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December 12, 2021

Forex Market Recap (05-10 December 2021)

Bart Kurek

We didn't see have almost any major catalysts for most of the week, the early rebound in risk-taking behaviour seemed to have focused mainly on Omicron variant developments. The USD and Gold were mostly choppy despite the risk-on lean, likely due to traders waiting for the latest CPI data from the US on Friday.

USD:

  • Job resignations fell by 4.7% to 4.16M
  • Job openings increased to near all-time highs at 11.03M
  • Unemployment claims dropped by 43,000 to 184,000 last week
  • The US Senate approved a bipartisan deal to avoid debt ceiling crisis

EUR:

  • German factory orders slumped 6.9% vs projected 0.2% dip
  • Eurozone Sentix investor confidence index slipped from 18.3 to 13.5
  • Eurozone Construction PMI in November rose to 53.3 vs 51.2 in October
  • German industrial production up by 2.8% in October after a 1.1% dip in September
  • French private payrolls up 0.5% as expected in Q3
  • German final CPI unchanged at -0.2% as expected

GBP:

  • Construction PMI rose to 55.5 in November vs 54.6 in October
  • BoE’s Broadbent sees inflation above 5% and price pressures coming from the jobs market; refused to say if a rate hike is needed on Monday
  • Boris Johnson issues work from home guidance on Wednesday to curb Omicron in UK
  • Home prices reached a new record high of £272,992 ($362,708) in November
  • Monthly GDP printed 0.1% uptick in October vs 0.4% forecast; Manufacturing production flat vs projected 0.2% increase

CAD:

  • BoC kept the overnight rate unchanged at 0.25% on Wednesday; committed to no rate hikes until a complete recovery, possibly in 2022
  • Ivey PMI holds at 61.2 in November

JPY:

  • Average cash earnings up 0.2% in Oct (vs 0.7% expected, 0.2% in Sept)
  • Household spending dips by -0.6% in October, falling for the third straight month due to Covid
  • Q3 GDP downgraded to 3.6% y/y contraction
  • Economy Watchers Sentiment index up from 55.5 to 56.3
  • Wholesale inflation reached a record high of 9.0% y/y in November

AUD:

  • Job advertisements grew 7.4% in November
  • AIG Services Index rises to 49.6 vs. 47.6 previous

NZD:

  • ANZ commodity prices index up from 2.2% to 2.8%
  • Manufacturing sales fell -6.4% in third quarter
  • Business NZ manufacturing index down from 54.2 to 50.6
  • Electronic retail spending rises 9.2% in November

For any questions or comments, you can reach me at @TraderBart on Telegram or @TraderBart#2638 through the A1Trading discord.

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