Market Roundup
• French 12-Month BTF Auction 2.101%, 2.078% previous
• French 3-Month BTF Auction 2.069%, 2.041% previous
• French 6-Month BTF Auction 2.091%,2.053% previous
• Canada S&P Global Manufacturing PMI (Nov) 48.4,49.6 previous
•US S&P Global Manufacturing PMI (Nov) 52.2, 51.9 forecast,52.5 previous
•US ISM Manufacturing Employment (Nov) 44.0, 46.0 previous
•US ISM Manufacturing New Orders Index (Nov) 47.4,49.4 previous
•US ISM Manufacturing PMI (Nov) 48.2, 49.0, forecast 48.7 previous
•US ISM Manufacturing Prices (Nov) 58.5, 59.5 forecast,58.0 previous
Looking Ahead Economic Data (GMT)
• 00:30 Australia Building Approvals (YoY) (Oct) 12.40% -1.20%
• 00:30 Australia Approvals (MoM) (Oct) -4.8% forecast,12.0% previous
• 00:30 Australia Current Account (Q3) -13.4B forecast,-13.7B previous
• 00:30 Australia Net Exports Contribution (Q3) 0.1% previous
• 00:30 Australia Private House Approvals (Oct) 4.0% previous
Looking Ahead Events And Other Releases (GMT)
• No Data Ahead
Currency Summaries
EUR/USD : The euro initially gained but gave up some ground on Monday as investors braced for a pivotal month that could bring the Fed's final rate cut of the year and the confirmation of a dovish successor to Chair Jerome Powell.Data on Monday showed U.S. manufacturing contracted for the ninth straight month in November, with factories facing slumping orders and higher prices for inputs as the drag from import tariffs persisted. Traders are now pricing in an 88% chance the Fed will cut by 25 basis points when it convenes next week, according to the CME FedWatch tool. The euro rose 0.5% to a more than two-week high of $1.1652, before paring gains to trade up 0.1%.. Immediate resistance can be seen at 1.1644(61.8%fib), an upside break can trigger rise towards 1.1675(Higher BB).On the downside, immediate support is seen at 1.1594(50%fib), a break below could take the pair towards 1.1567(SMA 20).
GBP/USD: Sterling edged lower against the dollar on Monday as investors took some profits on November's modest gains ahead of a widely expected interest rate cut later this month.Sterling gained more than 1% last week, marking its largest weekly gain since early August, lifted by a relief rally after finance minister Rachel Reeves' long-awaited budget soothed some concern about Britain's long-term finances.On the data front, the S&P Global Purchasing Managers' Index for Britain's manufacturing sector rose to 50.2 in November from 49.7 in October, in line with an initial 'flash' reading that painted a weaker picture of the rest of the private sector. The pound was last down 0.13% against the dollar at $1.3226.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 lower against its U.S. counterpart on Monday, giving back some recent gains, as domestic data showed the manufacturing sector contracted at a steeper pace in November.Data on Monday was less upbeat. The S&P Global Canada Manufacturing Purchasing Managers' Index fell to 48.4 last month from 49.6 in October as trade uncertainty continued to hold back output and new orders. It marked the 10th straight month the index was below the 50.0 no-change mark.The price of oil , one of Canada's major exports, was trading 1.2% higher at $59.26 a barrel following OPEC's decision to leave output levels unchanged in the first quarter of 2026.Investors see a roughly 90% chance the Bank of Canada will leave its benchmark interest rate on hold at a three-year low of 2.25% next week.The loonie was trading 0.1% lower at 1.3980 per U.S. dollar, or 71.53 U.S. cents, after moving in a range of 1.3956 to 1.3991. Immediate resistance can be seen at 1.3616 (50%fib), an upside break can trigger rise towards 1.3667(61.8%fib).On the downside, immediate support is seen at 1.3573(38.2%fib), a break below could take the pair towards 1.3511 (23.6%fib).
USD/JPY: The U.S. dollar dipped on Monday as the yen strengthened, following a strong signal from Bank of Japan Governor Kazuo Ueda that a December interest rate hike could be under consideration. Ueda said the BOJ would weigh the pros and cons of raising rates at its next policy meeting, marking the clearest indication yet that a hike may happen this month.Speaking at a press conference, Ueda added that the central bank would outline its future rate path once policy rates reach 0.75%, emphasizing that the December decision would factor in wage growth and other key economic data. Traders have increasingly priced in the possibility of a December rate increase, especially after the yen fell to 10-month lows last month, strengthening the case for tightening. Immediate resistance can be seen at 155.22(SMA 20) an upside break can trigger rise towards 155.77 (38.2%fib) .On the downside, immediate support is seen at 15419 (50%fib) a break below could take the pair towards 153.60 (14 Nov low)
Equities Recap
European equities closed lower on Monday, dragged down by defence and Airbus-led industrial stocks, starting the new month cautiously after November’s gains.
UK's benchmark FTSE 100 closed down by 0.17percent, Germany's Dax ended down by 1.04 percent, France’s CAC finished the day down by 0.32 percent.
U.S. equities ended slightly lower on Monday, pressured by rising Treasury yields and data showing tariffs continued to weigh on manufacturing, as attention turned to next week’s Fed policy decision.
Dow Jones closed down by 0.90% percent, S&P 500 closed down by 0.53% percent, Nasdaq settled down by 0.84% percent.
Commodities Recap
Gold climbed to a six-week high on Monday, buoyed by expectations of U.S. rate cuts and a weaker dollar, while silver hit a record ahead of major U.S. economic releases.
Spot gold was up 0.3% at $4,241.27 per ounce, as of 1:44 p.m. ET (1844 GMT), its highest since October 21. U.S. gold futures for February delivery settled 0.5% higher to $4,274.80.
Oil prices climbed over 1% on Monday after drone attacks in Ukraine, the U.S. closure of Venezuelan airspace, and OPEC’s decision to maintain output levels through Q1 2026.
Brent crude futures settled at $63.17 a barrel, up 79 cents, or 1.27%. U.S. West Texas Intermediate crude finished at $59.32 a barrel, up 77 cents, or 1.32%.
