America’s Roundup: The dollar trims losses against the yen after US GDP data ,Wall Street ends mixed, Gold hits over 2-week low, US oil prices settle higher

Market Roundup

• US Jobless Claims 4-Week Avg.    235.50K,234.75K previous

• US Continuing Jobless Claims 1,851K,,860K forecast,1,867K previous

•US Initial Jobless Claims 235K,237K forecast,243K previous

• Canada May Average Weekly Earnings (YoY) 4.23%,3.69% previous

• US Jun Durables Excluding Defense (MoM) -7.0%,-0.2% previous

• US Goods Orders Non Defense Ex Air (MoM)  1.0%,0.2% forecast,-0.6% previous

• US Jun Durable Goods Orders (MoM)  -6.6%,0.3% forecast,0.1% previous

• US GDP Price Index (QoQ) (Q2) 2.3%,2.6% forecast,3.1% previous

• US Core PCE Prices (Q2) 2.90%,2.70% forecast,3.70% previous

• US  GDP Sales (Q2) 2.0%,1.8% previous

• US  Real Consumer Spending (Q2) 2.3%,1.5% previous

• US  PCE Prices (Q2) 2.6%,3.4% previous

• US  GDP (QoQ) (Q2) 2.8%, 2.0% forecast,1.4% previous

•    US Jul KC Fed Manufacturing Index -12 ,-11 previous

Looking Ahead Economic Data(GMT)

•23:50 Japan Jul Tokyo Core CPI (YoY)   2.2% forecast,2.1% previous

•23:50 Japan Jul Tokyo CPI (YoY)   2.3% previous

•23:50 Japan Jul CPI Tokyo Ex Food and Energy (MoM)  0.0% previous

•05:00   Japan Leading Index 111.1 forecast, 110.9 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 the US economy expanded faster than expected and inflation slowed in the second quarter.Data showed the U.S. economy grew faster than expected in the second quarter amid solid gains in consumer spending and business investment, but inflation pressures subsided, leaving intact expectations of a September interest rate cut from the Federal Reserve.The Fed is scheduled to hold its next policy meeting at the end of July. Markets see only a slight chance for a rate cut of at least 25 basis points (bps) at that meeting, but are fully pricing in a September cut, according to CME's FedWatch Tool. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, gained 0.01% at 104.39. Immediate resistance can be seen at 1.0865(38.2%fib), an upside break can trigger rise towards 1.0909 (23.6%fib).On the downside, immediate support is seen at 1.0825(50%fib), a break below could take the pair towards 1.0790(61.8%fib).

GBP/USD: The pound fell slightly on Thursday but largely stayed above the fray that rocked other currencies, as investors increased their wagers on Bank of England rate cuts in 2024. Traders on Thursday increased their bets on BoE rate cuts ahead of next week's decision, pricing in derivatives markets showed.Two interest rate reductions now fully priced in by December, while next Thursday's decision remains on a knife edge. British bond yields fell, weighing on the pound.The shift was largely driven by a change in U.S. interest rate expectations after a string of cool economic data and comments from former Federal Reserve officials backing a cut. Sterling was last down 0.12% at $1.2891, slipping further away from a one-year high of $1.3044 hit last week. It fell more against the euro, which was up 0.26% against the pound at 84.22 pence. Immediate resistance can be seen at 1.2953(38.2%fib), an upside break can trigger rise towards 1.3020(23.6%fib).On the downside, immediate support is seen at 1.2848(50%fib), a break below could take the pair towards 1.2824(61.8%fib).

 USD/CAD : The Canadian dollar weakened to an eight-month low against its U.S. counterpart on Thursday as investors grew confident the Bank of Canada would continue to ease policy following its latest interest rate cut the day before.The Bank of Canada is shifting its focus to boosting the economy rather than suppressing inflation, which raises prospects of further interest rate cuts in the coming months, analysts say.Investors see a roughly 60% chance the BoC will cut rates again at its next policy decision in September after the central bank on Wednesday lowered its policy rate by 25 basis points for a second time in two months to 4.50%.The loonie was trading 0.1% lower at 1.3815 per U.S. dollar , after touching its weakest intraday level since Nov. 10 at 1.3848.  Immediate resistance can be seen at 1.3837 (23.6%fib), an upside break can trigger rise towards 1.3837 (Daily high).On the downside, immediate support is seen at 1.3797(38.2%fib), a break below could take the pair towards 1.3760(50%fib).

USD/JPY: The dollar  trimmed losses against the yen   after data showed the world's largest economy expanded faster than expected and inflation slowed in the second quarter. Advance estimates showed that U.S. gross domestic product (GDP) grew at a 2.8% annualized rate in the last quarter. Economists polled by Reuters had forecast GDP rising at a 2.0% rate.The personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increased at a 2.9% rate after surging at a 3.7% pace in the first quarter. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 235,000 for the week ended July 20, the data showed. Economists polled   had forecast 238,000 claims for the latest week. Strong resistance can be seen at 154.82(38.2%fib), an upside break can trigger rise towards 156.18(50%fib). On the downside, immediate support is seen at 151.10(Lower BB), a break below could take the pair towards 151.90 (Daily low).

Equities Recap

European shares closed lower on Thursday as a slate of downbeat earnings reports in several sectors including tech and luxury weighed, while a global run for safe haven assets further exacerbated losses.

UK's benchmark FTSE 100 closed up by  0.40 percent, Germany's Dax ended down by 0.48 percent, France’s CAC finished the day down  by 1.15 percent.                

Dow Jones closed up by 0.20 %percent, S&P 500 closed down by 0.51% percent, Nasdaq settled down by  0.93 % percent.

The S&P 500 and Nasdaq Composite ended a fickle session weaker on Thursday, failing to regain ground lost in the previous day's tech-triggered sell-off as investors grappled with the likely direction of megacaps.

Commodities Recap

Gold prices slipped to its lowest in over two weeks on Thursday as profit-taking kicked in after gold's recent rally, while traders awaited U.S. economic data that could offer more cues on when the central bank will cut interest rates.

Spot gold fell 1.8% to $2,355.22 per ounce by 1744 GMT, having touched its lowest since July 9. U.S. gold futures settled about 2.6% lower at $2,353.50.

Oil prices edged higher after the strong U.S. economic data boosted demand expectations.

U.S. crude rose 69 cents to settle at $78.28 a barrel and Brent rose 66 cents to settle at $82.37.