Today the focus is on 3M’s plans to cut staff, a drop in US unemployment claims, and Deutsche Bank’s bold outlook.
Calendar
13:30 UTC
The report on the change in the number of employees in the United States’ nonfarm sector for November will be published. Forecast: 469 thousand. If the real data is lower, the USD will receive a negative impulse.
Assets to trade: EUR/USD, USD/CAD
News
UOB predicts a 3% decline in Australia’s GDP next year. Affects AUD
The 3M company announced plans to cut its staff. Affects MMM
American politicians have made progress in negotiating $900 billion in economic stimulus. Affects USD
Deutsche Bank predicts a 12% fall in the price of gold. Affects Gold
The number of applications for unemployment benefits in the US is at a three week low. Affects USD
Technical Analysis
Gold
Deutsche Bank has changed its strategy concerning gold. In addition, the bank’s analysts expect the asset price to fall immediately by 12% over the coming months.
Technical analysis of an asset allows for the short-term growth of the asset. However, if the asset breaks the downside support level, Deutsche Bank’s forecast may come true.
GBP/CHF
The chart of the currency pair has formed a head and shoulders pattern and has already broken through the support level. A decrease in the asset’s price is possible.
CHF/JPY
The asset has consolidated above the base of the “Triple Bottom” pattern, which indicates the start of a bullish trend.
CHF/JPY on this day in history
- Since 2000, December 4th has been a trading day 14 times.
- On 57% of those days, the asset finished trading with growth.
- The maximum strengthening range was 1.13%.
- The downward trend was limited to 0.75%.