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
AUD/USD flat lines above mid-0.6700s ahead of Australian jobs data
AUD/USD attracts some dip-buyers on Thursday, around the 0.6820 region. Against the backdrop of the RBA's hawkish stance, the upbeat market mood acts as a tailwind for the pair. That said, persistent concerns over an economic slowdown in China, along with a modest USD uptick, cap the upside as traders await Australian employment figures.
NZD/USD advances to near 0.6200 due to risk-on mood, Fed interest rate decision awaited
The NZD/USD pair edges lower to near 0.6200 during the early Asian session on Thursday. The recent GDP data revealed that New Zealand's economy shrank again in the second quarter, suggesting the depths of its economic malaise.
Gold price stalls post-FOMC pullback from all-time peak; lacks firm intraday direction
Gold price oscillates in a range on Thursday and consolidates the previous day's post-FOMC rejection slide from the $2,600 mark or a fresh record high. Persistent geopolitical risks, along with signs of economic trouble in the US and China, lend support to the safe-haven metal.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Ethereum could rally to $2,817 following Fed's 50 bps rate cut
Ethereum (ETH) is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's (Fed) decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds (ETF) recorded $15.1 million in outflows.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.