News

Europe Roundup: Sterling pares some losses as data shows boom in orders for UK businesses ,European stocks hits two-week low, Gold rises, Oil rises as Suez Canal ship runs aground, European lockdowns weigh-March 24th,2021

Posted at 24 March 2021 / Categories Market Roundups


Market Roundup

•UK Feb CPI (MoM)  0.1% , 0.5% forecast, -0.2% previous

•UK Feb CPI, n.s.a  109.10 , 109.00 previous

•UK Feb Core RPI (YoY)  1.6%,1.6% previous      

•UK Feb Core CPI (YoY)  0.9%,1.4% forecast, 1.4% previous         

•UK Feb Core CPI MoM  0.0%, 0.5%  forecast, -0.5% previous    

•UK Feb PPI Output (MoM)  0.6%,0.3% forecast, 1.0% previous

•UK Feb CPI (YoY)  0.4%,0.8% forecast, 0.7% previous   

•UK Feb PPI Input (MoM)  0.6%,0.7% forecast, 0.7% previous   

•French Mar Manufacturing PMI  58.8, 56.5 forecast, 56.1 previous

•French Mar Services PMI  47.8, 45.5 forecast, 45.6 previous

•German Mar Services PMI  50.8, 46.2 forecast, 45.7 previous

•German Mar Composite PMI  56.8, 51.6 forecast, 51.1 previous              

•German Mar Manufacturing PMI  66.6, 60.8 forecast, 60.7 previous      

•EU March Manufacturing PMI  62.4, 57.7 forecast, 57.9 previous                             

•EU March Services PMI  48.8, 46.0 forecast, 45.7 previous          

•EU March Markit Composite PMI 52.5 , 49.1forecast, 48.8 previous       

•UK March Composite PMI  56.6, 51.1 forecast, 49.6 previous    

•UK March Services PMI 56.8, 51.0 forecast, 49.5 previous          

•UK March Manufacturing PMI  57.9, 55.0 forecast, 55.1 previous

Looking Ahead - Economic Data (GMT) 

• 12:30 US Feb Goods Orders Non Defense Ex Air (MoM)  0.5% forecast, 0.4% previous

• 12:30 US Feb Core Durable Goods Orders (MoM)   0.6% forecast,1.3% previous

• 12:30 US Feb Durables Excluding Defense (MoM)  2.3%  previous

• 12:30 US Feb Durable Goods Orders (MoM)  0.8% forecast,3.4% previous

•13:45 US March Manufacturing PMI  59.3 forecast, 58.6 previous           

•13:45 US Markit Composite PMI  59.5 previous

•13:45 US March Services PMI  60.0 forecast, 59.8 previous

•14:30 US Crude Oil Inventories-0.272M forecast, 2.396M previous

Looking Ahead - Economic events and other releases (GMT)

•14:00 US Fed Chair Powell Testifies

•17:45 US FOMC Member Williams Speaks

•23:00 FOMC Member Daly Speaks

Fxbeat

EUR/USD: The euro dipped against dollar on Wednesday as sign of growing unease over the euro zone’s economic outlook amid tighter restrictions to contain a fresh wave of COVID-19. Germany extended its lockdown to April 18. A U.S. health agency said the AstraZeneca Plc vaccine developed with Oxford University may have included outdated information in its data, further fueling investor concerns over the economic recovery. The euro edged toward a four-month trough below $1.18355  trading as low as $1.1808 .Immediate resistance can be seen at 1.1885 (5DMA), an upside break can trigger rise towards 1.1925 (38.2%fib).On the downside, immediate support is seen at 1.1806(23.6%fib), a break below could take the pair towards 1.1779 (Lower BB).

GBP/USD: Sterling cut some earlier losses on Wednesday after data showed a rush of new orders by businesses anticipating an easing of Britain’s lockdown prompted a much stronger rebound for UK companies than expected in March. The flash IHS Markit/CIPS UK Composite Purchasing Managers’ Index rose to a seven-month high as Britain’s swift roll-out of COVID-19 vaccines bolstered confidence among British businesses.The pound was down 0.3% to $1.3715 at 11:50 GMT, after falling to its lowest since Feb. 5 of $1.3675 in earlier London trading. Immediate resistance can be seen at 1.3773(50%fib), an upside break can trigger rise towards 1.3823 (5DMA).On the downside, immediate support is seen at 1.3649(38.2 %fib), a break below could take the pair towards 1.3600(Psychological level).

USD/CHF: The dollar strengthened against the Swiss franc on Wednesday as concerns over a third COVID-19 wave in Europe, potential U.S. tax hikes and escalating tensions between the West and China increased demand for dollar. The dollar index rose to a four-month top of 92.608 in early London trade, its highest since Nov. 23.The index that measures the greenback’s strength against a basket of peer currencies is up nearly 3% year-to-date, confounding widely held expectations among analysts for a decline. Immediate resistance can be seen at 0.9374(23.6%fib), an upside break can trigger rise towards 0.9404(Higher BB).On the downside, immediate support is seen at 0.9298 (5DMA), a break below could take the pair towards 0.9276(38.2%fib).

USD/JPY: The dollar edged higher against the Japanese yen on Wednesday as concerns over rising COVID-19 cases in Europe pushed up demand for  U.S. dollar. Escalating tensions between China and the West also hit sentiment. U.S. manufacturing data was due later on Wednesday.In currencies, the dollar index hit a four-month high of 92.608 against a basket of most major currencies. Strong resistance can be seen at 108.76 (5DMA), an upside break can trigger rise towards 109.20(23.6%fib ).On the downside, immediate support is seen at 108.31(38.2%fib), a break below could take the pair towards 108.00 (Psychological level).

Equities Recap

European stocks hit a two-week low on Wednesday as renewed lockdowns across the eurozone and a row over the supply of COVID-19 vaccines dented sentiment ahead of the release of business activity data.

At (GMT 11:40),UK's benchmark FTSE 100 was last trading down at 0.23 percent, Germany's Dax was down by 0.51 percent, France’s CAC  was last down by 0.21 percent.

Commodities Recap

Gold prices rose on Wednesday as a pullback in U.S. Treasury yields and worries over lockdowns across the euro zone lifted demand for the safe-haven metal, although a stronger dollar limited bullion's upside.

 Spot gold  was up 0.3% at $1,731.40 per ounce by 1105 GMT. U.S. gold futures        gained 0.3% to $1,730.

Oil rose more than 2% on Wednesday after a ship ran aground in the Suez Canal raising supply concerns, although fears of a slow recovery in demand due to European lockdowns limited gains.

Brent crude rose $1.75, or 2.9%, to $62.54 a barrel by 1021 GMT, after tumbling 5.9% the previous day. West Texas Intermediate (WTI) climbed $1.59, or 2.8%, to $59.35, having lost 6.2% on Tuesday.


Simply the best forex trading platform. Mobile platform also available.

download mt4

Start trading forex in 5 minutes. Get 20% deposit bonus.

Open Live Account

Free $10000 forex virtual trading account. Practice makes perfect.

Open Demo Account