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Euro Falls to its Lowest Level Since March 2015

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On Friday, the U.S. unemployment rate declined to a nine-year low of 4.6% in November, as employers added another 178k jobs, increasing expectations that the Federal Reserve will hike interest rates later this month.

The rate fell to 0.3%, the lowest level since August 2007, which reflected in some people finding jobs while even more dropped out of the workforce. The jobs report added to data on consumer spending, the housing market and manufacturing in suggesting the economy continued to gain momentum in the fourth quarter after output rose at its fastest pace in two years, in the third quarter.

Despite such news, the U.S. dollar index fell against a basket of major currencies and settled at 100.75.

Gold prices settled at a high level on Friday, moving higher for the first time in four sessions, despite a strong U.S. jobs report as the market already took into account the expected increase in interest rates. Technically, the yellow metal could re-test $1,160 and if it breaks such levels, it could decline further.

The Greenback fell vs. JPY to its lowest level on Friday after U.S. non-farm payrolls showed a growth in the number of jobs in November, but pointed to an increase in jobs in the previous two months which were less than the initial estimates. USD traded below ¥113.50 and could re-test ¥110 during the week.

The single currency declined to the lowest level vs. the Greenback since March 2015 as Italian Prime Minister Matteo Renzi said; he will resign after conceding defeat in the nation's constitutional referendum.

Oil prices rose in their best week in the last five years and settled above $51, following OPEC’s decision to cut oil production amid a global glut that has weighed on prices for more than two years.

Oil prices were traded under pressure as data showed oil output in Russia increased last month to a post-soviet high and Moscow’s plan to use its record November oil production as its baseline when it cuts its production.

The most important economic events:

  • USD ISM Services/Non-Manufacturing Composite (NOV) (GMT 17:00) – Important – Forecast (55.2) – Previous (54.8).
  • USD Change in Non-farm Payrolls (NOV): (GMT 15:30) – Important – Forecast (180K) – Previous (161K).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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