06 Dec 2024

On Friday, December 6, the following information is pertinent:

The US Dollar (USD) remains stable in the early hours of Friday, following a decline against its primary competitors on Thursday. Market participants are anticipating the release of the November jobs report, which will encompass Nonfarm Payrolls (NFP), the Unemployment Rate, and wage inflation data. Additionally, the US economic calendar will include the Consumer Sentiment Index from the University of Michigan. Furthermore, several officials from the Federal Reserve (Fed) are scheduled to speak on the final day prior to the commencement of the blackout period.

The USD Index experienced downward pressure, declining by over 0.5% on Thursday. During the European morning session, the index remains in a consolidation phase beneath the 106.00 level. Concurrently, the yield on the benchmark 10-year US Treasury bond hovers below 4.2%, while US stock index futures exhibit mixed performance. After a reported increase of 12,000 in October, the Non-Farm Payroll (NFP) is anticipated to rise by 200,000 in November.

Following a record high surpassing $100,000 on Thursday, Bitcoin experienced a reversal and concluded the day in negative territory. As of early Friday, BTC/USD is trading at approximately $98,000.

The EUR/USD pair benefited from a general weakness in the USD on Thursday, approaching the 1.0600 mark. Although it has slightly declined in the European morning on Friday, it remains comfortably above 1.0550. Eurostat is set to release revisions to the Gross Domestic Product data for the third quarter.

GBP/USD gained bullish momentum, reaching its highest point in three weeks above 1.2770 on Thursday. However, the pair is trading slightly lower at the start of the European session, just below 1.2750.

After three consecutive days of increases, USD/CAD reversed course, declining by more than 0.3% on Thursday. The pair remains steady above 1.4000 as early Friday progresses. Later today, Statistics Canada will release labor market data for November.

USD/JPY has edged lower, trading below the 150.00 level after experiencing minor losses on Thursday. Data released from Japan on Friday indicated that Overall Household Spending fell by 1.3% year-on-year in October, which was an improvement compared to the market expectation of a 2.6% decline.

Gold was unable to take advantage of the selling pressure on the USD and ended Thursday in negative territory. After dropping to its lowest level in over a week, below $2,620 during the Asian session, XAU/USD regained some momentum and is currently trading near $2,640.