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Friday, December 2nd
The GBP/USD pair remains in positive mood so far, extending its Thursday’s advance into early Europe. Yesterday the pound rose for approximately two cents against its American counterpart inspired by statement of Secretary of State for Exiting the European Union D.Davis that he will consider EU budget payments if required to keep access to EU markets. The statement of UK Brexit minister revived hopes of a soft Brexit and forced the pound to refresh its two-months highs near 1.2700 level. Today most likely the pair will stay under bullish control amid broad US dollar’s correction after positive data witnessed yesterday. However, later in NA session NFP will grab most of traders’ attention providing the pair with strong short-term impetus.
Seems that the euro is extending its bullish momentum in the pair with US dollar stepping away from its yearly lows marked at the end of the last week. At the moment the EUR/USD pair is trying to expand its north-directed rally and to get closer to the level of 1.0700. Moreover, dollar’s correction after stronger-than-expected data from US economy and shrinking risk appetite in anticipation of US crucial report and Sunday’s Italian referendum are supporting the pair lately. Today all eyes will remain on US Nonfarm Payrolls, that will provide another hint of next Fed’s move regarding its interest rate.
The Aussie remains weaker against the greenback amid softer tone in commodities and broad risk aversion sentiments seen this Friday. Moreover, even upbeat Australian Retail Sales data were not able to provide the AUD/USD pair with enough impetus to extend pair’s recovery. Currently the major is hovering near 0.7400 level in anticipation of the main event of this day – NFP, as traders refrain from placing any directional bets ahead of crucial data from US labor market.
The Canadian dollar is trading on a firm note against its American neighbor remaining near its monthly highs marked just below the 1.3300 level. Seems that the Loonie is consolidating its gains as post-OPEC oil price rally has run out of steam. Later in the day, labor markets from both sides will release reports that will take center stage along with Baker Hughes oil rig count that also will be closely watched in light of recent events.
The main events of the day:
UK Construction PMI – 11.30 (GMT +2)
US Nonfarm Payrolls – 15.30 (GMT +2)
US Unemployment Rate – 15.30 (GMT +2)
Canadian Unemployment Rate – 15.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.0631 R. 1.0673
USDJPY S. 113.46 R. 113.98
GBPUSD S. 1.2577 R. 1.2627
USDCHF S. 1.0098 R. 1.0114
AUDUSD S. 0.7411 R. 0.7437
NZDUSD S. 0.7082 R. 0.7104
USDCAD S. 1.3279 R. 1.3327
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