NFP JOB REPORT AND INTEREST RATE DECISIONS HEADLINE
US JOBS AND CENTRAL BANKS
During the upcoming trading week traders and investors look to the US Nonfarm Payrolls Job report and key interest rate decisions from the Bank of Canada and the Reserve Bank of Australia. The world’s largest economy is expected to have created 205,000 new jobs during the month of November, as the United States economy powers forward. The BOC and the RBA are largely expected to keep rates on hold, with no major changes expected inside the central bank’s policy statements.
Manufacturing data is also in also heavily in focus this week, with key PMI Manufacturing figures being released from the United States, Chinese, Eurozone, Canadian and United Kingdom economies.
Monday December 3rd, GBP UK Manufacturing PMI
The United Kingdom Manufacturing PMI is expected to come in at 53.0 during the month of November, which is an improvement on October’s 51.1 soft reading. The UK Manufacturing PMI is based on a survey of purchasing managers inside the UK manufacturing sector. Respondents are surveyed for their views on a wide range of business conditions, including employment, new orders, prices and inventories.
- The GBPUSD pair is bullish while trading above the 1.2880 level, key resistance is found at the 1.3000 and 1.3100 levels.
- If the GBPUSD pair moves below the 1.2880 level, sellers will likely test towards the 1.2695 and 1.2662 support levels.
Tuesday 4th December, AUD RBA Rate Decision
The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to leave the nations interest rate unchanged aged at 1.50% for a twenty-eight consecutive month this week.
- The AUDUSD pair is bullish while trading above the 0.7340 level, key resistance is found at the 0.7410 and 0.7450 levels.
- If the AUDUSD pair moves below the 0.7340 level, sellers may test towards the 0.7280 and 0.7210 levels.
Wednesday 5th December, CAD BOC Rate Decision
The Bank of Canada Interest Rate Decision is a decision of the governing council members on where to set the nations interest rate. Most market participants believe that the Bank of Canada will leave interest rates on hold this week after a series of hikes. After the actual rate decision, the central bank releases a policy statement that contains the BOC’s collective perspective on the economy also ideas about future monetary policy.
- The USDCAD pair is bullish while trading above the 1.3280 level, further upside towards the 1.3350 and 1.3465 levels seems likely.
- If the USDCAD pair moves below the 1.3280 level, sellers are likely to test towards the 1.3220 and 1.3165 support levels.
Thursday 6th December, USD US Factory Orders
US Factory Orders data is reported by domestic US manufacturers in regards to the dollar volume of new orders, shipments, unfilled orders and inventories. Factory Orders provides an intelligible, clear view of the whole US manufacturing sector. More precisely, the new orders figure acts as an indicator of overall demand across industries while Shipments provide a gauge of supply. Unfilled Orders and Inventory figures accommodate the balance between Orders and Shipments.
- The EURUSD pair is only bullish while trading above the 1.1470 level, further upside towards the 1.1553 and 1.1650 resistance levels seems possible.
- If the EURUSD pair moves below the 1.1300 level, sellers are likely test towards the 1.1216 and 1.1180 support levels.
Friday 7th December, US Nonfarm Payrolls Job Report
The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. Non-farm payrolls is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.
- The USDJPY pair is only bullish while trading above the 113.15 level, further upside towards 114.54 and 115.50 levels remains possible.
- If the USDJPY pair trades below the 113.15 level, sellers are likely to test the 112.10 and 111.55 support levels.