traders are sizing up what Trump's campaign pledges of tariffs mean for the rest of the world, with Europe and China both likely in the firing line. Immediate resistance can be seen at 1.0524(50%fib), an upside break can trigger rise towards 1.0577(61.8%fib).On the downside, immediate support is seen at 1.0464`(38.2%fib), a break below could take the pair towards 1.0397(23.6%fib)
GBP/USD: Sterling declined against dollar on Thursday as investors assessed declining weekly jobless claims, suggesting labor-market strength, and comments from two Federal Reserve governors on the path of interest rates. The number of Americans filing new applications for unemployment benefits fell to a seven-month low last week, suggesting that job growth likely rebounded in November after abruptly slowing last month amid hurricanes and strikes.Initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 213,000 for the week ended Nov. 16, the lowest reading since April. Economists polled by Reuters had forecast 220,000 claims for the latest week. Immediate resistance can be seen at 1.2696(SMA 5), an upside break can trigger rise towards 1.2723(38.2%fib).On the downside, immediate support is seen at 1.2583 (23.6%fib), a break below could take the pair towards 1.2515(My 14th low)
USD/CAD: The Canadian dollar edged up to a nine-day high against its U.S. counterpart on Thursday and bond yields climbed as a Canadian government proposal to increase spending reduced prospects for another outsized interest rate cut from the Bank of Canada.Canada's Liberal government, which is trailing badly in the polls ahead of next year's election, unveiled C$6.3 billion ($4.5 billion) in proposed new spending measures to help consumers deal with high prices. Investors see a roughly 10% chance the BoC will reduce its benchmark rate by half a percentage point at its next policy decision on Dec. 11, down from 38% before hotter-than-expected Canadian inflation data on Tuesday.The Canadian dollar was trading 0.1% higher at 1.3960 per U.S. dollar, or 71.63 U.S. cents, after touching its strongest intraday level since Nov. 12 at 1.3928.Immediate resistance can be seen at 1.4014(23.6%fib), an upside break can trigger rise towards 1.4065(Nov 14th high).On the downside, immediate support is seen at 1.3943(5SMA), a break below could take the pair towards 1.3925 (50%fib).
USD/JPY: The dollar eased against the yen as concerns over escalating tensions between Russia and Ukraine boosted demand for yen. Ukraine fired a volley of British Storm Shadow cruise missiles into Russia on Wednesday, the latest new Western weapon it has been permitted to use on Russian targets, a day after it fired U.S. ATACMS missiles. With geopolitical tensions running high, the Japanese yen has outperformed. With the United States vetoing a U.N. ceasefire resolution in Gaza and renewed Russia-Ukraine tensions, geopolitical risk premiums remain elevated. The dollar index, which measures the greenback against a basket of currencies, rose 0.39% to 107.03Against the Japanese yen the dollar weakened 0.56% to 154.56. Immediate resistance can be seen at 155.80(23.6%fib) an upside break can trigger rise towards 156.71 (Nov 15th high). On the downside, immediate support is seen at 154.30(Daily low) a break below could take the pair towards 153.63(21SMA).
Equities Recap
Europe's main stock index edged up on Thursday, buoyed by a rally in energy and tech stocks that ended its longest losing streak in more than two months, while geopolitical tensions underpinned demand for safe-haven assets.
UK's benchmark FTSE 100 closed up by 0.79percent, Germany's Dax closed up by 0.74 percent, France’s CAC closed up by 0.21 percent.
The tech-heavy Nasdaq closed lower on Wednesday, taking a break from the prior session's rally as investors worried about escalating Russia-Ukraine tensions and weak results from Target.
Dow Jones closed up by 1.06% percent, S&P 500 closed up at 0.53% percent, Nasdaq closed up by 0.04% percent.
Commodities Rcap
Oil climbed nearly 2% on Thursday as tensions between Russia and Ukraine were rapidly rising as the countries launched missiles at each other, worrying markets about crude supply if the conflict widened.
Brent crude futures rose $1.42, or 1.95%, to $74.23 per barrel, while U.S. West Texas Intermediate crude futures increased $1.35, or 2%, to $70.10.
Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week high as safe-haven demand soared following AI bellwether Nvidia's lackluster revenue forecast and intensifying Russia-Ukraine tensions.
Spot gold was up 0.8% at $2,670.49 per ounce by 01:48 p.m. EST (1848 GMT), while U.S. gold futures settled 0.9% higher at $2,674.90.
