Posted at 04 December 2021 / Categories Market Roundups
•Canada Labor Productivity (QoQ) (Q3) -1.5%,-0.8% forecast,0.6% previous
•Canada Nov Part Time Employment Change 73.8K, -5.2K previous
•Canada Nov Full Employment Change 79.9K,36.4K previous
•US Nov Average Hourly Earnings (MoM) 0.3%,0.4%,0.4% previous
•US Nov Private Nonfarm Payrolls 235K, 530K forecast, 604K previous
•US Nov Nonfarm Payrolls 210K,550K forecast, 531K previous
•US Nov Manufacturing Payrolls 31K,45K forecast, 60K previous
•US Nov Government Payrolls -25.0K ,-73.0K previous
•Canada Nov Unemployment Rate 6.0%, 6.6% forecast, 6.7% previous
•Canada Nov Participation Rate 65.3%, 65.3% previous
•Canada Average Weekly Hours 34.8,34.7 forecast, 34.7 previous
•US Nov Unemployment Rate 4.2%,4.5% forecast, 4.6% previous
•US Nov U6 Unemployment Rate 7.8%,8.3% previous
•US Nov Participation Rate 61.8%, 61.6% previous
•US Nov Average Hourly Earnings (YoY) (YoY) 4.8%,5.0% forecast,4.9% previous
•Canada Nov Employment Change 153.7K, 35.0K forecast, 31.2K previous
•US Nov Markit Composite PMI 57.2,56.5 previous
•US Nov Services PMI 58.0,57.0 previous
•US Oct Factory orders ex transportation (MoM) 1.6%,0.7% previous
•US Oct Factory Orders (MoM) 1.0%,0.5% forecast, 0.2% previous
•US Oct ISM Non-Manufacturing Employment 56.5, 51.6 previous
•US Nov ISM Non-Manufacturing Business Activity 74.6,69.8 previous
•US Nov ISM Non-Manufacturing PMI 69.1, 65.0 forecast, 66.7 previous
•US U.S. Baker Hughes Oil Rig Count 467,467 previous
•U.S. Baker Hughes Total Rig Count 569 ,569 previous
Looking Ahead Economic Data (GMT)
•No Economic data
Looking Ahead - Events, Other Releases (GMT)
•No significant events
EUR/USD: The euro was little changed on Friday as investors were grappled with a disappointing U.S. jobs gain and uncertainty around the potential impact of the Omicron coronavirus variant. Market participants viewed the payrolls report as not really altering the Fed's plan to accelerate tapering of its asset purchases and possibly raise interest rates multiple times next year despite the Omicron threat.U.S. non-farm payrolls increased by 210,000 jobs last month, the Labor Department reported. Economists polled by Reuters had forecast payrolls would rise by 550,000 jobs. 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 weakened on Friday as the potential for earlier Federal Reserve interest rate hikes strengthened the dollar, while there was still uncertainty about whether the Bank of England will lift rates this month. BoE policymaker Michael Saunders, who voted for an interest rate hike in November, said on Friday he wanted more information about the impact of the new Omicron coronavirus variant before deciding how to vote this month. Sterling fell 0.6% to $1.3218, close to its lowest level since December 2020 of $1.3194 hit on Tuesday. Immediate resistance can be seen at 1.3277(38.2%fib), an upside break can trigger rise towards 1.3309(38.2%fib).On the downside, immediate support is seen at 1.3205 (Lower BB), a break below could take the pair towards 1.3194(23.6%fib).
USD/CAD: he Canadian dollar weakened against its U.S. counterpart on Friday as investors took advantage of a jump in the currency after stronger-than-expected domestic jobs data to add to bearish bets, with the loonie extending this week's decline. Canada’s economy posted a job gain of 154,000 in November, eclipsing estimates for an increase of 35,000, while the jobless rate dropped to a new pandemic low. The loonie was trading 0.2% lower at 1.2829 to the greenback, or 77.95 U.S. cents, after touching its weakest level since Sept. 21 at 1.2846. For the week, the loonie was down 0.3%. Immediate resistance can be seen at 1.2839 (23.6%fib), an upside break can trigger rise towards 1.2884 (Higher BB).On the downside, immediate support is seen at 1.2774 (38.2%fib), a break below could take the pair towards 1.2749(9DMA).
USD/JPY: The dollar strengthened against the Japanese yen on Friday as an underwhelming U.S. monthly jobs print did not shake conviction that the Federal Reserve would proceed with a faster stimulus unwind Nonfarm payrolls increased by 210,000 jobs last month, the Labor Department said, well below the 550,000 jobs economists polled by Reuters had forecast. The miss is significant because it comes even before the discovery of the new Omicron variant of the coronavirus which may further cloud the growth outlook. The disappointment was tempered by a further drop in unemployment to 4.2%, the lowest since February 2020. Strong resistance can be seen at 113.08(38.2% fib), an upside break can trigger rise towards 113.68 (23.6%fib).On the downside, immediate support is seen at 112.64(50%fib), a break below could take the pair towards 112.13(61.8%fib).
European shares fell on Friday, hitting session lows after a downturn in U.S. stocks on a tech slide and fears around the Omicron coronavirus variant hitting economic recovery.
UK's benchmark FTSE 100 closed down by 0.10 percent, Germany's Dax ended down by 0.61 percent, France’s CAC finished the day down by 0.44 percent.
Wall Street's major indexes closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve's easing of support all while they grappled with uncertainty around the Omicron coronavirus variant.
Dow Jones closed down by 0.17% percent, S&P 500 closed down by 0.84% percent, Nasdaq settled down by 1.92% percent.
Gold prices rose nearly 1% on Friday as uncertainty sparked by the Omicron coronavirus variant and a dip in U.S. Treasury yields boosted the safe-haven metal's appeal.
Spot gold was up 0.9% at $1,785.29 per ounce by 03:12 p.m. ET (2012 GMT). U.S. gold futures settled 1.2% higher at $1,783.90.
Crude prices ended little changed on Friday after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.
Brent futures rose 21 cents, or 0.3%, to settle at $69.88 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 24 cents, or 0.4%, lower at $66.26.