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Europe roundup: Sterling steadies as investors eye dec. 12 elections, greenback tumbles Amid doubts over U.S.-China trade deal, European shares slump - Thursday, November 21st, 2019

Source FxWire Pro - Media Round Ups Thursday, 21 Nov, 2019 11:37:37 GMT
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Market Roundup

  • Oil declines on U.S.-China trade standoff
     
  • Gold steady on U.S.-China trade deal concerns
     

Economic Data Ahead

  • (0830 ET/1330 GMT) The number of Americans filing for unemployment benefits is likely to have decreased by 6,000 to a seasonally adjusted 225,000 for the week ended Nov. 15, while continuing claims for the week ended Nov.8 is expected to rise to 1.685 million from a previous week's reading of 1.683 million.
     
  • (0830 ET/1330 GMT) Philadelphia Federal Reserve releases its manufacturing survey for the month of November. The indicator stood at 5.6 in September.
     
  • (1000 ET/1500 GMT) National Association of Realtors is likely to report that U.S. existing home sales rose 1.4 percent to an annual rate of 547,000 million units in October.
     
  • (1000 ET/1500 GMT) The European Commission releases Eurozone's preliminary Consumer Confidence reading for the month of November. The index posted a final reading of -7.6 in the prior month.
     
  • (1030 ET/1530 GMT) The Energy Information Administration (EIA) reports its Natural Gas Storage for the week ending November 15.
     

Key Events Ahead

  • (0830 ET/1330 GMT) Federal Reserve Bank of Cleveland President Loretta J. Mester's speech
     
  • (0840 ET/1340 GMT) Bank of Canada Governor Stephen S. Poloz gives a speech
     
  • (1010 ET/1510 GMT) Federal Reserve Bank, at Minneapolis President Neel Kashkari's speech
     
  • (1115 ET/1615 GMT) The Bank of Canada will release its financial system review
     
  • (1330 ET/1830 GMT) European Central Bank Vice-president Luis De Guindos gives a speech
     

FX Beat

DXY: The dollar index eased after the U.S. House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, with President Donald Trump expected to sign them into law. The greenback against a basket of currencies traded down at 97.82, having touched a low of 97.68 on Monday, its lowest since November 5. 

EUR/USD: The euro surged as investors awaited a flash eurozone consumer confidence index later in the day, which is expected to show a slight improvement to -7.3 in November from -7.6 in October. The European currency traded 0.1 percent up at 1.1070, having touched a high of 1.1089 on Monday, its highest since November 7. Immediate resistance is located at 1.1091, a break above targets 1.1123. On the downside, support is seen at 1.1058 (5-DMA), a break below could drag it below 1.1002.

USD/JPY: The dollar gained after falling to a 1-week low earlier in the session on renewed doubts that the United States and China would sign phase one of a trade agreement this year. The major was trading 0.05 percent up at 108.64, having hit a low of 108.27 earlier, its lowest since November 14. Investors’ will continue to track the broad-based market sentiment, ahead of the U.S. unemployment benefit claims and existing home sales. Immediate resistance is located at 108.83 (10-DMA), a break above targets 109.15 (November 13 High). On the downside, support is seen at 108.18, a break below could take it near at 108.03.

GBP/USD: Sterling nudged higher, halting a 2-day losing streak, as market focus remained on the December 12 General Election which is expected to deliver a Conservative Party majority. The major traded at 0.2 percent up 1.2945, having hit a high of 1.2985 on Monday, it’s highest since November 4. Investors’ attention will remain on the development surrounding Brexit, ahead of the U.S. fundamental drivers. Immediate resistance is located at 1.2975, a break above could take it near 1.3012 (October 21 High). On the downside, support is seen at 1.2871 (10-DMA), a break below targets 1.2859. Against the euro, the pound was trading 0.1 percent up at 85.59 pence, having hit a high of 85.21 on Monday, it’s highest since May 6.

USD/CHF: The Swiss franc gained after declining for four straight sessions, as investors rushed to safe havens assets after U.S. legislation on Hong Kong intensified tensions between Washington and Beijing in a fresh blow to hopes of a trade deal before year-end. The major trades at 0.05 percent down at 0.9903, having touched a high of 0.9937 on Wednesday, it’s highest since November 13. On the higher side, near-term resistance is around 0.9936 and any break above will take the pair to the next level till 0.9983. The near-term support is around 0.9883, and any close below that level will drag it till 0.9859.

Equities Recap

European shares declined to near 3-week lows after U.S. legislation on Hong Kong added to concerns that a phase one trade deal between Washington and Beijing would not be signed anytime soon.

The pan-European STOXX 600 index slumped 0.3 percent at 402.49 points, while the FTSEurofirst 300 tumbled 0.4 percent to 1,574.41 points.

Britain's FTSE 100 trades 0.5 percent down at 7,226.33 points, while mid-cap FTSE 250 declined 0.6 to 20,335.61 points.

Germany's DAX declined 0.2 percent at 13,138.01 points; France's CAC 40 trades 0.2 percent lower at 5,880.44 points.

Commodities Recap

Crude oil prices declined as fresh tensions between the United States and China over protests in Hong Kong fueled concern that a deal to end a trade war may be further delayed. International benchmark Brent crude was trading 0.4 percent down at $62.15 per barrel by 1034 GMT, having hit a low of $60.27 on Wednesday, its lowest since November 1. U.S. West Texas Intermediate was trading 0.4 percent lower at $56.84 a barrel, after falling as low as $54.83 on Thursday, its lowest since November 1.

Gold prices declined amid concerns that U.S. legislation on Hong Kong could increase tensions between the United States and China and delay an interim trade deal. Spot gold was trading 0.2 percent down at $1,468.70 per ounce by 1039 GMT, having touched a high of $1,478.70 on Wednesday, its highest November 7. U.S. gold futures were down 0.2 percent at $1,478.70.

Treasuries Recap

The Euro zone government bonds were little changed, with German 10-year yields up  at 0.355 percent from previous lows.On Wednesday, 10-year German yields fell to -0.384 percent.

The long-dated Japanese government bond prices gained, with the 20-year yield falling 1.5 basis points to 0.240 percent, the 30-year yield dropping 2 basis points to 0.390 percent and the 40-year yield easing 2.5 basis points to 0.420 percent. The benchmark 10-year JGB futures fell 0.06 point to 153.42.  The key 10-year cash bond yield rose 0.5 basis point to minus 0.110 percent. The two-year JGB yield rose 1.5 basis points to minus 0.200 percent and the five-year yield added 1 basis point to minus 0.210 percent.

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