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America’s roundup: Dollar gains in tug-of-war between vaccine, rising virus cases, Wall street closes lower, Gold firms, Oil rises about 1%, posts third week of gains on vaccine hopes-november 21st 2020

Source FxWire Pro Saturday, 21 Nov, 2020 02:30:36 GMT
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Market Roundup

• Canada Oct New Housing Price Index (MoM) 0.8%,  1.2% previous

• Canada Sep Retail Sales (MoM) 1.1%, 0.2% forecast,0.4% previous

• Canada Core Sep Retail Sales (MoM) 1.0%,  0.2% forecast, 0.5% previous

• EU Nov Consumer Confidence   -17.6 ,-17.7 forecast, -15.5 previous

• Russia GDP Monthly (YoY) -4.7% ,-3.3% previous

• Russia Oct Unemployment Rate 6.3%,  6.4% forecast, 6.3% previous

• Russia Oct Retail Sales (YoY) -2.4%, -3.0%, -3.0% previous

• Russian Sep Real Wage Growth (YoY) 2.2% ,0.1%,0.1% previous

• U.S. Baker Hughes Oil Rig Count 231 ,236 previous

• U.S. Baker Hughes Total Rig Count 310, 312 previous

Looking Ahead Economic Data

•No data ahead

Looking Ahead - Events, Other Releases (GMT)

•No significant events

Currency summaries

EUR/USD: The euro edged lower against dollar on Friday as investors focused on the possible resumption of talks for additional coronavirus stimulus. Republican and Democratic senators agreed on Thursday to revive those discussions, pushing the dollar lower after trading higher all day. European Union leaders clashed on Thursday over Hungary and Poland vetoing the bloc's 1.8 trillion-euro ($2.14 trillion) recovery plan but decided to allow more time for an agreement. The euro was down 0.1% against the dollar at $1.1859 , posting a small weekly gain. Immediate resistance can be seen at 1.1885 (23.6%fib), an upside break can trigger rise towards 1.1919 (Nov 9th High).On the downside, immediate support is seen at 1.1846 (38.2%fib), a break below could take the pair towards  1.1815(50% fib).

GBP/USD: Sterling was on course for its third consecutive week of gains against the dollar on Friday, driven by renewed hopes that Britain and the European Union will reach a trade deal. Britain left the EU in January and is in talks with the bloc on a future trading relationship after a transition period runs out at the end of 2020. An EU official said the two sides are very close to agreement on most issues, even if they are still at odds over fishing rights, guarantees of fair competition and ways to solve future disputes. Sterling was up 0.2% versus the dollar, at $1.3287, on track for its third consecutive week of gains. Immediate resistance can be seen at 1.3293(38.2%fib), an upside break can trigger rise towards 1.3380 (23.6%fib).On the downside, immediate support is seen at 1.3222 (50%fib), a break below could take the pair towards 1.3200 (Psychological level).

USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Friday as stronger dollar offset upbeat Canadian retail sales data. Canadian retail sales grew by 1.1% in September on higher sales at general merchandise stores, Statistics Canada said.That surpassed the 0.2% gain economists expected. The price of oil, one of Canada's major exports, was pressured by renewed lockdowns in several countries to limit the spread of the coronavirus pandemic. Immediate resistance can be seen at 1.3104 (38.2%fib), an upside break can trigger rise towards 1.3134 (20DMA).On the downside, immediate support is seen at 1.3026 (23.6%fib), a break below could take the pair towards 1.2944 (Lower BB).

USD/JPY: The dollar edged higher against the Japanese yen on Friday as traders consolidating positions amid competing forces that pull the currency in different directions, the surge in virus cases, on the one hand, and positive vaccine news, on the other. Overall, the greenback ended the week on a loss against a currency basket. The week started off on a negative note for the dollar with positive news on a vaccine for COVID-19, but the market has since moved back and forth between focusing on coronavirus cases and the virus drug. The U.S. dollar was up 0.1% versus the yen at 103.81 yen. Strong resistance can be seen at 104.02 (38.2% fib), an upside break can trigger rise towards 104.34 (50% fib).On the downside, immediate support is seen at 103.64 (23.6%fib), a break below could take the pair towards 103.25(Lower BB).

Equities Recap

European stocks ended higher on Friday, with the benchmark STOXX 600 clocking its third straight week of gains as a jump in commodity-linked stocks helped to counter worries about rising coronavirus cases and an impasse over new U.S. stimulus.

UK's benchmark FTSE 100 closed up by  0.27percent, Germany's Dax ended up  by 0.39 percent, France’s CAC finished the day up by 0.39 percent.                

The S&P 500 and the Dow edged lower on Friday as investors headed into the weekend grappling with disappointing fiscal stimulus news and uncertain efforts to combat a spiraling COVID-19 pandemic with vaccines.

Dow Jones closed down  by  0.75% percent, S&P 500 closed down by 0.68 % percent, Nasdaq settled down  by 0.42%     percent.

Treasuries Recap

U.S. Treasuries pared an overnight yield drop but ended lower on the day in choppy trading on Friday as investors balanced the prospect of new fiscal stimulus against the request by the U.S. government for the Federal Reserve to return unused funds from programs meant to backstop markets.

Benchmark 10-year yields fell to an 11-day low of 0.818%, before bouncing back to 0.829%.

Commodities Recap

Oil prices rose about 1% higher on Friday and posted a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Brent crude  futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel.

Gold edged higher on Friday after U.S. Treasury Secretary Steven Mnuchin signalled that negotiations on stimulus measures will continue, boosting the metal’s appeal as a hedge against likely inflation.

Spot gold rose 0.3% to $1,871.99 per ounce , but was down 0.8% for the week. U.S. gold futures rose 0.6% to $1,871.80.

Source: FxWire Pro
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