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market review 03 December 20

03 December 20

Service Sector PMIs, Brexit, and Vaccine News Updates in Focus

It’s a busy day ahead on the economic calendar. Service sector PMIs and U.S jobless claims will be in focus. Brexit and COVID-19 remain key drivers, however.

The Day Ahead

For the EUR

It’s a busy day ahead on the economic calendar. Spanish and Italian service sector PMI numbers are due out along with Eurozone retail sales figures for October. Finalized services and composite PMI figures are also due out of France, Germany, and the Eurozone.

Barring any marked revisions to prelim figures, we would expect Italy and the Eurozone’s PMIs to garner the greatest interest.

Away from the economic calendar, Brexit updates will also provide direction.

At the time of writing, the EUR was down by 0.02% to $1.2113.

For the Pound

It’s a relatively quiet day ahead on the economic calendar. Finalized services and composite PMI figures are due out later today.

Barring material revisions to prelim figures the stats are unlikely to have a material impact on the Pound.

Expect Brexit updates to be the key driver on the day.

At the time of writing, the Pound was up by 0.01% to $1.3366.

For The USD

It’s a relatively busy day ahead for the U.S Dollar. November’s ISM Non-Manufacturing PMI and weekly jobless claims figures will have the greatest influence on market risk sentiment.

Markit services and composite PMI numbers will likely have a muted impact on the day.

Away from the economic calendar, any chatter from Capitol Hill and COVID-19 news updates will continue to influence.

At the time of writing, the Dollar Spot Index was down by 0.08% to 91.041.

GBP/USD Daily Forecast – British Pound Quickly Rebounds After Sell-Off

GBP/USD did not manage to settle below the support at 1.3300 and rebounded towards the nearest resistance level at 1.3400.

Technical Analysis

GBP/USD failed to settle below the support at 1.3300 and rebounded closer to the resistance at 1.3400. In case GBP/USD manages to settle above the resistance at 1.3400, it will gain upside momentum and head towards the next resistance level which has recently emerged at 1.3440.

A successful test of the resistance at 1.3440 will push GBP/USD towards the next resistance level at September highs at 1.3485.

On the support side, the nearest support level for GBP/USD is located at 1.3325. There are no important levels between 1.3325 and 1.3400 so GBP/USD easily moves back and forth between these levels.

If GBP/USD gets below the support at 1.3325, it will get to another test of the next support at 1.3300. A move below the support at 1.3300 will open the way to the test of the support at 1.3270.

Gold Futures: Room for extra gains

According to flash data for gold futures markets from CME Group, open interest rose by more than 5K contracts on Wednesday after two consecutive daily drops. On the other hand, volume extended the downtrend and shrunk by around 15.6K contracts.

Gold now looks to $1,850/oz

Prices of the ounce troy of gold edged higher on Wednesday, extending the bounce off monthly lows near $1,760 (November 30) amidst increasing open interest. That said, the yellow metal now targets the mid-$1,800s, or September’s lows. This area is reinforced by the proximity of the 21-day SMA ($1,854).

US Stock Market Overview – Stock Rise Led by Financials; ISM Disappoints

Pfizer and Moderna apply for EU vaccine approval

US stocks started the last month of the year on a positive note, with the Nasdaq hitting an all-time high. All sectors in the S&P 500 index were higher, led by financials, industrials were the worst-performing sector in the S&P 500 index. Pfizer and Moderna on Tuesday applied for vaccine approval in the EU. The Nasdaq announced that it would require in the future that all companies listed had at least one woman and one minority on the board of directors. US ISM Manufacturing came in softer than expected with a dip into contraction territory for employment. The dollar continued to tumble hitting a 2.5-year low.

Pfizer and Moderna Apply for Vaccine Approval in the EU

Pfizer Inc. and U.S. drugmaker Moderna Inc. both applied for their coronavirus vaccines to be approved in the European Union. The announcement brings hope that the EU will soon be able to start vaccinating its 448 million people against a disease

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