Fundamental analysis GBPUSD, EURUSD, NZDUSD, AUDUSD, USDCAD, XAUUSD, Brent, WTI for 10.12.2021

The USD strengthened against major trading instruments on Thursday after the release of strong employment data. Initial jobless claims fell to 184 k - the lowest in more than 50 years. There is clearly a labor shortage in the U.S. labor market, the number of layoffs is minimal as it is extremely difficult for employers to find replacements. In the current situation there is a high probability of wage growth, which will eventually lead to an increase in inflation. Today, consumer price index data is expected to be published. The growth of the index will allow the Fed to continue its aggressive policy, strengthening the dollar and putting pressure on the stock market.

EUR/USD continued to decline on Friday, consolidating below the 1.3000 level. Eurozone macrostatistics is not impressive and the epidemiological situation in the region is very complicated. Germany recorded a record number of infections and the number of fatalities on Wednesday approached yearly highs. Many European Union countries are ready to step up social distancing measures.

The British pound was declining on Friday amid weak GDP and industrial production releases. Another pressure factor for GBP/USD is a complicated epidemiological situation in the country. The number of new cases reached 68 k. Next week the Bank of England will hold a meeting. Market participants will expect the regulator to provide information on the pace of QE reduction.

All commodity currencies lost their value on Thursday. AUD/USD and NZD/USD were moderately lower after the publication of weak Chinese inflation and banking sector reports. USD/CAD strengthened on Thursday on the back of stronger dollar and oil prices decline.

Brent and WTI are showing minimal growth. The oil market was optimistic about the preliminary results of the new strain study. Reduced epidemiological risks weakened investors' fears of increased supply. At the same time, the crisis in China's construction sector is holding back the hydrocarbons market.

XAU/USD has been moderately declining for the last three days. Further dynamics will depend on the report on consumer prices.