Posted at 27 December 2024 / Categories Market Roundups
Market Roundup
•US Continuing Jobless Claims: 1,910K forecast, 1,880K previous, 1,864K previous
•US Initial Jobless Claims: 219K forecast, 223K previous, 220K previous
•US Jobless Claims 4-Week Avg: 226.50K, 225.50K previous
•US 4-Week Bill Auction: 4.260%, 4.230% previous
•US 8-Week Bill Auction: 4.265%, 4.230% previous
Looking Ahead Economic (GMT)
•23:50 Japan Tokyo Core CPI (YoY) (Dec): 2.5% forecast, 2.2% previous
•23:50 Japan Tokyo CPI (YoY) (Dec): 2.6% previous
•23:50 Japan CPI Tokyo Ex Food and Energy (MoM) (Dec): 0.1%
•23:50 Japan Unemployment Rate (Nov): 2.5% forecast, 2.5% previous
•23:50 Japan Industrial Production (MoM) (Nov): -3.4% forecast, 2.8% previous
•23:50 Japan Industrial Production forecast 1m ahead (MoM) (Dec): -2.2% previous
•23:50 Japan Industrial Production forecast 2m ahead (MoM) (Jan): -0.5% previous
•23:50 Japan Large Retailers' Sales (MoM): -2.3% previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
CurrencySummaries
EUR/USD: The euro strengthened against the dollar on Thursday as markets awaited signals on the U.S. economy under the incoming Trump administration and the Federal Reserve's interest rate strategy for 2025. As Donald Trump prepares to return to the White House in January, markets will be closely monitoring U.S. economic data to gauge how the Fed will navigate inflationary pressures anticipated from his administration's policies, including tariffs, deregulation and tax reforms.On the data front,The number of Americans filing new applications for jobless benefits dipped to the lowest in a month last week, consistent with a cooling but still-healthy U.S. labor market that is likely to keep Federal Reserve officials from cutting interest rates any further in the near term. Immediate resistance can be seen at 1.0444(38.2%fib), an upside break can trigger rise towards 1.0519(50%fib).On the downside, immediate support is seen at 1.0363(23.6%fib), a break below could take the pair towards 1.0300(Psychological level)
GBP/USD: The pound edged higher against the dollar on Thursday as markets await clues on the Federal Reserve's 2025 rate plan and tariff policies from the incoming Trump administration. Investors are also bracing for a slew of market-impacting changes in 2025, ranging from tariffs and deregulation to tax policy, as Donald Trump returns to the presidency in January. In addition, trading activity will be subdued as markets in Australia, New Zealand, Hong Kong, and the Euro Zone are closed on Thursday in observance of the Boxing Day public holiday, further reducing global market liquidity. Immediate resistance can be seen at 1.2604(38.2%fib), an upside break can trigger rise towards 1.2701 (50%fib).On the downside, immediate support is seen at 1.2496(23.6%fib), a break below could take the pair towards 1.2486(Lower BB)
USD/CAD: The Canadian dollar edged lower against its U.S. counterpart on Thursday as investors awaited clarity on the position of Canadian Prime Minister Justin Trudeau. Canadian Prime Minister Justin Trudeau, whose party is on track to lose power in the upcoming election, is facing mounting pressure from within his own party to step down and allow a new leader to take over. The ruling Liberals are facing a potential landslide defeat after more than nine years in office, with voter fatigue, rising prices, and a housing crisis fueling discontent. The loonie was trading 0.2% lower at C$1.4395 to the greenback, after trading in a range of 1.4351 to 1.4404.Immediate resistance can be seen at 1.4187(23.6% fib), an upside break can trigger rise towards 1.4200 (Higher BB).On the downside, immediate support is seen at 1.4113 (38.2%fib), a break below could take the pair towards 1.4043(50%fib).
USD/JPY: The U.S. dollar steadied near a five-month high against the yen on Thursday due to the significant interest rate differential between the United States and Japan.The Bank of Japan expects the economy to move closer to sustainably achieving the central bank's 2% inflation target next year, Governor Kazuo Ueda said on Wednesday, suggesting the timing of its next interest rate increase was nearing. The Bank of Japan expects the economy to move closer to sustainably achieving the central bank's 2% inflation target next year, Governor Kazuo Ueda said on Wednesday, suggesting the timing of its next interest rate increase was nearing. 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
The Dow Jones Industrial Average closed slightly higher on Thursday, extending its winning streak to five sessions, despite light trading volumes and rising U.S. Treasury yields putting pressure on some of the major technology stocks.
Dow Jones closed down by 0.07% percent, S&P 500 closed down by 0.04% percent, Nasdaq settled down by 0.05% percent.
Commodities Recap
Oil gave up earlier gains due to China stimulus hopes and an industry report showing lower U.S. inventories.
U.S. crude fell 0.7% to $69.61 a barrel and Brent fell to $73.22 per barrel, down 0.49% on the day.
Gold prices rose on Thursday, driven by safe-haven demand in light trading after the Christmas holiday, as markets awaited signals on the U.S. economy under the incoming Trump administration and the Federal Reserve's interest rate strategy for 2025.
Spot gold rose 0.9% to $2,635.29 per ounce, as of 01:47 p.m. ET (1847 GMT). U.S. gold futures settled 0.7% higher at $2,653.90.