Market Roundup
•Canada Avg Hourly Wages Permanent Employees (Oct) 4.9%, 4.5% previous
• Canada Full Employment Change (Oct) 25.6K, 112.0K previous
• Canada Part-Time Employment Change (Oct) -11.2K, -65.3K previous
• Canada Participation Rate (Oct) 64.8%, 64.9% previous
• Canada Unemployment Rate (Oct) 6.5%, 6.6% forecast, 6.5% previous
•US Michigan 1-Year Inflation Expectations (Nov) 2.6%, 2.7% forecast, 2.7% previous
•US Michigan 5-Year Inflation Expectations (Nov) 3.1%, 3.0% forecast, 3.0% previous
•US Michigan Consumer Expectations (Nov) 78.5, 74.1 previous
•US Michigan Consumer Sentiment (Nov) 73.0, 71.0 forecast, 70.5 previous
•US Michigan Current Conditions (Nov) 64.4, 64.9 previous
•U.S. Baker Hughes Oil Rig Count 479, 479 previous
•U.S. Baker Hughes Total Rig Count 585, 585 previous
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releases (GMT)
•NO Events Ahead
Currency Summaries
EUR/USD: The euro dipped against dollar on Friday as fears of U.S. protectionism and German political turmoil weighed on the euro. German Chancellor Olaf Scholz sacked his finance minister this week and is seeking agreement on a date for possible snap elections next year. The collapse of Scholz's three-way alliance caps months of wrangling over budget policy and Germany's economic direction, with the government's popularity sinking and far-right and far-left forces surging.The move comes a day after the election of Republican Donald Trump as U.S. president, with Europe scrambling to form a united response on issues from possible new U.S. tariffs to Russia's war in Ukraine .The euro dropped 0.85% to $1.0712 and was headed for a 1.12% decline for the week. Immediate resistance can be seen at 1.0779(50%fib), an upside break can trigger rise towards 1.08(6.8%fib).On the downside, immediate support is seen at 1.0747(38.2%fib), a break below could take the pair towards 1.0710(23.6%fib)
GBP/USD: Sterling dipped on Friday as investors evaluated the likely impact on the American economy of Tuesday’s election of Republican Donald Trump as U.S. president. Analysts expect Trump's policy proposals including more trade tariffs, a clampdown on illegal immigration, lower taxes and business deregulation will boost growth and inflation. Data on Friday showed that U.S. consumer sentiment rose to a seven-month high in early November, in a survey taken before the election. as investors evaluated the likely impact on the American economy of Tuesday’s election of Republican Donald Trump as U.S. president. The next major U.S. economic release will be Wednesday's consumer price data for October. Immediate resistance can be seen at 1.2983(38.2%fib), an upside break can trigger rise towards 1.3062 (50%fib).On the downside, immediate support is seen at 1.2878 (23.6%fib), a break below could take the pair towards 1.2850 (Lower BB).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday after soft employment data supported bets for another interest rate cut by the Bank of Canada next month. Canada added 14,500 jobs in October, fewer-than-expected, and wages of permanent employees rose as the economy struggled to absorb the slack built up due to a rapidly increasing labor force. The price of oil was trading nearly 3% lower at $70.23 a barrel, while the U.S. dollar , opens new tab notched gains against a basket of major currencies. The loonie was trading 0.5% lower at 1.3925 to the U.S. dollar, or 71.81 U.S. cents, moving back in reach of the two-year low it hit on Nov. 1 at 1.3959. Immediate resistance can be seen at 1.3677 (23.6%fib), an upside break can trigger rise towards 1.3741 (Aug 14th high).On the downside, immediate support is seen at 1.3640 (38.2%fib), a break below could take the pair towards 1.3604(50%fib).
USD/JPY: The dollar eased against yen on Friday after Finance Minister Kato signaled that Japan would respond appropriately to excess FX moves.Finance Minister Katsunobu Kato said on Friday after Japanese authorities would take appropriate steps against excess moves in the foreign exchange market. The yen is expected to suffer as the interest rate differential with the United States widens, which could prompt Japan's central bank to raise rates as soon as December to prevent the currency from sliding back toward three-decade lows. On the data front, The University of Michigan index came in at 73.0 against estimates for 71.0 and October's 70.5, which indicates consumer sentiment is rising.Consumers' 1-year inflation outlook dropped to 2.6% from 2.7% in October which indicates price pressures are easing and inflation continues to head towards the Fed's 2.0% target.. Immediate resistance can be seen at 153.43(Daily high) an upside break can trigger rise towards 154.45(23.6%fib). On the downside, immediate support is seen at 152.02(38.2%fib) a break below could take the pair towards 150.10(50%fib).
Equities Recap
Europe's benchmark STOXX 600 posted its third straight week of losses on Friday, weighed down by disappointing stimulus measures from China and fears that tariffs under a Trump presidency could hinder economic growth.
UK's benchmark FTSE 100 closed down by 0.84 percent, Germany's Dax ended down by 0.76 percent, France’s CAC finished the day up by 1.17percent.
Wall Street shares hit record highs for a third consecutive day as investors again cheered Donald Trump's decisive victory, while China kicked off a fresh round of fiscal support for its flagging economy..
Dow Jones closed up by 0.59 percent, S&P 500 ended up by 0.38 percent, Nasdaq finished the day up by 0.11 percent.
Commodities Recap
Gold prices dropped on Friday, logging their steepest weekly decline in over five months, pressured by a stronger dollar and as markets absorbed the implications of Donald Trump's victory and its potential impact on U.S. interest rate expectations.
Spot gold fell 0.8% to $2,684.03 per ounce as of 01:40 p.m. ET (1840 GMT) and posted a 1.8% weekly decline.U.S. gold futures settled 0.4% lower at $2,694.80.
Oil prices settled more than 2% lower on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.
U.S. West Texas Intermediate futures led the decline and settled at 70.35 per barrel, down by 2.7%, or $1.98. Global benchmark Brent barrel.crude futures fell by 2.3%, or $1.76, to$73.87 per
