Market Roundup
• US Housing Starts (Sep): 1.306M, 1.330M forecast, 1.307M previous.
• US Building Permits (Sep): 1.415M, 1.350M forecast, 1.330M previous.
• US Building Permits (MoM) (Sep): 6.4%, -2.3% previous.
• US Average Hourly Earnings (MoM) (Dec): 0.3%, 0.3% forecast, 0.2% previous.
•US Nonfarm Payrolls (Dec): 50K, 66K forecast, 56K previous.
•US Unemployment Rate (Dec): 4.4%, 4.5% forecast, 4.5% previous.
•Canada Unemployment Rate (Dec): 6.8%, 6.7% forecast, 6.5% previous.
•Canada Employment Change (Dec): 8.2K, -1.8K forecast, 53.6K previous.
•US Private Nonfarm Payrolls (Dec): 37K, 64K forecast, 50K previous.
•US Average Hourly Earnings (YoY) (Dec): 3.8%, 3.6% forecast, 3.6% previous.
•US Participation Rate (Dec): 62.4%, 62.5% previous.
•US U6 Unemployment Rate (Dec): 8.4%, 8.7% previous.
•US Housing Starts (Oct): 1.246M, 1.291M previous.
•US Housing Starts (MoM) (Oct): -4.6%, -9.1% previous.
•US Building Permits (Oct): 1.412M, 1.415M forecast, 1.330M previous.
•Canada Full Employment Change (Dec): 50.2K, -9.4K previous.
•Canada Part-Time Employment Change (Dec): -42.0K, 63.0K previous.
•Canada Average Hourly Wages Permanent Employee (Dec): 3.7%, 4.0% previous.
•Canada Participation Rate (Dec): 65.4%, 65.1% previous.
•US Manufacturing Payrolls (Dec): -8K, -5K forecast, -2K previous.
•US Government Payrolls (Dec): 13.0K, 6.0K previous.
•US Average Weekly Hours (Dec): 34.2, 34.3 forecast, 34.3 previous.
•US Building Permits (MoM) (Oct): -0.2%, 6.4% forecast, -2.3% previous.
•US Michigan 1-Year Inflation Expectations (Jan): 4.2%, 4.1% forecast, 4.2% previous.
•US Michigan Consumer Expectations (Jan): 55.0, 54.6 previous.
•US Michigan 5-Year Inflation Expectations (Jan): 3.4%, 3.3% forecast, 3.2% previous.
•US Michigan Consumer Sentiment (Jan): 54.0, 53.5 forecast, 52.9 previous.
•US Michigan Current Conditions (Jan): 52.4, 50.4 previous.
Looking Ahead Economic Data (GMT)
• No Data Ahead
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD : The euro slipped lower against the dollar on Friday after data showed slower than expected U.S. jobs growth, suggesting the Federal Reserve could leave interest rates unchanged later this month.The unemployment rate fell to 4.4% last month from a revised 4.5% in November, the U.S. Labor Department reported on Friday, even as employers added 50,000 jobs in the month. Economists polled by Reuters had forecast a gain of 60,000. The U.S. economy added 50,000 jobs in December, according to Labor Department data released onFriday. That was lower than an estimated increase of 60,000 jobs forecast by economists in a Reuters poll. The euro was down 0.2% at $1.1635, on track for the second straight week of losses against the dollar.Immediate resistance can be seen at 1.1663(Daily high), an upside break can trigger rise towards 1.1725(38.2%fib).On the downside, immediate support is seen at 1.1608(Lower BB), a break below could take the pair towards 1.1577(50%fib).
GBP/USD: Sterling dipped on Friday as the U.S. dollar stayed firm ahead of the crucial U.S. jobs report. Economists expect modest job growth of around 60,000 and a slight decline in the unemployment rate to 4.5% from 4.6%.Second-tier labour data earlier in the week offered limited direction, with private-sector job growth rebounding less than expected in December, while the ISM services employment index rose to its highest level in nearly a year. Meanwhile, the Job Openings and Labor Turnover Survey (JOLTS) showed job openings in November fell well short of forecasts, even as layoffs declined sharply.Immediate resistance can be seen at 1.3497(SMA20), an upside break can trigger rise towards 1.3492(38.2%fib).On the downside, immediate support is seen at 1.3392(Daily low), a break below could take the pair towards 1.3331(Lower BB).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as investors digested Canadian and U.S. employment data .Canada created just 8,200 new jobs in December after three months of outsize gains and the unemployment rate rose to 6.8% from 6.5% as more people searched for work.Meanwhile, U.S. job growth slowed more than expected in December, but a decline in the unemployment rate to 4.4% bolstered investors' expectations that the Federal Reserve will hold interest rates in its next policy meeting.Nonfarm payrolls increased by 50,000 jobs last month after a downwardly revised rise of 56,000 in November, the Labor Department's Bureau of Labor Statistics said
.The price of oil , one of Canada's major exports, settled 2.35% higher at $59.12 a barrel on concerns about potential disruption to Iran's output and uncertainty about Venezuelan supply.. Immediate resistance can be seen at 1.3920 (Daily high), an upside break can trigger rise towards 1.3975(38.2%fib).On the downside, immediate support is seen at 1.3867(50%fib), a break below could take the pair towards 1.3767(SMA 20).
USD/JPY: The dollar rose on Friday as Japanese yen weakened following a report that Prime Minister Sanae Takaichi is considering calling a snap election for parliament's lower house in the first half of February. The move would allow Takaichi, Japan's first female prime minister, to take advantage of the strong approval ratings she has enjoyed since taking office in October. Her tough stance on China has appealed to right-wing voters but has sparked a major diplomatic dispute with Japan's powerful Asian neighbour. Data showed Japanese household spending unexpectedly grew in November from a year earlier, indicating that consumption accelerated before the Bank of Japan lifted its policy rate to a 30-year high in December.The dollar hit a one-year high of 158.185 against the yen. It was last up 0.64% to 157.88 yen, on track for the second straight week of gains. Immediate resistance can be seen at 158.13(23.6%fib) an upside break can trigger rise towards 158.68(Higher BB) .On the downside, immediate support is seen at 156.76 (Daily low) a break below could take the pair towards 156.08(38.2%fib).
Equities Recap
European shares closed at a record high on Friday, lifted by a sharp rally in Glencore that extended the STOXX 600’s longest weekly winning streak since May.
UK's benchmark FTSE 100 closed up by 0.80 percent, Germany's Dax ended up by 0.52 percent, France’s CAC finished the day up by 1.44 percent.
The S&P 500 hit a record closing high on Friday, boosted by Broadcom and other chipmakers, as a weaker-than-expected jobs report had little impact on expectations for Federal Reserve rate cuts this year.
Dow Jones closed up by 0.48 % percent, S&P 500 closed up by 0.65 % percent, Nasdaq settled up by 0.82% percent
Commodities Recap
Gold prices climbed on Friday and were set for a weekly gain as investors assessed weaker-than-expected U.S. payrolls data alongside ongoing policy and geopolitical uncertainty.
Spot gold was up 0.5% at $4,496.09 per ounce as of 01:31 p.m. ET (1618 GMT), and was set for about 3.9% weekly gain. Bullion hit a record high of $4,549.71 on December 26.U.S. gold futures for February
Oil prices jumped about 2% on Friday on rising supply concerns stemming from escalating protests in oil-producing Iran and intensified attacks linked to Russia’s war in Ukraine.
Brent futures settled $1.35, or 2.18%, higher to $63.34 per barrel, while U.S. West Texas Intermediate (WTI) crude was up $1.36, or 2.35%, to $59.12.delivery settled 0.9% higher at $4,500.90.
