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America’s Roundup: Dollar slips to two-month low, Wall Street rally, Gold trends higher, Oil falls 4% as U.S. vote count continues, coronavirus cases rise-November 7th,2020

Market Roundup

• US Oct Average Hourly Earnings  (YoY) 4.5%, 4.6%,forecast, 4.7%previous

• US Oct Average Hourly Earnings (MoM) 0.1%,0.2% forecast, 0.1%previous

• US Oct Average Weekly Hours 34.8, 34.7 forecast, 34.7previous

• US Government Parolls -268.0K,-216.0K previous

• US Oct Manufacturing Payrolls  38K, 50Kforecast, 66K previous

• US Oct Nonfarm Payrolls 638K, 600K forecast, 661K previous  

• US Oct Participation Rate 61.7%,61.4% previous

• US Oct Private Nonfarm Payrolls 906K, 690K, 877K previous

• US Oct U6 Unemployment Rate 12.1%, 12.8% previous

• US Oct Unemployment  Rate 6.9%, 7.7% previous

• Canada Oct Employment Change 83.6K, 100.0K forecast, 378.2K previous

• Canada Oct Full Employment Change 69.1K,  334.0K previous

• Canada Oct Part Time Employment Change 14.5K,  44.2K previous

• Canada Oct Participation Rate  65.2%, 65.0% forecast, 65.0% previous

• Canada Oct Exports 48.14B, 50.10B forecast, 49.32B previous                                                     

• Canada Oct Ivey PMI NSA 55.9, 61.1 previous

• Canada Oct Ivey PMI 54.5,51.5 forecast, 54.3 previous

• US  Sep Wholesale Trade Sales (MoM) 0.1%, 1.0% forecast, 1.4% previous

• US  Sep Wholesale Inventories (MoM) 0.4%,-0.1% previous

• Russia Oct Canada CPI (MoM) 0.4%, 0.4% forecast, -0.1% previous

• Russia Oct CPI (YoY) 4.0%, 4.0% forecast, 3.7% previous

• US Sep Consumer Credit 16.21B, 9.00B forecast, -7.22B previous

Looking Ahead - Economic Data (GMT) 

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Looking Ahead - Economic events and other releases (GMT)

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Currencies Summaries

EUR/USD: The euro rose higher against dollar on Friday as vote counting for the contentious U.S. election dragged dollar lower on and investors predicted more losses for the currency. Democratic presidential candidate Joe Biden took a narrow lead over President Donald Trump in the battleground state of Georgia early on Friday, edging closer to winning the White House in a nail-biting contest as a handful of undecided states continue to count votes. The single currency has risen sharply this week on the dollar’s weakness, but has also benefited from news of the European Union inching closer to a budget deal.  Immediate resistance can be seen at 1.1885 (61.8%fib), an upside break can trigger rise towards 1.1922 (Higher BB).On the downside, immediate support is seen at 1.1845 (50% fib), a break below could take the pair towards 1.1800 (Psychological level).

GBP/USD: Sterling was on track for a weekly gain versus the dollar on Friday in choppy markets, as traders digested high U.S. political drama and a fresh splurge of bond buying by the Bank of England. The pound is up more than 1% for the week, although it fell back around a quarter of a percent on the day to trade around the $1.31 mark. Currencies seen as riskier, including the pound, have strengthened as Democratic candidate Joe Biden has gained ground on U.S. President Donald Trump in key battleground states in the race for the White House. Immediate resistance can be seen at 1.3164 (38.2%fib), an upside break can trigger rise towards 1.3200 (Psychological level).On the downside, immediate support is seen at 1.3066 (50% fib), a break below could take the pair towards 1.3009 (9DMA).

USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday but stayed on course for its biggest weekly advance since June, as the greenback broadly fell and domestic data showed the economy added further jobs in October Statistics Canada reported 83,600 new jobs in October. That was fewer than expected as coronavirus-related shutdowns started to bite, but analysts said the gain reflected welcome signs of resilience in the economy. The Canadian dollar was trading 0.2% lower at 1.3067 to the greenback , pulling back from its strongest intraday level in more than two months on Thursday at 1.3024. For the week, it was on track to gain 1.9%.Immediate resistance can be seen at 1.3100 (38.2%fib), an upside break can trigger rise towards 1.3161 (50%fib).On the downside, immediate support is seen at 1.3016 (23.6%fib), a break below could take the pair towards 1.2980 (Lower BB).

USD/JPY: The dollar declined against the Japanese yen on Friday as investors awaited final vote processing in the U.S. presidential election that showed Joe Biden on the verge of winning the White House. Biden took the lead over President Donald Trump in the battleground states of Pennsylvania and Georgia for the first time on Friday, but Georgia ordered a recount that could lead to a long period of uncertainty, which markets dislike. The U.S. unemployment rate fell to a lower-than-expected 6.9% from 7.9% in September, while growth in private payrolls blew past the consensus estimate, adding 906,000 jobs, especially in the hard hit leisure and entertainment sector.Strong resistance can be seen at 103.74 (50% fib), an upside break can trigger rise towards 104.00 (Psychological level).On the downside, immediate support is seen at 103.16 (38.2%fib), a break below could take the pair towards 102.48 (23.6%fib).

 

Equities Recap

European stocks closed slightly lower on Friday, taking the shine off a 7% rally this week as investors focused on soaring coronavirus cases on the continent and uncertainty around the U.S. presidential election.

UK's benchmark FTSE 100 closed up by  0.07 percent, Germany's Dax ended down by 0.70 percent, France’s CAC finished the day down by 0.46 percent.                 

Wall Street’s main indexes were set to take a breather on Friday after surging more than 7% this week as monthly payrolls data underlined the scale of the economic challenge awaiting America’s next president.

Dow Jones closed down  by  0.24% percent, S&P 500 closed down by 0.03 % percent, Nasdaq settled down  by 0.04%     percent.

Treasuries Recap

U.S. Treasury yields climbed higher on Friday, lifted by better-than-expected October employment data, while the market kept a close eye on the latest election developments that showed Democrat Joe Biden with slight leads in two undecided states.

The benchmark 10-year yield was last up 5.2 basis points at 0.8303%, while the 30-year yield jumped 6.5 basis points to 1.6096%.

Commodities Recap

Oil settled below $40 a barrel on Friday as rising global coronavirus cases stoked fears about lackluster demand and as drawn-out vote counting in the U.S. presidential election kept markets on edge.

Brent crude  settled down $1.48, or 3.62%, at $39.45 a barrel. U.S. West Texas Intermediate (WTI)   dropped $1.65, or 4.25% to $37.14 a barrel.

Gold rose on Friday, set to post its best week since July, as the dollar weakened and increasing chances of a Joe Biden victory in the U.S. presidential election boosted hopes for a larger coronavirus relief bill.

Spot gold rose 0.1% to $1,949.81 per ounce by 11:01 a.m. EST (1601 GMT), on track for a 3.9% weekly gain, the most since late July. U.S. gold futures rose 0.1% to $1,949.10.

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