Market Roundup
• Canada Average Weekly Earnings (YoY) (Sep) 3.10%, 2.67% previous
• Canada Current Account (Q3)-9.7B, -15.1B forecast,-21.6B previous
Looking Ahead Economic Data (GMT)
•23:30 Japan CPI (YoY) (Nov) 1.6% previous
•23:30 Japan Jobs/applications ratio (Oct) 1.20 forecast,1.20 previous
•23:30 Japan Tokyo Core CPI (YoY) (Nov) 2.7% forecast, 2.8% previous
•23:30 Japan Tokyo CPI (YoY) (Nov) 2.7% forecast, 2.8% previous
•23:30 Japan CPI Tokyo Ex Food and Energy (MoM) (Nov) 0.9% previous
•23:30 Japan Unemployment Rate (Oct) 2.5% forecast,2.6% previous
•23:50 Japan Foreign Bonds Buying 348.4B previous
•23:50 Japan Foreign Investments in Japanese Stocks 1,020.9B previous
•23:50 Japan Industrial Production (MoM) (Oct) -0.5% forecast, 2.6% previous
•23:50 Japan Industrial Production forecast 1m ahead (MoM) (Nov) 1.9% previous
•23:50 Japan Industrial Production forecast 2m ahead (MoM) (Dec) -0.9% previous
•23:50 Japan Large Retailers' Sales (MoM) (Oct) 0.3% previous
•23:50 Japan Large Scale Retail Sales YoY (YoY) (Oct) 3.0% previous
•23:50 Japan Retail Sales (YoY) (Oct) 0.8% forecast, 0.5% previous
Looking Ahead Events And Other Release(GMT)
•No events Ahead
Currency Summaries
EUR/USD : The euro edged lower on Thursday as investors digested minutes of the latest European Central Bank (ECB) meeting. European Central Bank policymakers were in no hurry to cut rates when they met last month as uncertainty remained high and some even thought that no more easing would be needed, the accounts of the October 29-30 meeting showed on Thursday.The ECB will release its initial 2028 projections on December 18, but some played down these numbers, arguing that the information content of more distant horizons had more limited value. On the economic data front, Eurozone sentiment showed little change overall. The November Economic Sentiment Indicator came in at 97, meeting expectations and up from 96.8 in October, while the Business Climate Index climbed to 0.66 from -0.47. 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 retreated against the dollar on Thursday as investors weighed whether the fiscal tightening announced in Wednesday’s budget would actually be implemented. A day after unveiling plans for an additional £26 billion ($34 billion) in tax hikes on top of the £40 billion introduced in last year’s first budget, Finance Minister Rachel Reeves faced scrutiny over her decision to ease restrictions on child benefits for low-income families with more than two children. Early assessments of the budget indicated that increased public spending would be rolled out quickly, while the bulk of the tax burden would be deferred to future years. The move also raised doubts about whether the government would maintain higher taxes ahead of the next election. 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 edged higher against its U.S. counterpart on Thursday as oil prices rose and data showed that Canada's current account deficit narrowed more than expected in the third quarter. Canada's current account deficit narrowed to C$9.68 billion ($6.90 billion) in the third quarter from a downwardly revised C$21.56 billion deficit in the second quarter. Analysts had forecast a deficit of C$16.50 billion. Canadian GDP data, due on Friday, could help guide expectations for additional Bank of Canada interest rate cuts. Analysts forecast the economy grew at an annualized rate of 0.5% in the third quarter, which would be an outcome that narrowly avoids a second straight quarterly contraction.The loonie was trading 0.1% higher at 1.4030 per U.S. dollar, in restrained trading due to the U.S. Thanksgiving holiday. Immediate resistance can be seen at 1.4100(23.6%fib), an upside break can trigger rise towards 1.4111(Higher BB).On the downside, immediate support is seen at 1.4019(38.2%fib), a break below could take the pair towards 1.3949 (50%fib).
USD/JPY: The U.S. dollar dipped on Thursday as the yen gained, with investors on alert for potential market intervention following repeated warnings from Japanese authorities. On Wednesday, Prime Minister Sanae Takaichi sought to ease concerns of a British-style “Truss moment,” emphasizing that her expansionary fiscal policies would not undermine market confidence. The yen has steadily weakened since early October amid worries over government spending and uncertainty about the Bank of Japan’s policy normalization timeline. Analysts now suggest the central bank could signal a rate hike as soon as next month, potentially pursuing a more consistent tightening path to support the currency. 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 closed mostly unchanged on Thursday, following three straight sessions of gains, supported by growing optimism over a potential U.S. interest rate cut next month. Puma surged on takeover speculation, while Allfunds Group rose amid an acquisition offer.
UK's benchmark FTSE 100 closed up by 0.02 percent, Germany's Dax ended up by 0.18 percent, France’s CAC finished the day up by 0.04 percent.
Commodities Recap
Gold prices edged lower on Thursday, easing from a near two-week high hit in the previous session, while investors assessed the likelihood of a U.S. interest rate cut in December.
Spot gold was down 0.2% at $4,157.29 per ounce, as of 1601 GMT. U.S. gold futures for December delivery slipped 0.2% to $4,154.30 per ounce.
Oil prices climbed on Thursday as traders assessed the chances of a breakthrough in Ukraine peace talks, while thin trading ahead of the U.S. Thanksgiving holiday limited market activity.
Brent crude futures settled up 21 cents, or 0.2%, at $63.34 a barrel. U.S. West Texas Intermediate crude futures were up 45 cents, or 0.8%, at $59.10 a barrel by 1:46 p.m. ET (1846 GMT).
