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GBP and EUR gain to the USD, Tonight’s U.S. Employment Data

jeffriess
December 6, 2019
by Joseph Jeffriess, Market Analyst

Article Recap

GBPUSD continues its charge - EURUSD closes above 1.1090 - Oil pulls back from 1.43% rally - Tonight's NFP data.

USD trades in a mixed session to risk, tonight’s NFP

The GBPUSD continued its climb overnight adding a further 0.42% and taking its weekly rally to 1.91%! The upcoming UK election continues as a key driver. In a mixed night, the AUD fell to the USD dropping 0.20% while the EURUSD added 0.24% finally closing above 1.1090.

Oil saw some movement and finished with small gains after sellers trimmed a 1.43% rally back down to 0.14%. Possible production cuts are key issue traders are looking at atm with day two of OPEC JMMC meeting being held today.

At this stage, risk is flat to the safe havens with the AUD leading the gains, stock indexes are trading higher with the ASX200 +0.32% and the Nikkei +0.40%.

U.S Employment data

Tonight at 12:30 am AEDT traders will be looking to key U.S and Canadian employment data. U.S. average earnings are expected to increase to 0.3%, pay-rolls to 186K and unemployment to remain steady at 3.6%. On the Canadian front, employment change is expected to jump to 10K after the last -1.8K shock and unemployment to remain steady at 5.5%

Today’s market analysis video, we take a look at the GBPUSD, EURUSD, Oil and US30 daily price charts. We also take a look at tonight’s upcoming NFP data.

Good trading from Eightcap.
All times are AEDT.