From the calendar: The main focus will be on production manufacturing indexes. The most significant out of all of them are services PMI of Great Britain and non-manufacturing PMI of the USA. Do not underestimate Employment Change excluding government and farmers. Also, pay attention to the level of Crude Oil Inventories of the US. Take a note that it influences the Canadian dollar as well. The end of the day is the time you need to follow speeches of FOMC members and the Chair of Federal Reserve of the United States from 9 in the evening until 11 in the evening.
From the charts: The British pound fell following statements from the Conservative party conference. It’s already crossed the 50-day moving average at 1.2980 and testing the support at 1.2943. If there is any positive news concerning Brexit, the price will come back to the resistance at 1.3080. EUR/USD is awaiting the budget plan from Italian government. For now it’s testing the support at 1.1507. The next support is at 1.1413. In case of any positive data, the price will go up to the resistance at 50-day moving average at 1.1610. As for USD/CAD, the pair gains ahead of the Fed Chair speech. The resistance is at 1.2847. If the loonie gains tomorrow, the support will be at 1.2787.
On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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