Trading news

The Dow Jones Industrial Average (DJIA) spun in a tight circle near 48,000 on Thursday before retreating around 200 points.

Gold (XAU/USD) registers modest gains on Thursday, even though the latest US jobs data indicates that the labor market remains resilient, though signs of cooling are emerging.

The US Dollar (USD) struggled for direction amid the ongoing and intense bearish trend in place since late November. Rising bets for a rate cut by the Federal Reserve (Fed) next week and discouraging data have been keeping the Greenback under scrutiny as of late, fuelling its downside momentum.

The Euro (EUR) trades slightly lower against the US Dollar (USD) on Mondayweighed down by a modest uptick in the Greenback. At the time of writing, the pair is hovering near 1.1659, snapping an eight-day winning streak after briefly climbing to its highest level since October 17 earlier in the day.

United States 4-Week Bill Auction: 3.68% vs previous 3.905%

The Australian Dollar extends gains against the US Dollar on Thursday as markets scale back expectations of additional rate cuts by the Reserve Bank of Australia (RBA). At the time of writing, AUD/USD is trading around 0.6622, its strongest level since October 7.

United States EIA Natural Gas Storage Change above forecasts (-18B) in November 28: Actual (-12B)

Sterling rises during the North American session even though US jobs data suggests that the labor market remains solid but expectations that the Federal Reserve will cut rates, remained higher. At the time of writing, the GBP/USD trades at 1.3367, up 0.12%.

Canada Ivey Purchasing Managers Index s.a came in at 48.4, below expectations (53.6) in November

United States Factory Orders (MoM) registered at 0.2%, below expectations (0.5%) in September

Germany’s pension reform looks set to pass after Die Linke signals abstention, giving Euro (EUR) a temporary boost against the Pound Sterling (GBP).

Silver (XAG/USD) trades on the back foot on Thursday as bulls take a breather and book partial profits after the metal climbed to record highs near $58.98 on Wednesday. At the time of writing, XAG/USD is trading around $56.85, down roughly 2.75% on the day.

The Japanese Yen (JPY) strengthens sharply as tightening expectations for the BoJ accelerate, driven by Governor Ueda’s latest hawkish remarks.

The Pound Sterling (GBP) stays firm near the top of its overnight range, with options markets sharply repricing protection against GBP weakness after the UK budget.

The Euro (EUR) is consolidating this week’s advance, supported by widening rate differentials and a neutral ECB outlook, with little reaction to soft euro-area data.

According to a Reuters poll on Thursday, the Federal Reserve (Fed) is widely expected to cut interest rates by 25 Basis points (BPS) to 3.50%-3.75% at its monetary policy meeting on December 10.

The Canadian Dollar (CAD) shows only mild weakness after fresh headlines on a possible USMCA withdrawal, but persistent long-term trade uncertainty continues to cap gains.

The US Dollar (USD) remains under pressure as soft labor data and speculation about a more dovish Fed tilt weigh on sentiment, even as OIS markets resist pricing deeper cuts.

According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance went down to 191K for the week ending November 29.

United States Continuing Jobless Claims: 1.939M (November 21) vs previous 1.96M