EUR/USD falls below 1.0500 after US NFP data

EUR/USD falls below 1.0500 after US NFP data

EUR/USD dropped below 1.0450 but managed to stage a modest rebound. The US Dollar preserves its strength against its rivals and doesn't allow the pair to gain traction after the data from the US showed that Nonfarm Payrolls rose by 263,000 in November.

EUR/USD News

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD turns south on upbeat US jobs report, trades below 1.2200

GBP/USD lost nearly 100 pips with the immediate reaction to the upbeat November jobs report from the US and broke below 1.2200. The US Dollar Index clings to strong daily gains above 105.00 after the data showed that Nonfarm Payrolls rose by 263,000.

GBPUSD News

Gold retreats below $1,790 as US yields surge on US NFP

Gold retreats below $1,790 as US yields surge on US NFP

Gold price turned south and dropped below $1,790 in the early American session. The benchmark 10-year US Treasury bond yield is up more than 2% on the day near 3.6% after the bigger-than-expected November job growth, weighing heavily on XAU/USD.

Gold News

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange collapse, loss of $3.1 billion could have been avoided on one condition

FTX exchange, founded by Samuel Bankman-Fried (SBF), has consistently made headlines over the past month for its liquidity crisis and triggering a collapse in the crypto ecosystem.

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AMC advances more than 3% in premarket day after being halted

AMC advances more than 3% in premarket day after being halted

AMC stock is up 3.4% in Friday's premarket just a day after authorities halted trading due to unusual volatility. Thursday saw options volume three times higher than the 20-day average.

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DEEPER DIVE

Rates outlook 2023: Belt up, we’re going down

Rates outlook 2023: Belt up, we’re going down

Bond market returns for 2022 have been horrific, right along the credit curve. For 2023, returns will be helped by a higher starting running yield, and subsequent falls in market rates. 

USD rates: Get ready for big falls in rates

USD rates: Get ready for big falls in rates

The year ahead will mostly feature falling market rates, as the Fed peaks out and the market anticipates future rate cuts. The curve should dis-invert through the year, and ultimately will steepen out from the front end.

Commodity prices score biggest weekly gain since 1960 – What’s next?

Commodity prices score biggest weekly gain since 1960 – What’s next?

Commodity prices across the board have made an explosive start to the month – registering their biggest back-to-back weekly gains on record since 1960.

FXS Signals

Technical Confluences Detector

Gold upside appears more compelling ahead of US NFP

Gold upside appears more compelling ahead of US NFP

Gold price (XAU/USD) settles around a four-month high, printing mild losses to challenge the three-day uptrend of late, as markets await the key US Nonfarm Payrolls (NFP) during early Friday. In addition to the pre-data anxiety, a rethink over the latest dovish bias about the Federal Reserve’s (Fed) next move and the risk-negative headlines from International Monetary Fund (IMF) also appeared to have probed the Gold buyers.

Gold Price: Key levels to watch
The Technical Confluence Detector shows that the Gold price remains beyond the previous key hurdle surrounding $1,796 despite the latest pullback. That said, the stated level encompasses Fibonacci 23.6% on one-day and 200-DMA.

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CRYPTOCURRENCIES

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

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Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

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Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

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Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

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THE STOCK OF THE DAY

S&P 500 (SPX) flatlines before nonfarm payrolls

S&P 500 (SPX) flatlines before nonfarm payrolls

US equities held up well on Thursday with little profit-taking evident. The strong move on Wednesday after Powell's speech was consolidated as the major indices remained nearly flat for most of the session. The NASDAQ correctly outperformed due to the continued fall in interest rates as markets priced in a peak Fed funds rate of about 4.9%, down from 5% only a few weeks ago. 

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WEEKLY FORECAST

EUR/USD: US Dollar fighting a losing battle Premium

EUR/USD: US Dollar fighting a losing battle

EUR/USD started December on a strong footing, reaching a fresh six-month high of 1.0544. The USD attempted to recover some ground at the beginning of the week but came under strong selling pressure following a speech from Powell.

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GBP/USD: Pound Sterling recaptures 200-DMA. What’s next? Premium

GBP/USD: Pound Sterling recaptures 200-DMA. What’s next?

GBP/USD briefly recaptured 1.2300, hitting its highest since June. China’s reopening optimism and dovish Powell weigh on USD. GBP/USD sees more room to the upside after reclaiming the critical 200-Daily Moving Average.

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Gold: China Covid jitters, US NFP to drive XAU/USD's action Premium

Gold: China Covid jitters, US NFP to drive XAU/USD's action

The renewed USD weakness and retreating US Treasury bond yields helped XAU/USD gain traction mid-week. The focus shifts to next week’s highly-anticipated November jobs report from the US.

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Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

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Week Ahead – Spotlight turns to pound and non-US data after Dollar bruising [Video]

Week Ahead – Spotlight turns to pound and non-US data after Dollar bruising [Video]

After the Thanksgiving downtime that generated some further weakness for the USD, investors will be looking for fresh direction from the barrage of economic data that will be dominating the agenda in the coming week.

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The Week Ahead: US non-farm payrolls, US PCE, easyJet results

The Week Ahead: US non-farm payrolls, US PCE, easyJet results

United States non-farm payrolls, Europe CPI, US PCE Core Deflator, easyJet FY22, Wise H1 23, Snowflake Q3 23, Salesforce.com Q3 23, Kroger Q3 23 and more to come

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