Forex Signals Brief December 2: A Light Week Ahead Until the NFP Employment on Friday
This week the economic calendar will be light, until the release of the Non-Farm Payrolls on Friday, which is where the market focus is.
Last week was short, with US markets closing on Thursday for Thanksgiving, however, there was enough price action throughout all markets. Currencies moved higher against the USD, triggered by some profit-taking by USD longs after a strong 2-month uptrend, while they were also helped by month-end flows.
Stock markets continued the bullish momentum as well, with the S&P 500 and Dow Jones continuing to make new record highs. European stock markets also resumed the bullish momentum after stagnating for a few weeks, with DAX heading to new all time highs, probably this week.
This Week’s Market Expectations
This week the economic calendar is light again until the release of the NFP on Friday, however there are some forex events in the meantime.
Upcoming Key Events:
Monday:
- Australia: Retail Sales
- China: Caixin Manufacturing PMI
- Switzerland: Retail Sales, Manufacturing PMI
- Eurozone: Unemployment Rate
- Canada: Manufacturing PMI
- US: ISM Manufacturing PMI, Speech by Fed’s Waller
Tuesday:
- Switzerland: CPI
- US: Job Openings (JOLTS)
Wednesday:
- Australia: Q3 GDP
- China: Caixin Services PMI
- Eurozone: Producer Price Index (PPI)
- US: ADP Employment Report, ISM Services PMI
- Canada: Services PMI
- Fed: Speech by Chair Powell
Thursday:
- Switzerland: Unemployment Rate
- Eurozone: Retail Sales
- US: Jobless Claims
- OPEC Meeting
Friday:
- Japan: Average Cash Earnings
- Canada: Labour Market Report
- US: Non-Farm Payrolls (NFP), University of Michigan Consumer Sentiment Index
Last week markets changed direction, which caught some traders on the wrong side, as they were long on the USD. We also got caught early in the week, but adapted the trading strategy to the new market environment and ended the week with 16 winning forex signals and 8 losing trades.
Gold Bounce Fails
Gold prices experienced a sharp $100 drop as tensions eased between Israel and Lebanon, but have since stabilized around $2,650. This volatility underscores the market’s persistent uncertainty, further fueled by Donald Trump’s announcement of potential tariffs on imports from China, Mexico, and Canada. Despite these pressures, strong U.S. economic data provided support for gold, helping it regain stability. Traders remain cautious, weighing the broader implications of recent trade developments.
XAU/USD – Daily Chart
EUR/USD Faces the 20 Daily SMA
Last week, the EUR/USD pair briefly dropped to 1.0331 following a surge in U.S. PCE inflation but managed to recover 2.5 cents as the dollar weakened. Nonetheless, the euro remains under pressure due to the dovish stance of the European Central Bank (ECB) and ongoing weakness in the Eurozone economy. Fresh PMI data from Germany and France revealed sub-50 readings, signaling contraction in the services sector for November and fueling concerns of a looming Eurozone recession.
EUR/USD – Daily Chart
Cryptocurrency Update
Bitcoin Heads to 100K Again
Bitcoin faced selling pressure as the day drew to a close. After dipping close to $90,000 earlier this week, the cryptocurrency has shown signs of recovery during the quieter U.S. Thanksgiving trading period. With reduced market volatility, investor focus has shifted toward digital assets. Bitcoin is currently trading near $94,950, reflecting a 3% decline, or $3,110. Despite this setback, the overall trend remains positive. Bitcoin has rebounded from Tuesday’s low of $90,638 and continues to hover near the pivotal $100,000 level, sustaining investor confidence.
BTC/USD – Daily chart
Ethereum Climbs Above $3,500
Ethereum dipped below $3,000 momentarily before climbing back to $3,500, mirroring Bitcoin’s volatility. Bitcoin’s recent $400 rally and recovery above its 50-day simple moving average (SMA) demonstrate its technical resilience and underline increasing investor optimism in digital assets. While the market remains inherently volatile, recent developments suggest a more positive outlook for cryptocurrencies and a growing confidence in the sector’s long-term potential.
ETH/USD – Daily chart
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals