Forex Today: The US Nonfarm Payrolls take centre stage

Pablo Piovano FXStreet

The Greenback came under renewed and marked selling pressure amid uncertain price action in US yields and investors’ steady prudence ahead of the release of the crucial US labour market report on Friday.

Here is what you need to know on Friday, December 6:

The US Dollar Index (DXY) succumbed to fresh downside pressure and broke below the 106.00 support to challenge weekly lows. The Nonfarm Payrolls will be at the centre of the debate seconded by the Unemployment Rate and the advanced Michigan Consumer Sentiment. In addition, the Fed’s Bowman, Goolsbee, Hammack and Daly are all due to speak.

EUR/USD rose to weekly tops and approached the key barrier at 1.0600 the figure. The Industrial Production in Germany is due, along with another estimate of the EMU’s Q3 GDP Growth Rate and the final Employment Change figures.

GBP/USD extended its weekly bullish move and climbed to three-week highs well north of the 1.2700 barrier. The Halifax House Price Index will be published across the Channel.

USD/JPY faded part of the last couple of daily advances, breaching the key 150.00 support. Average Cash Earning will be unveiled in the Japanese docket along with Household Spending and the preliminary readings of the Coincident Index and the Leading Economic Index.

AUD/USD finally saw some respite to the multi-week move lower, managing to reclaim the 0.6450 region. Home Loans and Investment Lending for Homes are next on tap Down Under.

WTI prices added to Wednesday’s downtick and revisited the $68.00 mark per barrel after the OPEC+ delayed its planned oil output hikes until April.

Gold prices came under strong selling pressure and flirted with the $2,620 zone per troy ounce amid rising caution pre-NFP. Silver prices left behind two daily advances in a row and put the $31.00 zone per ounce to the test on Thursday.

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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