America’s Roundup: Dollar edges higher before U.S. jobs report as Omicron fears ease, Wall Street ends higher, Gold slides, Oil ends higher after a day of wild swings on OPEC, Omicron-December 3rd,2021

Posted at 03 December 2021 / Categories Market Roundups

Market Roundup

•US Nov Challenger Job Cuts 14.875K, 22.822K previous               

•Russia Central Bank reserves (USD) 619.8B,626.3B previous      

•US Jobless Claims 4-Week Avg 238.75K  ,252.25K previous

•US Initial Jobless Claims 222K, 240K forecast, 199K previous

•US Continuing Jobless Claims 1,956K,2,000K forecast, 2,049K previous

•US 8-Week Bill Auction 0.045%,0.045% previous

•US 4-Week Bill Auction 0.040%                , 0.125% previous

Looking Ahead Economic Data (GMT)

•No data ahead

Looking Ahead - Events, Other Releases (GMT)

•No significant events

Currency Summaries

EUR/USD: The euro declined against dollar  on Thursday  as risk appetite improved with higher U.S. stocks, although investors remained worried about the fast-spreading Omicron coronavirus variant and the speed at which the U.S. Federal Reserve will taper its asset purchases. The U.S. currency's moves were limited though, as investors looked ahead to Friday's non-farm payrolls report for November. The dollar index, which tracks the greenback against six major currencies, rose 0.1% to 96.131 .The euro slipped 0.2% to $1.1294 . Immediate resistance can be seen at 1.1370(38.2%fib), an upside break can trigger rise towards 1.1450(61.8%fib).On the downside, immediate support is seen at 1.1286 (38.2 % fib), a break below could take the pair towards 1.1185(23.6%fib).

GBP/USD: Sterling firmed on Thursday as the discovery of the first case of the Omicron variant in the United States, but trading was choppy amid uncertainty about whether the Bank of England will hike interest rates this month. The BoE said in November it would probably have to raise rates from an all-time low of 0.1% "over the coming months", but policymakers have sounded increasingly divided on this prospect after the new coronavirus variant was detected. Sterling edged 0.2% higher to $1.3307 after hitting a fresh 2021 low of $1.3195 on Tuesday. Immediate resistance can be seen at 1.3342(38.2%fib), an upside break can trigger rise towards 1.3403(50%fib).On the downside, immediate support is seen at 1.3285 (23.6%fib), a break below could take the pair towards 1.3204(Daily low).

USD/CAD: The Canadian dollar dipped against the greenback on Thursday  as investors assessed the global economic impact of the Omicron coronavirus variant and looked ahead to domestic data. The price of oil , one of Canada's major exports, clawed back some recent losses as OPEC+ stuck to its policy of incrementally boosting output. The Canadian dollar was trading 0.23% lower at 1.2833 to the greenback , after touching intraday 1.2837, which was the 10-week low it hit on Tuesday.Immediate resistance can be seen at 1.2871 (23.6%fib), an upside break can trigger rise towards 1.2873 (Higher BB).On the downside, immediate support is seen at 1.2794 (5 DMA), a break below could take the pair towards 1.2773 (38.2%fib).

USD/JPY: The dollar strengthened against the Japanese yen on Thursday as dollar stabilized, helped by a rebound in benchmark Treasury yields from a more-than-two-month trough. The 10-year Treasury yield dipped to a two-month low at 1.4020% on Wednesday, before rising to 1.4409% in Asian trading on Thursday. That tick up in yields helped the dollar to stabilize from recent declines. Investors waited for clues on the threat posed by the Omicron coronavirus variant and the speed at which the Federal Reserve will taper stimulus in the United States. The U.S. dollar rallied 0.29% to 113.08 against Japan's currency. Strong resistance can be seen at 113.11(38.2% fib), an upside break can trigger rise towards 113.67 (23.6%fib).On the downside, immediate support is seen at 112.60(38.2%fib), a break below could take the pair towards 112.12(50%fib).

Equities Recap

Equities Recap

European shares fell more than 1% on Thursday, as countries ramped up restrictions to curb the spread of the Omicron coronavirus variant, raising worries about hits to a nascent economic recovery.

UK's benchmark FTSE 100 closed down by  0.55 percent, Germany's Dax ended down by 1.35 percent, France’s CAC finished the day down by 1.25 percent.                

A broad rally sent Wall Street to a sharply higher close on Thursday, recovering ground lost over recent sessions as market participants snapped up bargains while digesting the implications of a shifting pandemic.

Dow Jones closed down  by  2.17% percent, S&P 500 closed down by 1.75 % percent, Nasdaq settled down  by 1.55%     percent.

Treasuries Recap

Commodities Recap

Gold dropped over 1% to a one-month low on Thursday, as investors latched on to signs of a seemingly hawkish tilt in U.S. monetary policy that could rein in rising consumer prices in future.

Spot gold was down 1.1% at $1,764.00 per ounce by 01:57 p.m. ET (1857 GMT), after hitting its lowest since Nov. 3.U.S. gold futures settled down 1.2% at $1,762.70.

Oil prices settled more than 1% higher on Thursday, after a see-saw session that saw benchmarks swing in a $5 range after OPEC+ surprised markets by sticking to its plans to boost output slowly.

Brent crude futures settled up 80 cents, or 1.2%, at $69.67 a barrel after touching a low of $65.72 on the day, while U.S. West Texas Intermediate (WTI) crude futures rose 93 cents, or 1.4%, to $66.50, after dipping as low as $62.43.

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