The Greenback got a fresh boost to its rally with a better than expected jobs report for November. The US economy reportedly added 321k new jobs, the highest in the past years while unemployment rate was stable at 5.8%. The sub components of the employment report such as the average hourly earnings also ticked higher, with the exception of the underemployment rate. The numbers saw the Greenback break above the key resistance level of 89.2.
German factory orders beat estimates rising 2.5% but the Euro was little changed in the run up to the NFP data. EURUSD declined to previous day’s lows of 1.23 but managed to bounce back from the support level.
Canadian jobs data was disappointing as the employment change saw a decline of -10.7k with the unemployment rate ticking higher as expected to 6.6%.
In today’s Asian session, Japan’s revised GDP numbers saw the third quarter GDP fall below estimates of -0.5% vs. -0.1%
The economic calendar for today is relatively light with focus on the German factory orders and the Eurozone Sentix investor confidence.
Fundamentals Recap – December 5, 2014
• Australia AIG construction index 45.4 down from 53.4 previously
• Japan October coincident indicator 104 vs. 104.1, and down from 105.6 previously
• German factory orders m/m rises 2.5%; factory orders y/y up 2.4%
• Eurozone GDP q/q final estimates 0.2%; GDP y/y 0.8%
• US nonfarm payrolls rise 321k; unemployment rate unchanged at 5.8%
• Canada net employment change -10.7k below estimates; unemployment rate rises to 6.6%
• US factory orders decline -0.7%
Fundamentals – December 8, 2014
• Japan final GDP q/q -0.5% vs. -0.1%
• Japan final GDP price index q/q 2% vs. 2.1%
• German industrial production m/m to rise 0.2%
• Switzerland CPI m/m to be flat, Retail sales y/y to rise 0.9%
• Eurozone Sentix investor confidence to be soft at -9.9
• Canadian building permits m/m to rise softly at 2.1%