Posted at 24 December 2024 / Categories Market Roundups
Market Roundup
• US Chicago Fed National Activity (Nov) -0.12, -0.50 previous
• US Core Durable Goods Orders (MoM) (Nov) -0.1%, 0.2% previous
• US Durable Goods Orders (MoM) (Nov) -1.1%, 0.8% previous
• US Durables Excluding Defense (MoM) (Nov) -0.3%, 1.0% previous
• USD Goods Orders Non-Defense Ex Air (MoM) (Nov) 0.7%, -0.1% previous
• Canada GDP (MoM) (Oct) 0.3%, 0.1% forecast, 0.2% previous
• Canada IPPI (MoM) (Nov) 0.6%, 0.3% forecast, 1.2% previous
• Canada IPPI (YoY) (Nov) 2.2%, 1.1% previous
• Canada RMPI (MoM) (Nov) -0.5%, 0.4% forecast, 4.0% previous
• Canada RMPI (YoY) (Nov) 2.0%, -2.6% previous
• Canada GDP (MoM) (Nov) -0.1%, 0.3% forecast
• US Building Permits (Nov) 1.493M, 1.505M forecast, 1.419M previous
• US Building Permits (MoM) (Nov) 5.2%, 6.1% forecast, -0.4% previous
• US 3-Month Bill Auction 4.240%, 4.250% previous
• US 6-Month Bill Auction 4.170%, 4.160% previous
• US CB Consumer Confidence (Dec) 104.7, 112.9 forecast, 112.8 previous
• US New Home Sales (MoM) (Nov) 5.9%, -14.8% previous
• US New Home Sales (Nov) 664K, 650K forecast, 627K previous
• US 52-Week Bill Auction 4.070%, 4.190% previous
• US 2-Year Note Auction 4.335%, 4.274% previous
Looking Ahead Economic Data(GMT)
•No Data ahead
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro fell on Monday as traders assessed comments from European Central Bank (ECB) President Christine Lagarde. In an interview with the media, Lagarde stated that the eurozone was close to reaching the ECB's medium-term inflation target. Despite the ECB's fourth rate cut to 3% this month, eurozone bond yields rose after Lagarde adopted a slightly more hawkish tone than expected, emphasizing that the fight against inflation was not over. She pointed out that while headline inflation was at 2.2%, services inflation remained stubbornly high at 3.9%.. Immediate resistance can be seen at 1.0447(38.2%fib), an upside break can trigger rise towards 1.0522(50%fib).On the downside, immediate support is seen at 1.0352(23.6%fib), a break below could take the pair towards 1.0300(Psychological level)
GBP/USD: The pound declined against the dollar on Monday after data showed British economic output failed to grow in the third quarter, adding to the signs of a slowdown. The Office for National Statistics lowered its estimate for the change in gross domestic product output to 0.0% in the July-to-September period, down from a previous estimate of 0.1% growth. Separate data showed, British business confidence fell to its lowest level of 2024 in December, although employers were a bit more optimistic about the wider economy, according to a survey published on Monday.. Immediate resistance can be seen at 1.2640(38.2%fib), an upside break can trigger rise towards 1.2751 (50%fib).On the downside, immediate support is seen at 1.2514(23.6%fib), a break below could take the pair towards 1.2459(Lower BB)
USD/CAD: The Canadian dollar steadied against the U.S. dollar on Monday, recovering from earlier losses as investors assessed domestic GDP data and minutes from the Bank of Canada's most recent meeting. The minutes revealed that the decision to cut rates by 50 basis points on December 11 was a close call, with some governing council members advocating for a more modest 25-basis-point reduction. Canada's economy outperformed expectations with a 0.3% growth in October, driven by gains in oil and gas extraction and manufacturing. However, GDP is expected to have contracted in November.. Immediate resistance can be seen at 1.4419(23.6% fib), an upside break can trigger rise towards 1.4489(Higher BB).On the downside, immediate support is seen at 1.4339(Daily low), a break below could take the pair towards 1.4262(38.2%fib).
USD/JPY: The U.S. dollar remained near a five-month low against the yen on Monday as traders stayed alert for potential intervention from Japanese authorities. Last week, the Bank of Japan (BOJ) held rates steady and offered little clarity on when it might raise rates, in stark contrast to the Federal Reserve's hawkish stance just a day earlier, which indicated a gradual pace of rate cuts in 2025. This divergence sent the yen lower, and it struggled to recover its losses. Meanwhile, the U.S. dollar was hovering near a two-year high of 108.54 against a basket of currencies, last seen at 108.10. Immediate resistance can be seen at 157.37 (Higher BB) an upside break can trigger rise towards 158.81 (23.6%fib). On the downside, immediate support is seen at 155.60(38.2%fib) a break below could take the pair towards 155.00 (Psychological level).
Equities Recap
Europe's STOXX 600 edged slightly higher to start the holiday-shortened week, as a surge in Novo Nordisk shares lifted the healthcare sector, helping to offset losses across the main stock index.
UK's benchmark FTSE 100 closed up by 0.22 percent, Germany's Dax ended down by 0.18 percent, France’s CAC finished the day down by 0.03 percent.
Wall Street's main indexes closed higher on Monday, with both the Dow Jones Industrial Average and the Nasdaq Composite marking their third consecutive day of gains. This was driven by advances in several of the so-called "Magnificent Seven" tech stocks, on a holiday-quieted trading day.
Dow Jones closed up by 0.16% percent, S&P 500 closed up by 0.73% percent, Nasdaq settled up by 0.98% percent.
Commodities Recap
Oil prices edged lower on Monday in thin trade ahead of the Christmas holiday on concerns about a supply surplus next year and a strengthened dollar.
Brent crude futures settled down 31 cents, or 0.43%, at $72.63 a barrel. U.S. West Texas Intermediate crude futures fell 22 cents, or 0.32%, to $69.24 a barrel.
Gold prices edged lower in subdued holiday-season trading on Monday, weighed down by a robust dollar and high U.S. Treasury yields as investors awaited clearer signals on the Federal Reserve's monetary policy for 2025.
Spot gold was down 0.4% at $2,611.17 per ounce, as of 1:42 p.m. ET (1842 GMT). U.S. gold futures settled 0.6% lower at $2,628.20.