Forex Today: Dollar creeps higher as focus shifts to November Nonfarm Payrolls


Here is what you need to know on Friday, December 3:

The US Dollar Index closed the second straight day modestly higher on Thursday and holds its ground early Friday as investors gear up for the November jobs report from the US. Investors expect Nonfarm Payrolls to rise by 550,000 following October's increase of 531,000. October Retail Sales data for the euro area, Canadian employment figures and the ISM Services PMI survey from the US will be featured in the economic docket as well. 

Risk flows dominated the financial markets on Thursday and Wall Street's main indexes managed to register impressive gains. The US Senate has voted to approve the bill to avert a government shutdown over the weekend. Meanwhile, Bloomberg reported that a recently conducted research in the UK found that most of the booster shots were able to increase the antibodies against the Omicron variant. Moreover, GlaxoSmithKline said Its COVID-19 antibody drug, Sotrovimab, was likely effective against the new variant.

US stocks futures are trading flat in the early European session and the 10-year US Treasury bond yield is moving sideways near 1.44% after rising nearly 3% on Thursday. In an interview with the Financial Times, Cleveland Fed President Loretta Mester noted that the economy was better at dealing with new coronavirus variants.

EUR/USD has retreated to 1.1300 area with the greenback preserving its strength ahead of the weekend. 

GBP/USD managed to close in the positive territory on Thursday but seems to be having a difficult time pulling away from 1.3300 early Friday. 

USD/JPY continues to edge higher above 113.00 on improving market sentiment but the pair's upside remains limited with US T-bond yields losing traction. 

USD/CAD is edging lower toward 1.2800 as crude oil prices stage a rebound following a sharp decline witnessed on OPEC+ decision to go ahead with their original plan to increase the oil output by 400,000 barrels per day in January.

Gold slumped to its weakest level in a year at $1,761 on Thursday but recovered above $1,770 early Friday. The yellow metal continues to have a hard time finding demand when risk flows dominate the financial markets.

Cryptocurrencies: Bitcoin is moving up and down in a narrow channel above $55,000. Ethereum closed the previous two trading days in the negative territory and seems to have gone into a consolidation phase around $4,500.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD gains on quiet Monday, investors will seek guidance on CPI readings this week

AUD/USD gains on quiet Monday, investors will seek guidance on CPI readings this week

Monday's session noted a recovery in the Australian Dollar and the AUD/USD found support at the 0.6640 threshold, where the 20-day Simple Moving Average converges. The highlight will be Australian inflation data eyed to shape ensuing RBA decisions.

AUD/USD News

EUR/USD catches a ride on broad-market Greenback weakness

EUR/USD catches a ride on broad-market Greenback weakness

EUR/USD drifted up in a mild recovery from last Friday’s dip into 1.0670. The new trading week is kicking things off with risk appetite firmly pinned higher, sending the US Dollar lower and bolstering the Euro as investors head into a relatively quiet Tuesday.

EUR/USD News

Gold price rises as buyers stepped in ahead of crucial US PCE report

Gold price rises as buyers stepped in ahead of crucial US PCE report

Gold jumped off last Friday’s low and benefitted from a weaker US Dollar on Monday. On Friday, investors are bracing for the release of the Federal Reserve’s preferred gauge for inflation, the Personal Consumption Expenditures Price Index.

Gold News

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana down 15% in past seven days amid claims of alleged SOL investigation

Solana is allegedly under investigation per analyst Crypto Bitlord. Crypto analysts and Solana holders slam the news on X. SOL extended losses on Monday, down over 15% in the past seven days. 

Read more

Trading the week ahead

Trading the week ahead

Starting Tuesday, we're watching the Canadian CPI print closely. The Bank of Canada's recent minutes suggested hesitation about the last rate cut, hinting they might delay further cuts. This makes the upcoming inflation data crucial.

Read more

Forex MAJORS

Cryptocurrencies

Signatures