that could shape market movements across various sectors.
From PMI reports to GDP figures and key employment data,
traders and investors should stay alert to these pivotal developments and their potential impact on currencies,
commodities, and indices. Here’s a breakdown of the key news to watch.
Content
Economic Calendar
Economic Calendar
Monday, December 2
Manufacturing PMI (November) – 17:45 – USA
Tuesday, December 3
JOLTS Job Openings (October) – 18:00 – USA
Wednesday, December 4
GDP (Quarterly) Q3 – 03:30 – Australia
ADP Non-Farm Employment Change (November) – 16:15 – USA
Services PMI (November) – 17:45 – USA
Thursday, December 5
Construction PMI (November) – 12:30 – UK
Trade Balance (October) – 16:30 – USA
Friday, December 6
GDP (Quarterly) Q3 – 13:00 – Eurozone
Average Hourly Earnings (Monthly) (November) – 16:30 – USA
Non-Farm Payrolls (November) – 16:30 – USA
Unemployment Rate (November) – 16:30 – USA
Gold
Gold closed last week’s trading around the $2,650 level after recording some gains
following the release of US personal consumption expenditure data.
The lowered expectations of a Federal Reserve rate cut in December reduced pressure on the dollar,
which helped the gold rally.
Gold is expected to continue rising in the coming period to target $2,721.
However, bearish movements might resume if it breaks below $2,614 and closes beneath this level, targeting $2,537.
EURUSD
Despite recent euro weakness caused by a significant slowdown in Eurozone growth and harmful data,
the EUR/USD pair managed to gain due to the softness of the US dollar.
The pair trades around 1.0574 after rebounding from the support level at 1.0453.
If the dollar’s weakness persists, the pair may continue its upward trend, targeting 1.0823.
Dow Jones
The Dow Jones Index continues to show strong bullish momentum, achieving new historical highs.
Last week, it closed around 44,910, supported by the strong performance of US stock markets.
The index is expected to maintain its upward trajectory, targeting 46,000,
notably if the Federal Reserve lowers interest rates in its upcoming meeting.
Oil
Oil continues its bearish trend, with prices reaching $68.11 amid increased Libyan production
and reports of divisions within OPEC+ regarding future production levels.
Oil is likely to target $66.49 from a technical perspective.
If this level is breached and prices close below it, the decline may extend to $62 per barrel.
USDJPY
The Japanese yen has strengthened against the US dollar, with the USD/JPY pair trading around 149.64.
This comes amid growing expectations of a rate hike by the Bank of Japan this month,
which would support the yen, notably if the Federal Reserve also lowers interest rates.
Technically, the pair must break the support level 149 to continue its bearish trend and target 143.40.
Key News to Watch This Week