• Market Roundup
• Japan Coincident Indicator (MoM) (Oct) 2.5% 0.7% previous
• Japan Leading Index (MoM) (Oct) -0.3%, 2.2% previous
• Japan Leading Index (Oct) 108.6, 108.9 forecast,109.1previous
Looking Ahead Economic Data(GMT)
•07:45 French Current Account (Oct) - -2.10B previous
•07:45 French Exports (Oct) - 48.6B previous
•07:45 French Imports (Oct) - 56.9B previous
•07:45 French Reserve Assets Total (Nov) - 276,255.0M previous
•07:45 French Trade Balance (Oct) - -8.0B forecast, -8.3B previous
•10:00 EU Employment Change (YoY) (Q3) - 1.0% forecast, 1.0% previous
•10:00 EU Employment Overall (Q3) - 169,064.1K previous
•10:00 EU GDP (YoY) (Q3) - 0.9% forecast, 0.6% previous
•10:00 EU GDP (QoQ) (Q3) - 0.4% forecast , 0.4% previous
Looking Ahead Events And Other Releases (GMT)
•No Events Ahead
Currency Forecast
EUR/USD: The euro dipped against the dollar on Friday as markets awaited U.S. job data and assessed the impact of a politically turbulent week. This week saw the collapse of France's government and the brief imposition of martial law in South Korea. South Korea's President Yoon Suk Yeol caused a shock on Tuesday by imposing martial law, only to rescind it hours later, creating turmoil in global financial markets. The political upheaval has left Korean markets on edge, despite authorities pledging to provide 'unlimited liquidity' to stabilize conditions. Euro slid 0.14% to $1.0573. after rebounding on Thursday. Immediate resistance can be seen at 1.0605(38.2%fib), an upside break can trigger rise towards 1.0637(30SMA).On the downside, immediate support is seen at 1.0458(23.6%fib), a break below could take the pair towards 1.0417(Lower BB).
GBP/USD: The British pound dipped on Friday ahead of U.S. jobs data which could give clues on the interest rate path of the Federal Reserve.The spotlight will be on the U.S. non-farm payrolls report for November due later in the day as investors look to second guess the pace of future Federal Reserve rate cuts.Payrolls are expected to have increased by 200,000 jobs last month, according to a Reuters survey, after rising by only 2,000 in October, the lowest number since December 2020. The unemployment rate was forecast climbing to 4.2%. The dollar index , which measures the greenback against six rivals, rose 0.10% to 105.82after slipping towards a three-week low in the previous session. Immediate resistance can be seen at 1.2735(50%fib), an upside break can trigger rise towards 1.2789 (SMA 30).On the downside, immediate support is seen at 1.2629(38.2%fib), a break below could take the pair towards 1.2507(23.6%fib).
AUD/USD: The Australian dollar declined on Friday as the Australian dollar faced continued bearish pressure as investors anticipated more aggressive rate cuts by the RBA. Australia's economy grew by 0.3% on a quarterly basis for the three months ending in September, according to data released on Wednesday.The Australian dollar has also been affected by worries about China's economic difficulties and US President-elect Donald Trump's tariff threats. At GMT 13:06, The Aussie was trading down 0.41% to $0.6425, having shed 0.9% on Wednesday. Immediate resistance can be seen at 0.6483(38.2%fib), an upside break can trigger rise towards 0.6491(Daily high).On the downside, immediate support is seen at 0.6406(23.6%fib), a break below could take the pair towards 0.63826(Lower BB).
USD/JPY: The dollar was little changed against the yen on Friday as traders pondered the likelihood of a December rate hike in Japan. Last week, BOJ Governor Kazuo Ueda said that since the economy is doing as expected, a rate hike is inevitable.Toyoaki Nakamura, a board member of the BOJ, raised doubts about the sustainability of wage rise and pointed out indications of economic fragility, indicating that he might be against a rate hike in December.The markets now factor in a 60% chance of a 25 basis point rate increase in Japan this month, up from about 50% in the previous weeks. The dollar was up 0.11% against the yen at 150.10. Immediate resistance can be seen at 150.97 (38.2%fib) an upside break can trigger rise towards 153.62 (23.6%fib). On the downside, immediate support is seen at 148.82(50%fib) a break below could take the pair towards 147.50(Lower BB).
Equities Recap
Asian stocks dipped on Friday as political unrest in South Korea dampened investor confidence, while dollar bulls awaited U.S. payroll data to determine whether it would challenge or confirm expectations of a rate cut this month.
Japan's tech-heavy Nikkei N225 dipped 0.80% , and South Korea's KOSPI dipped by 0.56%. China’s A50 gained by 1.34%.
Commodities Recap
Oil prices edged lower on Friday, with weak demand in focus, after the OPEC+ group postponed planned supply increases and extended deep output cuts through the end of 2026.
Brent crude futures fell 6 cents, or 0.1%, to $72.03 per barrel by 0336 GMT. U.S. West Texas Intermediate crude futures lost 1 cent to $68.29 per barrel.
Gold prices edged higher on Friday but were on track for a second consecutive week of decline as market participants braced for U.S. payrolls data, which is expected to offer clues on the Federal Reserve's interest rate cut trajectory.
Spot gold rose 0.2% to $2,638.45 per ounce by 0627 GMT, while U.S. gold futures gained 0.5% to $2,660.50.
