NFP day today and the market are still shock from China developments. Markets are expecting NFP to announce 200k growth and unemployment rate to remain unchanged at 5.0%. Analysts commented that if for any reason we have a negative surprise number in the job data the market reaction would have a larger impact compare to a positive one.
In regards to the economic release we had so far Australia Retail Sales came in at 0.4% m/m in November. Japan Average Cash Earnings y/y came in at 0.0% y/y lower that the 0.7% forecasted in November. Swiss released Unemployment Rate as expected at 3.4% and CPI m/m at-0.4% . From German we had the release of trade balance at 19.7 billion and Industrial Production at-0.3%. France Industrial Production m/m was at -0.9% and French Trade Balance at -4.6 billion. UK also released trade balance at -10.6 billion. Canada job data and Building Permits will be release later during the US session.
In the market we still see that JPY, CHF remained the strongest major currencies on risk aversion this week. Gold in also benefited as it started to consider again as a haven asset.
View our full economic calendar for a daily roundup of major economic events.
Data releases to monitor:
CAD: Employment Change, Unemployment Rate, Building Permits m/m
USD: Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate
Trade Idea of the Day
Currently the pair is trading at 1.0875. Traders must monitor the 1.0993 resistance level and the support level 1.0725 for possible breakouts. A possible scenario would be a movement towards the 1.0825 support level, where a break may lead to 1.0780 level and possible to 1.0720 area. An alternative scenario could be a movement above the 1.0885 resistance level, where a break may lead to the 1.0915 area.
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