Today the focus is on Amazon busting unions, interest rates, & US unemployment.
The US Nonfarm Payroll data for October will be released. Forecast: 450K. If the data is lower than expected the USD could see negative pressure.
Assets to trade: USD/NOK, USD/SGD, USD/JPY
The Canadian Employment Change data for October will be reported. Forecast: 50.0K. If the results are higher than expected the CAD could see a positive push.
Assets to trade: USD/CAD, CAD/JPY, AUD/CAD
Over the past few weeks, Amazon has ramped up its campaign at the warehouse, forcing thousands of employees to attend meetings, posting signs critical of labor groups in bathrooms, and flying in staff from the West Coast. Affects Amazon
The number of Americans filing new claims for unemployment benefits fell to a fresh 19-month low last week, suggesting the economy was regaining momentum amid a significant improvement in public health, though supply constraints remain. Affects USD
US unit labor costs surged in the third quarter, while productivity declined at its sharpest pace since 1981, adding to signs that high inflation could last for a while. Affects USD
The Bank of England kept interest rates on hold on Thursday, dashing investors’ expectations for a hike that would have made it the first of the world’s big central banks to raise rates after the COVID-19 pandemic. Affects GBP
Norway’s central bank hiked its key rate by 25 basis points to 0.25% in September and reiterated on Thursday that it plans to tighten again in December. Affects NOK
The US economy is showing mixed signals as new unemployment claims are at 19-month lows, while also facing rising costs and possibly sticky inflation. The Fed remains slow to change pandemic rates which continues to buoy the S&P 500 and other indices.
The pair is testing it support zone after showing a Bearish Engulfing pattern.
The metal is trending down, however it has been losing momentum as it approaches its support level.
The German index has reached new highs but may be slowed by the last resistance level.