03.12.2021: Investors anticipate NFP report; outlook for USD, USD/JPY, AUD/USD
Hi everyone! Today, the economic calendar is quite eventful. Traders are anticipating a batch of macroeconomic reports, especially Nonfarm Payrolls data. Analysts believe that unemployment in the US declined in November, while the economy added plenty of new jobs. How precise are these predictions? We will find out in the review of the New York session. Now, let’s discuss what’s going on in the Asian session.
The US dollar index that measures the strength of the greenback against a basket of six major rivals, has started the Asian session on a positive note. It is trading at 96.20 after yesterday's decline to 95.70. It climbed higher in anticipation of NFP data and other crucial reports as they may have a big impact on its future trajectory.
Meanwhile, the US dollar is also asserting strength against the yen. In yesterday's video review, we said that the yen lacked drivers for further growth. So, this scenario turned out to be correct. Now, the dollar/yen pair is trading at 113.28. It may approach 113.50 amid the expectation of positive data from the US. Yet, it is still early for a trend reversal. After a small increase, it may start a correction and then enter the sideways channel.
The Aussie is still unable to rise against the US currency. As for the AUD/USD pair, it cannot halt its decline. It may soon reach 0.7065. After that, analysts do not see reasons for a trend reversal. Even a batch of the upcoming economic reports is unlikely to change the short-term trend.
Today, Japan is expected to release positive economic data. China will also publish a report on the Services PMI index. Traders are also awaiting the publication of the IHS Markit Services PMI for the eurozone and the UK. The EU will reveal its retail sales data ahead of the most anticipated NFP report.
That’s all for now! Do not miss our video reviews on the commodity market and the New York session in order to stay up to date with the latest market news! See you!
FX Analytics - https://www.instaforex.com/forex_analytics
Forex Calendar - https://www.instaforex.com/forex_calendar
Forex TV from InstaForex - https://www.instaforex.com/instaforex_tv