General analysis GBPUSD, EURUSD, NZDUSD, AUDUSD, USDCAD, XAUUSD, Brent, WTI for 07.12.2021
07.12.2021 17:33
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At the beginning of the current week, ten-year Treasury bond yields rose, recovering Friday's losses. The market ignored weak U.S. labor market statistics, confirming the exceptional role of inflation for monetary policy planning. The market is expected to be quiet in the next 2 days, but Friday's release of the U.S. consumer price index data could be a driver of volatility. The Fed chief has already made it clear that the regulator intends to combat high price pressures by accelerating the abandonment of QE. Investors believe the Fed will make an official statement on the matter next week.
EUR/USD continues to decline on Tuesday despite German industrial production growth of 2.8% and positive statistics from ZEW. Long-term pressure on the European currency remains amid spreding COVID-19 infections and a of the ECB's cautious policy. The head of the European Central Bank continues to deny that high inflation will last. In addition, the IMF advised the ECB to take into account temporary price pressures and maintain an adaptive monetary policy. Investizo expects the pair to fall further in the medium term.
The British currency resumed falling on Tuesday. The market ignored the decline in the US non-farm productivity in Q3 as well as an increase in the trade deficit in October. At the same time labor costs rose 9.6% in Q3, which will force the Fed to act aggressively. GBP/USD is holding above the 1.3200 level. Friday will be a big day for the dynamic of the pair as the UK will release data on GDP and industrial production besides important American statistics.
AUD/USD and NZD/USD are getting stronger today, which indicates that risk appetite is forming among the market participants. The Australian dollar showed more gains as lower quarantine measures are positively affecting the economy. Job openings in the labor market rose 7.4% in November as the need for employees and increased spending. USD/CAD is falling this week as Investizo previously predicted. Friday's jobs report and rising oil prices were the main drivers for the CAD. Additional pressure on the pair was put by Canada's widening trade surplus in October.
Brent and WTI are recovering yesterday and today. Preliminary studies show that the new Omicron strain has been greatly overestimated. The Chief Infectious Disease Officer of the U.S. stated that there is no reason to believe that infection with the new strain is more severe. In addition, as time has shown, OPEC+ was right to be reticent in reacting to the news of the new virus.
The XAU/USD is trading in a limited price range, awaiting Friday's macroeconomic statistics release. Growing interest in currencies with high beta coefficients is limiting the potential of the metals market. Also worth considering is the Fed's hawkish plans, which could keep gold below 1800.00 for quite a while.
EUR/USD continues to decline on Tuesday despite German industrial production growth of 2.8% and positive statistics from ZEW. Long-term pressure on the European currency remains amid spreding COVID-19 infections and a of the ECB's cautious policy. The head of the European Central Bank continues to deny that high inflation will last. In addition, the IMF advised the ECB to take into account temporary price pressures and maintain an adaptive monetary policy. Investizo expects the pair to fall further in the medium term.
The British currency resumed falling on Tuesday. The market ignored the decline in the US non-farm productivity in Q3 as well as an increase in the trade deficit in October. At the same time labor costs rose 9.6% in Q3, which will force the Fed to act aggressively. GBP/USD is holding above the 1.3200 level. Friday will be a big day for the dynamic of the pair as the UK will release data on GDP and industrial production besides important American statistics.
AUD/USD and NZD/USD are getting stronger today, which indicates that risk appetite is forming among the market participants. The Australian dollar showed more gains as lower quarantine measures are positively affecting the economy. Job openings in the labor market rose 7.4% in November as the need for employees and increased spending. USD/CAD is falling this week as Investizo previously predicted. Friday's jobs report and rising oil prices were the main drivers for the CAD. Additional pressure on the pair was put by Canada's widening trade surplus in October.
Brent and WTI are recovering yesterday and today. Preliminary studies show that the new Omicron strain has been greatly overestimated. The Chief Infectious Disease Officer of the U.S. stated that there is no reason to believe that infection with the new strain is more severe. In addition, as time has shown, OPEC+ was right to be reticent in reacting to the news of the new virus.
The XAU/USD is trading in a limited price range, awaiting Friday's macroeconomic statistics release. Growing interest in currencies with high beta coefficients is limiting the potential of the metals market. Also worth considering is the Fed's hawkish plans, which could keep gold below 1800.00 for quite a while.