U.S. stock markets are closed Friday in observance of Independence Day. Both the New York Stock Exchange (NYSE) and NASDAQ will be closed on Friday. Overall trading becomes a bit subdued as the US is on holiday and expects low and unusual volatility in the global markets today.
China’s benchmark equity market gauge ended flat on Thursday as investors awaited further details on the ‘phase one’ trade deal between Washington and Beijing. But the Australian stock market is modestly higher on Thursday after strong employment data. On Wednesday, Facebook Inc (FB.O) shares rose 2.1%, providing the biggest boost to the S&P 500, as Deutsche Bank raised its price target on the stock.
Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported the global market.
The Pound trading below 1.31 after UK retail sales unexpectedly dropped -0.6% in Nov. vs. -0.1% expected. The dollar was down 0.1%. Trump’s impeachment had limited impact on currency markets. The Australian dollar was up 0.4%, still boosted by a surprise fall in unemployment, while the Swedish crown edged higher when the Riksbank became the first central bank to exit negative rates territory.
Gold prices edged higher on Thursday after the U.S. House of Representatives voted to impeach President Donald Trump, stoking fears of political uncertainty in the world's largest economy.
Australia unemployment rate falls 0.1% to 5.2%, with 39,900 new jobs created during November. In meanwhile, New Zealand’s GDP growth beat expectations in the third quarter. The economy expanded 0.7% quarter-on-quarter, faster than the 0.6% economists had expected. Yesterday, The CAD CPI figures came in line with expectations which provided a modest lift to the Canadian dollar.
All eyes will turn to the Bank of England’s monetary policy decision, due at 1200 GMT.
Investors have largely shrugged off a vote by the U.S. House of Representatives to impeach President Donald Trump as a Republican-controlled Senate is widely expected not to vote to remove Trump from office.
NZD/USD: The pair trading positive today after better – than- expected GDP data. Kiwi bounced to 0.6615 after the data then retraced back to 0.6580. If the pair still hold below 0.6620 level the bearish movement will continue to 0.6520.
GOLD: Gold will have a busy day today. The yellow metal recovered the yesterday loss after the U.S. House of Representatives to impeach President Donald Trump as a Republican-controlled Senate is widely expected not to vote to remove Trump from office. If any breakout below $1470 will open $1464 and $1456, on the other side above $1480 will print $1487 and $1493.
Quote of the day: never stop investing, never stop improving, and never stop doing something new- Bob Parsons
The U.S. non-farm payrolls report is one of the most important data scheduled for release later today. NFP measures employment levels in the United States that does not include farm workers, private household employees, or non-profits. The consensus is for an increase of 3 million non-farm payroll jobs, and for the unemployment rate to decrease to 12.3%.
European stocks and EUR/USD trading lower on Wednesday despite the release of the upbeat economic data. Germany Manufacturing PMI climbed higher to 45.2 in June of 2020 from a preliminary of 44.6 and 36.6 in the previous month and the German jobless rate ticked lower to 6.4% in June. While German retail Sales expanded at a monthly 3.8% during May, the biggest increase since February.
Gold price headed for a third straight monthly gain and in this quarter gold is up more than 12% in global markets. During the previous week, the yellow metal gained almost 1.4%, driving investors toward the safe-haven metal. The gold price surged to 8 – year high this month as demand for the safe-haven asset was boosted by worries over a surge in Covid-19 infections and the price also supported by intensified tensions between the US and China, over the China-India border clash.