US Open Note – Stocks wane and dollar improves

US retail sales, jobless claims and Canadian ADP Non-Farm labour data take centre stage

US major indices are slightly lower as the greenback continues its comeback. It seems consumption endured even as job growth remained burdened last month with August headline retail sales rising to 0.7%, beating July’s -1.8% figure and expectations of -0.8% m/m, while the core data soared to 1.8%, overshooting the -0.1% m/m estimation. Furthermore, the Philly Fed Manufacturing index came in at 30.7, eclipsing August’s and July’s figures of 18.9 and 19.4 respectively, signalling the economy remains robust. That said, the previous week’s jobless claims disappointed somewhat hitting 332K, exceeding the prior week’s number of 312K, while continuing unemployment claims in general made some progress.

The dollar index has propelled to 92.84 on the back of stronger US retail sales and September manufacturing, and could receive extra underpinning should China’s Evergrande saga fuel temporary flights into safe havens like the US dollar.

The euro is declining further after having failed to find its feet around the $1.1760 mark and the pound lost its recent buoyancy against the greenback, diving below $1.3800. The USD/JPY pair, from largely unchanged around 109.35 earlier in the day, jumped to 109.70, while USD/CHF extended gains to 0.9265, all on the back of today’s stronger US data.

Loonie ahead of Elections

Yesterday’s stronger Canadian inflation figures pushed the USD/CAD pair lower, however new-found dollar power from upbeat retail sales and manufacturing floated the price up to C$1.2650.

Though housing starts in Canada have slowed to 260.2K units in August compared to 270.7K in July, and wholesale sales ticked marginally lower in July to -2.1% m/m, demand for the currency rose with foreign purchases, and 39.4K new jobs outside the farming industry were created from July to August. Nonetheless, despite the inoculation rate in the country being very high and the Bank of Canada seen as being ahead of the interest rate hike story, Monday’s September 20 elections in Canada could provide new volatility for the pair, depending on who takes power.

Oil stabilizes, metals steer lower and antipodeans hang in

WTI oil futures consolidated around $72.40 per barrel after the storms and oil inventories fell by 6.4M barrels.

Gold declined to $1,755/oz and silver to $22.80/oz as king dollar made headway in Asian sessions followed by upbeat US retail sales, and an impaired euro.

Down under Australian August inflation expectations rose to 4.4%, while a downbeat jobs report displayed the lockdown consequences and a low participation rate, which may be part of the reasons for the huge 146.3K loss in jobs, which overshot the awaited figure of -90K. Although August’s unemployment rate ticked lower to 4.5%, below the estimate of 5.0% and July’s 4.6% number, this resulted in the AUD/USD pair pushing lower towards 0.7314, which was extended by positive US retail sales. Should coronavirus restrictions persist, the picture for growth in Q3 could become vulnerable and interest rate hikes remain a long ways down the road. Nevertheless, vaccinations are gaining speed and this is a positive for the country.

The kiwi was faring better against the dollar earlier on, from stronger Q2 GDP results of 2.8% versus the estimation of 1.1%, but NZD/USD has now dipped to 0.7075 due to a stronger greenback.

At 14:00 GMT US business inventories are due, while at 22:30 GMT New Zealand’s Business Manufacturing index is scheduled.


Tesla shares storm higher ahead of earnings - Stock Market News

US Open Note – Stocks buoyant, dollar slips and gold improves

Technical Analysis – US 500 index returns to gains; more bullish outlook is expected

Daily Market Comment – Dollar slumps, stocks advance amid earnings optimism

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示: 您的資金存在風險。杠杆商品可能不適合所有客戶。 請詳細閱讀我們的風險聲明