One of the significant day of North American market because investors are focusing macroeconomic indices which may support greenback’s bullish trend. First, markets awaiting the key U.S. non-farm payrolls and unemployment rate at 19.30 GMT +7 report on Friday According to the higher than expected of ADP nonfarm employment change on Wednesday, nonfarm payroll may higher than 90K as well as the unemployment rate may equal or lower than 4.4%. Therefore, I think these factors may support U.S. dollar stand tall against major currencies and Wall Street may keep rising in green zone on Friday.
Then, North American markets are waiting for Canadian indices: employment change at 19.30 and Ivey PMI at 21.00 today. Based on the forecast, employment change is expected to edge lower than August and this may negative for CAD but PMI is expected higher and this may positive for currency and stock market. In my opinion, today Toronto Stock Exchange may open higher follow New York market but move flatly in both zones: red and green. If those macroeconomic data are better than forecasted, TSX may close higher.
Stock Exchange Thailand is waiting for the supporting factors from world markets. If North American markets actuals are good, major markets in Asia may get positive to start higher on Monday next week including Thai market. We may see SET touching 1700 points soon even stock of energy industry fell. In my view, OPEC will try to rebalance oil industry and oil price may recover in the year. However, gold price may keep slightly fall or unchanged by the stronger dollar.
By Niramon Nitnitiphruet
Financial analyst, Olymp Trade