A quiet Asian session today, largely driven by risk-off flows, as nervous markets prepare for the upcoming US labor market report and Sunday’s Italian referendum. Therefore, upbeat Australian retail sales were ignored by the AUD bulls, while safe-havens such as the Japanese currency and gold remained underpinned amid negative equities and lower oil prices.
Markets now look forward to the UK construction sector PMI, in wake of yesterday’s poor UK manufacturing reading, while main market moving event for this Friday remains the US non-farm employment change figures, which will be closely eyed to confirm a Dec Fed rate hike. Also, the jobs report from Canada will remain in the spot-light for major impact on the CAD, against the backdrop of recent volatility in oil prices.
Main topics in Asia
Oct Australian retail sales beats expectations
Australia's Oct retail sales came at +0.5% vs 0.3% exp and 0.6% last. A positive input for the Aussie.
Asian stocks weighted by Italy vote, US payrolls
Risk-off sentiment remains the underlying theme in Asia, driving the Asian equities into negative territory on the final trading day of the week.
Goldman Sachs cut Chinese equities to market weight from overweight
In its latest note, the US-based investment bank, Goldman Sachs, slashed the calls for Chinese equities to market weigh from overweight.
Brent oil retreats from 16-month high
Brent oil backed off from the 16-month high of $54.50 clocked yesterday in a move which appears to be largely chart driven.
Key focus for the day ahead
Nov NFP Preview – Goldman Sachs
Analysts at Goldman Sachs present a brief preview on the upcoming US labor market report, which will be published later today at 13.30GMT.
GBP/USD regains poise, 2-month tops eyed ahead of PMI?
The GBP/USD pair is seen on a stronger footing so far this Friday, looking to extend Thursday’s advances on the back of a broadly weaker USD and renewed hopes of a ‘Soft Brexit’ landing.
Reuters Poll: RBA to keep rates-on hold at Dec 6 meeting
Latest Reuters poll reveals that the Reserve Bank of Australia (RBA) is seen keeping the official cash rate (OCR) unchanged at a record low of 1.5% at its meeting next week on Dec 6.
Preview of the employment report - Nomura
Analysts at Nomura offered a preview of the employment report. They forecast that nonfarm payrolls increased by 160k in November, comparable with the gains seen in October.
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
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD remains on the defensive around 1.2500 ahead of BoE
The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.
Gold fluctuates in narrow range above $2,300
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.