America’s Roundup:Canadian dollar gains slightly ahead of key jobs data, Wall Street ends higher, Gold falls , Oil eases

Market Roundup

• US Redbook (YoY) 7.6%, 5.9% pevious               

• US IBD/TIPP Economic Optimism 47.9, 44.1 forecast,43.9  previous

Looking Ahead Economic Data (GMT) 

•00:30 Australia GDP (YoY) (Q3)                 2.2%    forecast,1.8% previous 

•00:30 Australia GDP (QoQ) (Q3) 0.7% forecast,0.6% previous                   

•00:30 Australia GDP GDP Capital Expenditure (Q3) -0.8% previous                                         

•00:30 Australia GDP Chain Price Index (Q3) -0.5% previous                        

•00:30 Australia GDP Final Consumption (Q3) 0.9% previous                       

•00:30 Japan Manufacturing & Services PMI (Nov) 52.00 forecast,51.50 previous                              

•00:30 Japan au Jibun Bank Services PMI (Nov)   53.1 forecast,53.1 previous                       

Looking Ahead Events And Other Releases (GMT)

•No events 

Currency Summaries

EUR/USD : The euro rose against the dollar on Tuesday after Eurostat data showed euro zone inflation slightly exceeded expectations. Inflation in the 20-nation bloc increased to 2.2% in November from 2.1% in October, remaining close to the ECB’s 2% target as lower energy costs offset strong domestic price pressures, especially in services. Core inflation, excluding food and fuel, stayed at 2.4%, reflecting continued price growth in services but subdued gains in durable goods. The data reinforces expectations that the European Central Bank is unlikely to cut rates in the near term. Immediate resistance can be seen at 1.1652(Dec 1st high), an upside break can trigger rise towards 1.1668(Higher BB).On the downside, immediate support is seen at 1.1572(SMA20), a break below could take the pair towards 1.1524(50%fib).

GBP/USD:    Sterling rose slightly against the dollar on Tuesday as improved risk appetite and expectations of Fed easing weighed on the greenback. Monday’s U.S. data showed weaker-than-expected manufacturing, increasing pressure on the Federal Reserve to cut rates this month. Fed funds futures now price an 87% chance of a 25-basis-point cut at the December 10 meeting, up from 63% a month ago. Fed funds futures are pricing an 87% probability of a 25-basis-point cut at the Fed's next meeting on December 10, compared with a 63% chance a month ago, according to the CME Group's FedWatch tool.Immediate resistance can be seen at 1.3253(38.2%fib), an upside break can trigger rise towards 1.3273(SMA 20).On the downside, immediate support is seen at 1.3122(SMA 20), a break below could take the pair towards 1.3051(23.6%fib).

USD/CAD: The Canadian dollar edged higher against the U.S. dollar on Tuesday, but gains remained modest as investors awaited domestic jobs data later this week, which could influence expectations that the Bank of Canada will keep policy unchanged. The central bank has indicated that its easing cycle is on pause following an October rate cut to a three-year low of 2.25%, and markets widely anticipate no changes at next week’s policy meeting. Meanwhile, oil prices, a key driver for the Canadian economy, fell 0.5% to $58.92 a barrel amid concerns over Ukrainian drone attacks on Russian energy facilities and potential oversupply risks.The loonie was trading 0.1% higher at 1.3984 per U.S. dollar, after moving in a range of 1.3976 to 1.4014. Immediate resistance can be seen at 1.4036 (38.2%fib), an upside break can trigger rise towards 1.4100(Psychologicallevel).On the downside, immediate support is seen at 1.3958(50%fib), a break below could take the pair towards 1.3926 (61.8%fib).

USD/JPY: The dollar showed modest strength against the yen on Tuesday, bouncing back after the previous day’s drop linked to Japan’s looming rate decision.  Yen rally had been driven by rising bets on a potential Bank of Japan rate hike, hinting at a possible shift in monetary policy. Finance Minister Satsuki Katayama said there is no gap between the government and the BOJ in economic assessments, underscoring ongoing fiscal-monetary alignment. Her remarks came after BOJ Governor Kazuo Ueda expressed confidence in Japan’s economic outlook and said the central bank would weigh the pros and cons of a rate increase at its December meeting. The greenback was 0.2% higher against the yen at 155.845, after hitting a two-week low on Monday . Immediate resistance can be seen at 156.17(Dec 1st high) an upside break can trigger rise towards 157.40 (23.6%fib) .On the downside, immediate support is seen at  155.14 (38.2%fib)  a break below could take the pair towards 154.71 (Dec 1st low)

Equities Recap

European shares were mixed on Tuesday, reflecting caution after Monday’s losses, while Bayer surged following U.S. government support for efforts to limit lawsuits over its Roundup weedkiller.

UK's benchmark FTSE 100 closed down by 0.01 percent, Germany's Dax ended up by 0.51 percent, France’s CAC finished the day down by 0.28 percent.

U.S. stocks ended higher on Tuesday, marking their sixth gain in seven sessions, in light trading. Technology shares led the advance as investors continued to price in expectations of a Federal Reserve interest rate cut next week.

Dow Jones closed up  by 0.39 % percent, S&P 500 closed up  by 0.25 % percent, Nasdaq settled up  by 0.59%  percent.

Commodities Recap

Gold fell over 1% Tuesday on profit-taking after a six-week peak, with markets eyeing upcoming U.S. economic data before the Fed meeting.

Spot gold lost 1.4% to $4,173.91 per ounce by 1109 a.m. ET (1609 GMT).U.S. gold futures for February delivery were down 1.6% at $4,205.10 per ounce.     

Oil prices declined 1% on Tuesday as markets weighed faltering Russia-Ukraine peace hopes against fears of oversupply.

Brent crude futures settled 72 cents lower, or 1.14%, at $62.45 a barrel, while U.S. West Texas Intermediate crude was down 68 cents, or 1.15%, at $58.64 a barrel.