Posted at 03 December 2021 / Categories Market Roundups
•Spanish Nov Services PMI 59.8 ,58.8forecast, 56.6 previous
•French Nov Markit Composite PMI 56.1,56.3, 56.3 previous
•French Nov Services PMI 57.4, 58.2 forecast,58.2, previous
•German Composite PMI 52.2, 52.8 forecast, 58.2 previous
•German Nov Services PMI 52.7 ,53.4 forecast, 53.4previous
•EU Nov Services PMI 55.9, 56.6 forecast, 56.6 previous
•EU Nov Services Markit Composite PMI 55.4, 55.8
•UK Nov Services PMI 58.5, 58.6 forecast,58.6 previous
•UK Nov Composite PMI 57.6,58. 658.6
•EU Nov Oct Retail Sales (YoY) 1.4%, 1.2%,1.2% previous
•EU Oct Retail Sales (MoM) 0.2%,0.2% forecast ,-0.3 previous
Looking Ahead Economic Data (GMT)
•13:30 Canada Labor Productivity (QoQ) (Q3) -0.8% forecast,0.6% previous
•13:30 Canada Nov Part Time Employment Change -5.2K previous
•13:30 Canada Nov Full Employment Change 36.4K previous
•13:30 US Nov Average Hourly Earnings (MoM) 0.4%,0.4% previous
•13:30 US Nov Private Nonfarm Payrolls 530K forecast, 604K previous
•13:30 US Nov Nonfarm Payrolls 550K forecast, 531K previous
•13:30 US Nov Manufacturing Payrolls 45K forecast, 60K previous
•13:30 US Nov Government Payrolls -73.0K previous
•13:30 Canada Nov Unemployment Rate 6.6% forecast, 6.7% previous
•13:30 Canada Nov Participation Rate 65.3% previous
•13:30 Canada Average Weekly Hours 34.7 forecast, 34.7 previous
•13:30 US Nov Unemployment Rate 4.5% forecast, 4.6% previous
•13:30 US Nov U6 Unemployment Rate8.3% previous
•13:30 US Nov Participation Rate 61.6% previous
•13:30 US Nov Average Hourly Earnings (YoY) (YoY) 5.0% forecast,4.9% previous
•13:30 Canada Nov Employment Change 35.0K forecast, 31.2K previous
•14:45 US Nov Markit Composite PMI 56.5 previous
•14:45 US Nov Services PMI 57.0 previous
•14:45 US Oct Factory orders ex transportation (MoM) 0.7% previous
•15:00 US Oct Factory Orders (MoM) 0.5% forecast, 0.2% previous
•15:00 US Oct ISM Non-Manufacturing Employment 51.6 previous
•15:00 US Nov ISM Non-Manufacturing Business Activity 69.8 previous
•15:00 US Oct Durables Excluding Defense (MoM) 0.8% previous
•15:00 US Nov ISM Non-Manufacturing PMI 65.0 forecast, 66.7 previous
•18:00 US U.S. Baker Hughes Oil Rig Count 467 previous
•18:00 U.S. Baker Hughes Total Rig Count 569 previous
Looking Ahead - Events, Other Releases (GMT)
•No significant events
EUR/USD: The euro edged higher on Friday as traders positioned ahead of key U.S. jobs data that could clear the path for an earlier rate hike by the Federal Reserve. Economists poll estimate the United States created 530,000 new jobs last month, continuing a run of strong data. The numbers are due at 1330 GMT. The euro held at $1.13, unchanged on the day and consolidating after its drop to an almost 17-month low at $1.1186 last week. 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 edged lower on Friday as the potential for earlier Federal Reserve interest rate hikes strengthened the dollar overnight, although pandemic uncertainties continued to weigh on the broader forex market. Sterling fell 0.2% to $1.328, within striking distance of its lowest level since December 2020 hit on Tuesday. Immediate resistance can be seen at 1.3299(5DMA), an upside break can trigger rise towards 1.3339(38.2%fib).On the downside, immediate support is seen at 1.3265 (23.6%fib), a break below could take the pair towards 1.3225(Lower BB).
USD/CHF: The dollar dipped against the Swiss franc on Friday ahead of key U.S. jobs data that could clear the path to earlier Federal Reserve interest rate hikes, even as Omicron uncertainties cloud the outlook. Continued spread of the Omicron COVID-19 variant globally buoyed havens like the dollar Swiss franc and yen and pressured riskier currencies. Omicron has quickly established itself as the dominant strain in South Africa, where it was first discovered last month, and has now been found in five U.S. states including Hawaii. Immediate resistance can be seen at 0.9201(5DMA), an upside break can trigger rise towards 0.9221(38.2%fib).On the downside, immediate support is seen at 0.9183 (50%fib), a break below could take the pair towards 0.9147(61.8%fib ).
USD/JPY: The dollar strengthened against the Japanese yen on Friday as dollar stabilized ahead of US jobs data. The U.S. non-farm payrolls data release will follow at 1330 GMT, which a Reuters poll expects to add another 550,000 jobs in November, up from 531,000 in October. Investors will also be watching for whether the labour participation rate improves, which would remove some overheating pressure. The dollar index, which measures the greenback against six major peers, gained 0.1% to 96.204, setting it up for a weekly advance. The dollar rose 0.1% to 113.31 versus the Japanese yen . Strong resistance can be seen at 113.72(23.6% fib), an upside break can trigger rise towards 114.00 (Psychological level).On the downside, immediate support is seen at 113.08(38.2%fib), a break below could take the pair towards 112.68(50%fib).
European shares inched up on Friday and were set to end a volatile week higher as investors bought stocks hammered by fears around the Omicron variant, although gains were largely muted ahead of the U.S. monthly jobs data.
At (GMT 11:09 ),UK's benchmark FTSE 100 was last trading upn at 0.40 percent, Germany's Dax was up by 0.32 percent, France’s CAC was up by 0.15 percent.
Gold prices were set for their third straight weekly loss despite being steady on Friday, as U.S. Federal Reserve Chair Jerome Powell’s comments that pandemic-era asset purchases could end sooner than previously anticipated dented bullion’s appeal.
Spot gold was up 0.1% at $1,770.80 per ounce by 1107 GMT, after hitting its lowest in nearly a month on Thursday.U.S. gold futures rose 0.5% to $1,770.70.
Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant hits demand, but prices were still on course for a sixth week of declines.
U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $66.77 a barrel at 0122 GMT, adding to a 1.4% gain on Thursday.
Brent crude futures rose 12 cents, or 0.2%, to $69.79 a barrel, after climbing 1.2% in the previous session.