DAILY MARKET REPORT - Friday, Dec 04, 2020

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The U.S. non-farm payrolls report is one of the most important data scheduled for release later today. The consensus is for a decrease of 469k non-farm payroll jobs, and for the unemployment rate to decrease to 6.8%.

EQUITIES

Global shares and US futures trading higher boosted by the positive vaccine optimism and hopes for the second round of stimulus from Congress. As per the recent update, US President-elect Joe Biden urged Congress on Wednesday to pass a relief bill, with more aid to come next year.

OIL

Crude oil prices extends higher after OPEC+ announced that they have reached an agreement to pare current production cuts of 7.7 million barrels per day to 7.2 million barrels per day beginning in January.

CURRENCIES

In the currency market, the US dollar plunged to a new session low on Friday. Considering the recent USD sell-off the currency pair trading near the demand zones the further direction will depend on NFP figures which will release later today.

GOLD

Gold prices trading near the weekly highs supported by positive optimism over stimulus talks and the weaker US dollar.

Economic Outlook

On the data front, the ISM services PMI report showed that economic activity in the manufacturing sector grew in November, June’s PMI registered 58.4 against the expected 57.5. While the weekly jobless claims showed a drop to 712K, against the projected 775K.

On the post-Brexit front, Ireland’s Foreign Minister Simon Coveney said that there was a good chance that Britain and the EU could reach a post-Brexit trade agreement in the next few days.

Moving ahead today, the important events to watch:

US – Nonfarm payrolls: GMT – 13.30

CANADA – Employment report: GMT – 13.30

Coronavirus update:

Worldwide, more than 64.7 million people have been confirmed infected and more than 1.49 million have died, according to Johns Hopkins University. In the US, the total novel coronavirus cases soared past 14 million on Thursday.

Technical Outlook

EUR/USD:
The EURO was among the best-performer currency pair during this week. During the European session, the currency pair rose back to near the weekly highs lifted by better-than-expected German factory orders data.

eurusd


The important levels to watch for today: Support- 1.2130 and 1.2080 Resistance- 1.2175 and 1.2210.



GOLD: The yellow metal trading steady above $1840 ahead of US NFP data. The important levels to watch today $1850 and $1820.

gold neww


The important levels to watch for today: Support- 1832 and 1820 Resistance- 1848 and 1855.

Quote of the day: The difference between successful people and successful people is that really successful people say no to almost everything- Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-222
 
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