Markets in Details: 07 December 2018

7 December, 2018

News

  • OPEC concluded its meeting in Vienna without announcing an output cut, sending crude oil prices lower on Thursday. OPEC plans to discuss output cut with non-OPEC producers on Friday before deciding.
  • The U.S. economy is still humming and solidly adding new jobs (179,000 new private-sector jobs created in November) keeping unemployment at a 49-year low. However, rising wages, rate tightening, and ongoing trade war with China continues to be the worry for now.

The focus of attention

  • Markets will focus on the Nonfarm Payroll report to get confirmation of strength of the U.S. economy to assuage fears of an economic slowdown.

Expected events

  • 08:30 GMT UK will release the Halifax HPI for November.
  • 10:00 GMT EU will release Q3 GDP.
  • 13:30 GMT U.S. will release the November Nonfarm Payrolls.
  • 15:00 GMT U.S. will release the Michigan Consumer Sentiment survey.
  • 18:00 GMT U.S. will release the Baker Hughes Oil Rig Count report.

Technical Analysis

  • GBP USD bounced of 1.2676 support line and was able to break the 1.2782 resistance intraday on Thursday. The ten-minute chart suggests the pair would be able to stay above this key level in the short-term.
  • Dow Jones The Dow plunged deep into red yesterday, confirming a failed upward reversal but was able to recover most of the losses by close of Thursday’s session. The ten-minute chart on Friday is showing flat movement showing traders’ lack of directional conviction. Expect to wait several sessions to get a fresh trend going for the Dow.
  • EUR USD managed to close above its downtrend line after relying on the 1.1306 support. Staying above the trend line on Friday would signal a positive move for the pair whereas failing the trend line would mean a bearish move can be expected in the short-term.


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