• America’s roundup:dollar dips across the board as trade war worries recede, Dow, S&P 500 set new closing highs, Gold hits near 1-week,Oil prices pull back as Trump tweet shifts focus to opec-september 21st,2018

    Source: FxWire Pro - Media Round Ups / 20 Sep 2018 17:44:10   America/New_York

    Market Roundup

    • US 15 Sep w/e, Initial Jobless Claims, 201K, 204K previous, 210K forecast.

    • US 15 Sep w/e, Jobless Claims 4-WK Average, 205.75K, 208.00K,

    • US 8 Sep w/e, Continued Jobless Claims, 1.645M, 1.696M previous, 1.705M forecast, 1.700M revised,

    • US Aug Existing Home Sales, 5.34M, 5.34M previous, 5.35M forecast,

    • US Aug Existing Home Sales percent Change, 0.0%, -0.7% previous, 0.3% forecast.

    • Trump says OPEC producers must bring prices down.

    • Argentine peso strengthens on optimism over IMF talks.

    • Japan PM Abe wins extended term, faces Trump trade challenge.

    • EU pushes October Brexit agreement, threatens no deal.

    • ECB must discuss rate path beyond first hike: Praet.

    Looking Ahead - Economic Data (GMT)

    • 20 Sep 23:30 Japan  Aug CPI Core Nationwide y/y, 0.8% previous mom, 0.9% forecast

    • 20 Sep 23:30 Japan Aug CPI Overall Nationwide, 0.9% previous

    • 20 Sep 23:30 Japan  Aug CPI Ex fresh Food and Energy, 0.3% previous

    • 20 Sep 23:50 Japan 15 Sep w/e Foreign Bond Investment, 297.6B previous

    • 20 Sep 23:50 Japan 15 Sep w/e Foreign Invest JP stock, -1063.2B previous

    • 21 Sep 00:30  Japan Sep Nikkei Mfg PMI Flash, 52.5 previous

    Looking Ahead - Events, Other Releases (GMT)

    • N/A Bank of France Deputy Governor Sylvie Goulard and Bundesbank Board Member Joachim Wuermeling speak at a conference in Frankfurt.

    • N/A Turkish Finance Minister Berat Albayrak and his German counterpart Olaf Scholz to meet in Berlin.

    Currency Summaries

    EUR/USD is likely to find support at 1.1681 levels and currently trading at 1.1772 levels. The pair has made session high at 1.1775 and hit lows at 1.1735 levels. The euro strengthened against dollar on Thursday as U.S. dollar dipped  as a resurgence in global risk appetite on relief that new U.S. and Chinese tariffs on reciprocal imports were less harsh than feared hurt safe-haven demand for the greenback. The dollar has been a major beneficiary of growing trade-related tensions in recent months, as investors bet it would gain at the expense of riskier currencies. After a knee-jerk negative reaction to the new tariffs announced by Washington and Beijing this week, currency markets have become more settled, as traders say they do not expect the dispute to cause a global shock, at least for now. The dollar had benefited from growing trade-related tensions in recent months, as investors bet it would gain at the expense of riskier currencies. Some market participants believe the dollar's current weakness might be fleeting as the Federal Reserve next week is widely expected to raise benchmark borrowing costs and shed more light on its future rate path. The euro advanced 0.93 percent against the greenback, its best day since Aug. 21. The dollar index, which measures the greenback against a basket of six major currencies, was down 0.7 percent at its lowest since early July.

    GBP/USD is supported in the range of 1.3210 levels and currently trading at 1.3262 levels. It reached session high at 1.3297 and dropped to session low at 1.3225 levels. Britain's pound gained against the dollar on Thursday as upbeat UK retail sales data and growing optimism that Britain and the European Union are making progress on Brexit deal supported the British currency. British retail sales jumped 3.3 percent in August compared with the same month a year earlier, better than all forecasts in a poll of economists, as shoppers maintained their strong summer spending spree. Sales rose by 0.3 percent in August from July, the Office for National Statistics said, defying a median forecast for a fall of 0.2 percent. The numbers follow other data showing the UK economy performed relatively well in recent months and that UK consumer prices in August rose at their fastest pace in six months. The pound hit $1.3297 against the dollar, up more than one percent on the day and the best level since early July. Against the euro, the British currency rallied 0.3 percent to hit 88.475, its best level since July 17.Investors have pushed the pound to its highest since July this week as they grow confident that a Brexit trade deal - helping Britain avoid a disorderly exit from the EU  can be clinched in the coming months.

    USD/CAD is supported at 1.2865 levels and is trading at 1.2904 levels. It has made session high at 1.3011 and lows at 1.2883 levels. The Canadian dollar strengthened to its highest in more than three weeks against its U.S. counterpart on Thursday as the greenback broadly fell and investors awaited clues on the prospect of a deal to revamp the NAFTA trade pact. Canadian Prime Minister Justin Trudeau said on Wednesday he wanted to see flexibility from the United States if the two sides are to reach a deal on renewing the North American Free Trade Agreement, which Washington insists must be finished by the end of the month. The U.S. dollar fell to a nine-week low against a basket of major currencies as investors shifted their focus from a trade row between China and the United States to the Federal Reserve's monetary tightening plans. The price of oil, one of Canada's major exports, added to recent gains even after U.S. President Donald Trump called on OPEC to "get prices down now!" ahead of a meeting of major oil exporters in Algeria this weekend. On the data front,Canada added 13,600 jobs in August, driven by hiring in the finance, construction and manufacturing industries, according to a report from ADP. Canada's inflation report for August and July retail sales data are due on Friday.

    NZD/USD is supported around 0.6598 levels and currently trading at 0.6688 levels. It peaked to hit session high at 0.6693 and made session lows at 0.6661 levels. The New Zealand dollar jumped to a three-week peak against dollar on Thursday as traders trimmed the chance of a cut in official interest rates after news the country's economy sped past all expectations in the second quarter. The kiwi rose from around $0.6600 to 0.6652, a level not seen since late August, after New Zealand's economy expanded at the fastest pace in two years last quarter as farm exports and consumer spending surged, a surprisingly strong result that suggests there is no need for a cut in interest rates. Statistics New Zealand figures out on Thursday showed gross domestic product grew 1 percent in the three months to the end of June, double the pace of the previous quarter. That easily beat market expectations of 0.7 percent, and the Reserve Bank of New Zealand forecast of 0.5 percent. In response, overnight interest rate swaps (OIS) pared the chance of a rate cut over the coming year from 40 percent to 20 percent while government bond yields climbed about 3 basis points across the curve. The RBNZ releases its next monetary policy statement (MPS) next week and is widely expected to keep rates at a record low 1.75percent.

    Equities Recap

    European shares surfed a worldwide rise in stock markets on Thursday as fading concerns about the trade war between the United States and China lifted investors into a risk taking mood.

    UK's benchmark FTSE 100 closed up by 0.5 percent, the pan-European FTSEurofirst 300 ended the day up by 0.75 percent, Germany's Dax ended up by 0.9, France’s CAC finished the day up by 1.1 percent.

    The Dow Jones Industrial Average hit a record closing high on Thursday, the last of Wall Street's major indexes to fully regain ground after a correction that began in January.

    Dow Jones closed up by 0.98 percent, S&P 500 ended up by 0.80 percent, Nasdaq finished the day down by 1.00 percent.
    Treasuries Recap

    U.S. long-dated Treasury yields fell on Thursday, as persistent U.S.-China trade tensions and uncertainty over Brexit spurred investors to seek the safety of government bonds. 

    U.S. 10-year yields were last at 3.073 percent, down from 3.083 percent late on Wednesday. U.S. 30-year yields were at 3.208 percent, down from Wednesday's 3.237 percent. U.S. 2-year yields were unchanged at 2.8076 percent, from levels on Wednesday.

    Commodities Recap

    Gold edged up to hit its highest in nearly a week on Thursday as the U.S. dollar slumped, its safe-haven appeal lessened by reduced fears over the near-term impact of Sino-U.S. trade tensions.

    Spot gold gained 0.2 percent at $1,205.89 per ounce by 1:36 p.m. EST (1736 GMT), having hit its highest since last Friday at $1,028.31.U.S. gold futures for December delivery settled up $3, or 0.3 percent, at $1,211.30 per ounce.

    Oil prices eased on Thursday, pulling back after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

    Brent crude oil settled down 78 cents at $78.70 a barrel. U.S. light crude was down 32 cents to settle at $70.80 a barrel after rising nearly 2 percent on Wednesday
     

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