US JOLTS Jobs Openings: What Will Today’s Data Reveal?
FX Update
The U.S. currency got an additional boost on Monday, sparked above 106.70 again on Monday. U.S. President-elect Donald Trump at the weekend, who warned BRICS emerging nations against trying to replace the greenback with any other currency, supported in the recent rebound.
The euro fell on Monday as mounting political uncertainty in France kept European markets under pressure, while tech stocks lifted global shares and the dollar strengthened in a key week for the outlook for U.S. interest rates.
Crude Oil:
Crude Oil prices retreated from the day’s high as dollar gained. Initially the prices touched a day’s high 5865 supported by strong factory activity in China, the world’s second-largest oil consumer, and escalating tensions in the Middle East, where Israel resumed attacks on Lebanon despite a ceasefire deal, however settled at 5779.00.
Gold:
Gold struggled for the direction, ending a four-session winning streak, weighed down by a robust U.S. dollar, as investors eyed upcoming economic data and remarks from Federal Reserve officials for clues on the future of U.S. interest rates.
Copper:
Copper prices rebounded from the day’s lows as optimism in China with latest economic data showing a slight uptick. The dollar pushed higher again in what is shaping up to be a critical week for the prospect of U.S. rate cuts, while drawing verbal support from President-elect Donald Trump. A stronger dollar makes greenback-priced metals costlier to holders of other currencies.
MCX Closing Update
Gold 76687 (0.41%), Silver 90810 (-0.44%), Crude oil 5779 (-0.60%), Copper 809.80 (0.11%), Natural Gas 273.60 (-3.39%)
Major Economic Data and Event Update
· Global manufacturing Purchasing Managers’ Index sank to 48.0 in November from 49.9 in October – below an earlier estimate of 48.6 and the 50 level that divides growth from contraction.
· Final euro zone manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, sank to 45.2 in November, matching a preliminary estimate and further below the 50 mark separating growth from contraction.
· Germany Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, held steady at 43.0, unchanged from October.
· India (PMI) for manufacturing fell to 44.5 from October’s 46.9, dropping further below the 50 mark that separates growth from contraction and posting its lowest reading since November last year.
· US The Manufacturing Purchasing Managers’ Index (PMI), a key indicator of the activity level of purchasing managers in the manufacturing sector, has reported a figure of 48.40 from previous 47.70.
Major Economic Data and Event scheduled today – US JOLTS Jobs Data
Japan
At 5.20am – Monetary Base y/y. Data is foreseen at 0.2% from previous -0.3%.
Above data could have a positive impact on the yen.
Australia
At 6.00am-
Current Account. Data is foreseen at -10.3B from previous -10.7B.
Above data could have a volatile impact on the dollar.
Eurozone
At 1.15pm-French Gov Budget Balance.
At 1.30pm- Spanish Unemployment Change. Data is foreseen at 29.3k from previous 26.8k.
Above data could have a mixed impact on the Euro.
US
At 8.30pm-JOLTS Jobs Openings. Data is foreseen at 7.49M from previous 7.44M
Tentative – RCM/TIPP Economic Optimism. Data is foreseen at 54.1 from previous 53.2.
All day – Wards Total Vehicle. Data is foreseen at 16.0M from previous 16.0M.
At 11.05pm – FOMC Member Kugler Speaks.
Above data could have a volatile impact on the dollar.
Until then, Happy Trading!
Commodity Samachar Securities
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