ECONOMIC DATA HOLD CENTRE STAGE
Economic data are back in the spotlight on Thursday, with reports from Europe and the United States scheduled to make headlines.
Action begins at 06:30 GMT with French unemployment data. France’s Q3 unemployment number is forecast to 9.7% in Q3 from 9.5% in the second quarter.
A few hours later, Italy will report its latest trade figures. Italy’s trade surplus is forecast to rise to €3.42 billion in September from €2.77 billion.
Shifting gears to the United Kingdom, retail sales will make headlines at 09:30 GMT. Receipts at retail stores are forecast to rise 0.1% in October following a 0.8% drop the previous month.
The European Commission will release the Eurozone CPI data at 10:00 GMT. The final print is expected to show a reading of 1.4% year-over-year.
In North America, the US Commerce Department will report on initial jobless claims for the week ended 10 November. The weekly report is expected to show a decline of 4,000 to a seasonally adjusted 235,000.
Earlier in the day, the Australian government reported a much smaller than expected gain in job creation last month. The Australian economy added just 3,700 jobs in October, well below forecasts calling for 17,500. However, the entirety of the gains came in full-time positions.
Government economists also reported a slight drop in unemployment as workforce participation fell to 65.1% from 65.2%.
Meanwhile, the Melbourne Institute said 12-month inflation expectations weakened to 3.7% from 4.3% previously.
The euro traded within a narrow range against the dollar on Thursday after failing to sustain upside north of 1.1800. The EUR/USD was last seen trading at 1.1779, having gained around 0.1%. The pair is eyeing immediate resistance at 1.1850. A rally above that level would lead to a re-test of the 1.1886 level. On the flipside, immediate support is located near the 1.1740 region.
Cable has shifted into higher gear this week, with prices fast approaching 1.3200. GBP/USD was last seen trading at 1.3170, where it was little changed compared to the previous close. The technical picture shows immediate resistance near 1.1385, followed by the psychological 1.3200 barrier. On the opposite side of the spectrum, support is likely to be found at 1.13115, followed by 1.3075.
The Australian dollar held its ground after Thursday’s early morning data releases. The AUD/USD exchange rate edged up 0.1% to 0.7597. When it comes to the short-term technical indicators, the Aussie faces immediate resistance at 0.7607, which corresponds with the 50-MA on the one-hour chart. A clean break above this level would expose the 0.760 region as the next target. On the opposite side of the ledger, immediate support is located at the session low of 0.7567.