• America's roundup: Dollar gains after stronger-than-expected U.S. jobs report, Gold slips 1%,Wall street climbs ,Oil rises sharply this week as opec agrees on deeper output cuts-december 7th,2019

    Source: FxWire Pro - Media Round Ups / 08 Dec 2019 10:13:45   America/New_York

    Market Roundup

    • Nonfarm payrolls increase 266,000 in November

    • Brent rises 3% in wk;WTI up 7% in biggest weekly gain since June

    • Russia Nov CPI (MoM) 0.3%,0.4% forecast, 0.1% previous

    • Russia Nov CPI (YoY) 3.5%,3.6%  forecast, 3.8% previous

    • US Nov Average Hourly Earnings (YoY) (YoY)  3.1%,3.0% forecast, 3.2% previous

    • US Nov Average Hourly Earnings (MoM) 0.2%,0.3% forecast, 0.4% previous

    • US Nov Average Weekly Hours  34.4, 34.4 forecast , 34.4 previous

    • US Nov Government Payrolls  12.0K, -7.0K previous

    • US Nov Manufacturing Payrolls  54K, 38K forecast, -43K  previous     

    • US Nov Nonfarm Payrolls  266K, 186K forecast, 156K previous          

    • US Nov Participation Rate 63.2%,63.3% forecast, 63.3% previous      

    • US Nov Private Nonfarm Payrolls  254K, 175K forecast, 163K  previous

    • US Nov U6 Unemployment Rate 6.9%,7.0% previous

    • US  Nov Unemployment Rate  3.5%, 3.6% forecast, 3.6% previous

    • Canada Nov Employment Change  -71.2K,10.0K forecast, -1.8K previous

    • Canada Nov Full Employment Change  -38.4K, -16.1K previous

    • Canada Nov Part Time Employment Change  -32.8K, 14.3K previous

    • Canada Nov Participation Rate  65.6%,65.7% forecast, 65.7% previous

    • Canada Nov Unemployment Rate  5.9%,5.5% forecast,, 5.5%             

    • US Dec Michigan 5-Year Inflation Expectations  2.30%,2.50% previous

    • US Dec Michigan Consumer Expectations 88.9, 88.0 forecast,, 87.3 previous

    • US Dec Michigan Consumer Sentiment 99.2, 97.0 forecast,, 96.8 previous       

    • US Dec Michigan Current Conditions 115.2  , 112.4, 111.6 previous

    • US Dec Michigan Inflation Expectations  2.4%,2.5% previous

    • US Wholesale Inventories (MoM)  0.1%,    0.2% forecast,-0.4 previous             

    • US Oct Wholesale Trade Sales (MoM)  -0.7%,-0.1% previous               

    Looking Ahead - Economic Data (GMT)

    • No economic data           

    Looking Ahead - Events, Other Releases (GMT)

    • No significant events

    Currency Summaries

    EUR/USD: The euro declined against the dollar on Friday, after data showed the U.S. economy created many more jobs than expected in November, backing the Federal Reserve’s stance of keeping interest rates on hold after cutting them three times this year. Data showed nonfarm payrolls increased by 266,000 jobs last month, with manufacturing recouping all 43,000 positions lost in October. Economists polled had forecast payrolls rising by 180,000 jobs. Immediate resistance can be seen at 1.1119 (Higher BB), an upside break can trigger rise towards 1.1176 (Nov 5th high).On the downside, immediate support is seen at 1.1037 (Daily low), a break below could take the pair towards 1.0968 (Lower BB).

    GBP/USD: Sterling dipped against greenback on Friday after hitting seven-month high on expectations that the Conservative Party will win next week’s British election. The pound still headed for its best week since mid-October, having risen 1.2% against the dollar and almost 1% to the euro as various opinion polls indicate a comfortable majority for the ruling party.On Friday the currency slipped 0.19% to $1.3131, just off a $1.3166 high touched Thursday. Immediate resistance can be seen at 1.3168(Daily high), an upside break can trigger rise towards 1.3200  (May 8th high).On the downside, immediate support is seen at 1.3063 (5 DMA), a break below could take the pair towards 1.3000 (Psychological level).

    USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday, paring some of this week's gains after data showing a surprise slump in domestic jobs raised expectations for a Bank of Canada interest rate cut over the coming months.The Canadian job market lost 71,200 net positions in November while the unemployment rate rose to 5.9%, the highest seen in more than a year, data from Statistics Canada showed. Analysts had forecast a gain of 10,000 jobs. At   (1415 GMT), the Canadian dollar was trading 0.6% lower at 1.3254 to the greenback. The currency, which notched on Thursday a four-week high at 1.3158, traded in a range of 1.3169 to 1.3268. Immediate resistance can be seen at 1.3270 (11 DMA), an upside break can trigger rise towards 1.3325 (Dec 2nd high).On the downside, immediate support is seen at 1.3224  (50 DMA), a break below could take the pair towards 1.3200   (Psychological level).

    USD/JPY: The dollar strengthened against the Japanese yen on Friday, after data showed U.S. job growth increased by the most in 10 months in November, putting to rest fears of recession and briefly taking the spotlight off the U.S.-China trade talks. The stronger-than-expected Labor Department data showed steady wage gains and the unemployment rate falling to 3.5%, suggesting consumers will continue to drive the longest economic expansion in U.S. history, now in its 11th year. Strong resistance can be seen at 108.98 (11 DMA), an upside break can trigger rise towards 109.22 (2nd Dec high).On the downside, immediate support is seen at 108.45 (50 DMA), a break below could take the pair towards 107.82 (100 DMA).

    Equities Recap

    European shares inched higher on Friday as comments from U.S. President Donald Trump that trade talks with China were “moving right along” helped inject some calm into the markets after a rocky week.

    The UK's benchmark FTSE 100 closed up by 1.43 percent, Germany's Dax ended up  by 0.86 percent, and France’s CAC finished the down by 1.21 percent.

    Wall Street ended solidly higher on Friday as a strong jobs report and optimism about U.S.-China trade negotiations ahead of an upcoming deadline helped stoke investor risk appetite.

    Dow Jones closed up by 1.22 percent, S&P 500 ended up 0.91 percent, Nasdaq finished the day up 1.00 percent.

    Treasuries Recap

    U.S. Treasury yields jumped on Friday after the Labor Department reported U.S. job growth rose by the most in 10 months in November.

    The 10-year yield rose as much as 6.9 basis points earlier on Friday after the jobs report.

    Commodities Recap

    Gold slid 1% on Friday as strong U.S. jobs data renewed bets the Federal Reserve would stand pat on interest rates and also boosted demand for riskier assets, while supply-squeezed palladium soared to a new record high.

    Spot gold slipped 1% to $1,460.39 per ounce by 1:50 p.m. EST (1850 GMT). Bullion has fallen nearly 0.3% so far this week.U.S. gold futures  settled down 1.2% at $1,465.10 per ounce.

    Oil prices rose more than 1% on Friday and posted sharp weekly gains after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

    Brent futures settled 1.6% higher at $64.38 per barrel and rose about 3% on the week.                                                                                                                                                                    

Share on,