• America’s roundup: Dollar retreats on trade uncertainty, Wall street ends higher,gold firms,Oil little changed despite opec plan to deepen cuts-december 6th,2019

    Source: FxWire Pro - Media Round Ups / 08 Dec 2019 10:13:39   America/New_York

    Market Roundup

    • U.S. trade deficit falls 7.6% to $47.2 bln in October

    • U.S. weekly jobless claims decline 10,000 to 203,000

    • Pound romps higher on hopes election will allow smooth Brexit

    • US Challenger Job Cuts (YoY) -16.0%,-33.5% previous  

    • US Nov Challenger Job Cuts  44.569K, 50.275K previous

    • Brazil Nov Auto Production (MoM) -21.2%,16.6% previous         

    • Brazil Nov Auto Sales (MoM)  -4.4%,7.9% previous

    • Russia Central Bank reserves (USD) 542.2B, 542.7B previous

    • US Continuing Jobless Claims1,693K, 203K, 1,642K previous

    • US Exports 207.00B, 208.00B previous                                 
    • US Imports 254.00B, 259.00B    previous             

    • US Initial Jobless Claims 203K,  215K forecast, 213 previous     

    • US Jobless Claims 4-Week Avg 217.75K 17.75K previous             

    • US Trade Balance -47.20B, -48.70B forecast, -51.10B previous

    • Canada Oct Exports 49.91B, 49.30B forecast, 49.53B previous

    • Canada Oct Imports  50.99B, 50.35B forecast, 50.76B previous

    • US Oct Durables Excluding Defense (MoM)  0.0%,0.1%  previous

    • US Oct Factory Orders (MoM)  0.3%,0.3% forecast, -0.8% previous

    • US Oct Factory orders ex transportation (MoM)  0.2%,-0.3% previous

    • Canada Nov Ivey PMI  60.0, 53.8 forecast, 48.2  previous

    Looking Ahead - Economic Data (GMT)

    • 23:30 Japan Average Cash Earnings (YoY) forecast, 0.8%  previous

    • 23:30 Japan Oct Household Spending (MoM) -9.8%,5.5% previous

    • 23:30 Japan Oct Household Spending (YoY) -3.0%,9.5% previous

    • 23:30 Japan Oct Overall wage income of employees  0.5% previous

    • 23:30 Japan Oct Overtime Pay (YoY)  -0.20% previous     

    • 23:30 Japan Nov Foreign Reserves (USD)  1,324.5B previous

    • 05:00 Japan Leading Index 92.0, 91.9 previous

    Looking Ahead - Events, Other Releases (GMT)

    No significant events                     

    Currency Summaries

    EUR/USD: The euro was little changed against the dollar on Thursday, as mixed messages on the U.S-China trade negotiations stirred uncertainty. Euro traded in tight ranges after turmoil induced by conflicting headlines on the fate of a preliminary U.S.-China trade deal and the lack of clarity on whether any kind of agreement can be reached before Dec. 15, when additional U.S. tariffs kick in on Chinese goods. The euro was little changed at $1.1103. An index that tracks the dollar versus a basket of six major currencies was down 0.26 at 97.40. Immediate resistance can be seen at 1.1115 (Dec 4th high), an upside break can trigger rise towards 1.1156 (200 DMA).On the downside, immediate support is seen at 1.1068 (100 DMA), a break below could take the pair towards 1.1000 (Psychological Level).

    GBP/USD: Sterling rose against greenback on Thursday, as growing confidence that next week’s election will give the Conservative Party the parliamentary majority it needs to deliver Brexit, boosted sterling. Recent opinion polls suggest the ruling Conservatives will win an outright majority in the Dec. 12 election, removing some of the political uncertainty that has weighed on the currency for the last 3-1/2 years. The pound rose 0.2% against dollar at 1.3158, taking its gains since October to more than 7%. Immediate resistance can be seen at 1.3168 (Daily high), an upside break can trigger rise towards 1.3200 (Psychological level).On the downside, immediate support is seen at 1.3063 (5 DMA), a break below could take the pair towards 1.2972  (11 DMA).

    USD/CAD: The Canadian dollar strengthened on Thursday to its highest in nearly a month against the greenback as data showed Canada's trade deficit narrowed and a Bank of Canada official expressed confidence in the economic outlook. Bank of Canada Deputy Governor Timothy said the domestic economy remains resilient thanks to a strong labor market and stable inflation. On Wednesday, the central bank held its overnight interest rate at 1.75% as expected and cited early signs the global economy was stabilizing. At (2200 GMT), the Canadian dollar was trading 0.1% higher at 1.3178 to the greenback. Immediate resistance can be seen at 1.3229 (5 DMA), an upside break can trigger rise towards 1.3257 (11 DMA).On the downside, immediate support is seen at 1.3160 (Lower BB), a break below could take the pair towards 1.3100 (Psychological level).

    USD/JPY: The dollar weakened against the Japanese yen on Thursday, as conflicting signals from Washington and Beijing prolonged uncertainty about a trade deal increased demand for safe haven yen. The world's top two economies are moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal. As long as Washington and Beijing does not make a clear statement about trade deal, the markets will remain volatile.Strong resistance can be seen at 109.51 (Higher BB), an upside break can trigger rise towards 110.00 (Psychological level).On the downside, immediate support is seen at 108.43 (Dec 4th low), a break below could take the pair towards 107.74 (100 DMA).

    Equities Recap

    European shares ended slightly lower on Thursday amid mixed signals on a U.S.-China “phase-one” trade deal, while a slide in Glencore shares on a bribery investigation tied in with a strong pound to push London’s benchmark index to near two-month lows.

    The UK's benchmark FTSE 100 closed down by 0.70 percent, Germany's Dax ended down by 0.65 percent, and France’s CAC finished the up by 0.03 percent.

    Wall Street eked out slight gains on Thursday as investors waited for concrete news on a hoped-for interim trade deal between the United States and China before a new round of tariffs scheduled to kick in on Dec. 15.

    Dow Jones closed up by 0.10 percent, S&P 500 ended up 0.15 percent, Nasdaq finished the day up by 0.05 percent.

    Treasuries Recap

    U.S. Treasury yields rose on Thursday as a range of reports indicated continued economic growth.

    The benchmark 10-year yield was four basis points higher at 1.8207, reflecting increased investor appetite for risk.         

    Commodities Recap         

    Gold edged higher on Thursday as uncertainty emerging from mixed messages on the U.S-China trade negotiations offset headwinds from positive economic data out of the United States, while deficit-hit palladium extended a record surge.

     Spot gold was up 0.2% at $1,477.12 per ounce by 1:33 p.m. EST (1833 GMT), having hit its highest since Nov. 7 at $1,484 the previous day. U.S. gold futures settled up 0.2% at $1,483.10 per ounce.

    Oil futures were steady to slightly firmer on Thursday despite OPEC and its allies planning one of the deepest output cuts this decade to prevent oversupply.

    Brent crude   futures settled at $63.39 a barrel, up 39 cents or 0.6%. West Texas Intermediate (WTI) crude   futures ended at $58.43 a barrel, unchanged from the previous settlement, after hitting the highest since late September earlier in the session.               

Share on,