Posted at 02 December 2022 / Categories Market Roundups
•U.S. non-farm payrolls data due at 1330 GMT
•German Oct Import Price Index (MoM) -1.2%, -1.7% forecast, -0.9% previous
•German Oct Import Price Index (YoY) 23.5%,23.3% forecast, 29.8% previous
•German Oct Exports (MoM) -0.6%, -0.3% forecast, -0.5% previous
•German Oct Trade Balance 5.2B forecast, 3.7B previous
•German Oct Imports (MoM) -3.7%, -0.4% forecast, -2.3% previous
•French Oct Government Budget Balance -143.2B,-146.6B previous
•French Oct Industrial Production (MoM) -2.6%, 0.0% forecast, -0.8% previous
Looking Ahead - Economic Data (GMT )
•13:30 US Nov Average Hourly Earnings (MoM) 0.3% forecast,0.4% previous
•13:30 Canada Nov Employment Change 5.0K forecast, 108.3K previous
•13:30 US Nov U6 Unemployment Rate 6.8% previous
•13:30 US Nov Participation Rate 62.2% previous
•13:30 US Nov Average Hourly Earnings (YoY) (YoY) 4.6% forecast, 4.7% previous
•13:30 US Nov Unemployment Rate 3.7% forecast,3.7% previous
•13:30 US Nov Average Weekly Hours 34.5 forecast, 34.5 previous
•13:30 Canada Nov Unemployment Rate 5.3% forecast, 5.2% previous
•13:30 US Nov Government Payrolls 28.0K previous
•13:30 US Nov Manufacturing Payrolls 20K forecast, 32K previous
•13:30 US Nov Nonfarm Payrolls 200K forecast,261K previous
•13:30 US Nov Private Nonfarm Payrolls 190K forecast, 233K previous
•13:30 Canada Nov Full Employment Change 119.3K previous
•13:30 Canada Nov Part Time Employment Change -11.0K previous
•13:30 Canada Nov Participation Rate 64.9% previous
•18:00 U.S. Baker Hughes Total Rig Count 784 previous
•18:00 US U.S. Baker Hughes Oil Rig Count 627 previous
Looking Ahead - Events, Other Releases (GMT)
15:15 US Chicago Fed President Evans Speaks
EUR/USD: The euro strengthened on Friday as the dollar declined ahead of U.S. non-farm payrolls data. Economists expect data out at 1330 GMT to show the U.S. economy created 200,000 new jobs in November, the smallest number since December 2020. Payrolls rose by 261,000 in October. The euro extended gains against the dollar for a third straight session, hitting a six-month high and on track for a second weekly gain in a row. Immediate resistance can be seen at 1.0557(23.6%fib), an upside break can trigger rise towards 1.0588(Higher BB).On the downside, immediate support is seen at 1.0447(23.6%fib), a break below could take the pair towards 1.0433(5DMA).
GBP/USD: The pound was set for a fourth straight week of gains, holding steady against the dollar at near five-month high it hit in the previous session as hopes of the United States nearing the end of its rate-hike cycle weighed on the greenback. Sterling was last trading at $1.22675 unchanged against the dollar on Friday, but was set for a weekly gain of 1.5%.It hit $1.231 on Thursday its highest since June 27, though the move was primarily dollar driven with the euro also touching a similar milestone. Immediate resistance can be seen at 1.2345( 23.6%fib), an upside break can trigger rise towards 1.2434 (Higher BB).On the downside, immediate support is seen at 1.2146(38.2%fib), a break below could take the pair towards 1.2108(5DMA).
USD/CHF: The dollar dipped against the Swiss franc on Friday as Investors awaited key U.S. employment report for November due later in the day that is expected to show a sizable slowdown in hiring. The dollar index , which measures the currency against six major peers , fell 0.2% to 104.47, having earlier touched its lowest level since June 29 at 104.36. The index slipped over 5% last month on expectations that the Federal Reserve would start to slow its pace of rate hikes from the December meeting. Immediate resistance can be seen at 0.9385(Daily high), an upside break can trigger rise towards 0.9417(38.2%fib).On the downside, immediate support is seen at 0.9331(23.6%fib), a break below could take the pair towards 0.9300(Psychological level).
USD/JPY: The dollar dipped against Japanese yen on Friday as the greenback weakened on prospects of slower U.S. interest rate hikes. The dollar index headed for a weekly loss of about 1%, weighed down by expectation that the peak in U.S. interest rates was on the horizon. Investors now await the U.S. Labor Department’s non-farm payrolls data due at 1330 GMT. The dollar was 0.9% lower at 134.09 yen , having earlier slipped to its lowest level since Aug. 16 at 133.62.Strong resistance can be seen at 135.69(Daily high), an upside break can trigger rise towards 137.85(38.2%fib).On the downside, immediate support is seen at 133.81(23.6%fib), a break below could take the pair towards 132.96(Lower BB).
European stocks fell on Friday, after having hit a six-month high in the previous session on signs of easing COVID-19 curbs in China and expectations the U.S. Federal Reserve may temper its aggressive rate hikes.
At (GMT 12:28 ),UK's benchmark FTSE 100 was last trading down at 0.17 percent, Germany's Dax was up by 0. 46 percent, France’s CAC finished was down by 0. 01 percent.
Gold eased into a tight range on Friday as cautious investors positioned for U.S. jobs data, but was still bound for its second straight weekly gain on expectations of a moderation in the pace of U.S. rate hikes.
Spot gold was down 0.2% at $1,799.44 per ounce by 1005 GMT, after earlier hitting its highest since Aug. 10 at $1,804.46. U.S. gold futures eased 0.1% to $1,813.20.
Oil futures were broadly stable on Friday, but were poised to end the week up, ahead of a meeting by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban on Russian crude oil kicking in on Monday.
Brent crude futures were up 14 cents, or 0.2%, at $87.02 per barrel by 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures inched up 5 cents, or 0.1%, to $81.27 per barrel.