Market Roundup
• Canada GDP Implicit Price (QoQ) (Q3) 0.80%,0.10% previous
•Canada GDP Implicit Price (QoQ) (Q3) 0.80%,0.10% previous
•Canada GDP (MoM) (Sep) 0.2%,0.1% forecast,-0.3%previous
•Canada GDP (QoQ) (Q3) 0.6%,-0.5% previous
•Canada GDP (YoY) (Q3) 1.42%,1.60% previous
•Canada GDP Annualized (QoQ) (Q3) 2.6%,-1.8% previous
•Canada GDP (MoM) (Oct) -0.3%,0.2% previous
•Canada Budget Balance (Sep) -5.02B ,-3.28B previous
•Canada Budget Balance (YoY) (Sep) -16.09B,-11.07Bprevious
•US Fed's Balance Sheet 6,552B,6,555Bprevious
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other releases (GMT)
•No Events Ahead
Currency Summaries
EUR/USD : The euro edged higher on Friday as investors digested inflation data from Germany and awaited fresh catalysts. Germany’s inflation rate unexpectedly climbed to a nine-month high in November, underscoring persistent risks to price stability ahead of the final policy meeting of the European Central Bank this year. Data from the federal statistics office showed annual inflation rose to 2.6% from 2.3% in October. Economists predicted a smaller pickup to 2.4%. Next week, investors expect some focus on Russia-Ukraine peace talks. Under pressure from Washington, Kyiv has signalled support for a U.S.-drafted framework but said key issues must be resolved, while Moscow insists on Ukraine surrendering strategic eastern territory. Immediate resistance can be seen at 1.1600(Psychological level), an upside break can trigger rise towards 1.16818(Higher BB).On the downside, immediate support is seen at 1.1558(SMA20), a break below could take the pair towards 1.1524(50%fib).
GBP/USD: Sterling edged lower against the dollar on Friday as trading volumes thinned due to shortened U.S. session following the Thanksgiving holiday. UK Chancellor Rachel Reeves pushed back on Thursday against criticism of the government’s spending plans, which include an additional £26 billion ($34 billion) in tax rises to fund higher welfare outlays, lifting the UK’s tax burden to a post-World War II high. With U.S. markets reopening for a shorter trading day, liquidity remained light. Sterling slipped 0.2% to $1.3225, though it was still on track for its best weekly performance since early August. Immediate resistance can be seen at 1.3253(38.2%fib), an upside break can trigger rise towards 1.3273(SMA 20).On the downside, immediate support is seen at 1.3122(SMA 20), a break below could take the pair towards 1.3051(23.6%fib).
USD/CAD: The Canadian dollar climbed to a four-week high against the U.S. dollar on Friday after stronger-than-expected quarterly GDP data led investors to scale back expectations for further rate cuts from the Bank of Canada. Canada’s economy expanded at an annualized pace of 2.6% in the third quarter, far beating forecasts of 0.5%, as crude oil exports and government spending lifted activity despite weakness in business investment and household consumption. Meanwhile, oil prices one of Canada’s key exports rose 1.5% to $59.50 a barrel, supported by elevated geopolitical risks amid prolonged peace talks between Russia and Ukraine. The loonie was trading 0.4% higher at 1.3980 per U.S. dollar, after touching its strongest intraday level since October 30 at 1.3939. Immediate resistance can be seen at 1.4028(38.2%fib), an upside break can trigger rise towards 1.4055(SMA 20).On the downside, immediate support is seen at 1.3982(Lower BB), a break below could take the pair towards 1.3944 (50%fib).
USD/JPY: The U.S. dollar slipped slightly against the yen on Friday as markets reassessed the likelihood of policy tightening by the Bank of Japan. Bank of Japan Governor Kazuo Ueda is due to speak on Monday, and traders will focus on whether he signals a likely rate increase at the BOJ's December meeting, which could continue to lift the currency.Japanese Prime Minister Sanae Takaichi's government on Friday finalised a $117 billion supplementary budget for this financial year to fund a massive stimulus package, most of which will be financed through new debt issuance.The Japanese yen strengthened 0.14% against the greenback to 156.09 per dollar. Immediate resistance can be seen at 157.83(23.6%fib) an upside break can trigger rise towards 158.00 (Psychological level) .On the downside, immediate support is seen at 155.63 (38.2%fib) a break below could take the pair towards 155.08 (SMA 20)
Equities Recap
European shares finished higher on Friday, rounding off a strong weekly rally and closing the month on a solid footing, buoyed by optimism over potential interest rate cuts by the Federal Reserve.
UK's benchmark FTSE 100 closed up by 0.27 percent, Germany's Dax ended up by 0.29 percent, France’s CAC finished the day up by 0.29 percent.
U.S. stocks advanced on Friday in thin trading during the shortened post-Thanksgiving session, led by gains in retail shares and a rebound in technology stocks.
Dow Jones closed up by 0.61% percent, S&P 500 closed up by 0.54% percent, Nasdaq settled up by 0.65% percent.
Commodities Recap
Crude futures slipped slightly on Friday as investors weighed the geopolitical risk premium amid prolonged Russia-Ukraine peace talks, while also eyeing Sunday’s OPEC+ meeting for signals on possible output adjustments.
Front-month Brent crude futures for January , which expire on Friday, settled down 14 cents, or 0.22%, at $63.20 a barrel. The more active February contract settled at $62.38, down 49 cents on Thursday's close.
WTI crude settled at $58.55 a barrel, down 10 cents, or 0.17%, from Wednesday's close. There was no settlement on Thursday due to the Thanksgiving holiday in the U.S.
Spot gold climbed 1% to a two-week high on Friday, as expectations of a U.S. Federal Reserve rate cut next month boosted demand for the non-yielding asset, while silver reached a fresh record high.
Spot gold was up 1.3% to $4,210.94 per ounce by 03:11 p.m. EST (20:11 GMT), after reaching its highest price since November 13 earlier today. Bullion was set for a 3.6% weekly gain and a 5.2% rise for the month, along with a fourth consecutive monthly increase.
