PMIs and Employment Change on Tap, USD and CAD in Spotlight

With PMIs and employment change data on tap, USD and CAD capture the limelight on the first day of the month.

PMI releases flood the markets worldwide. In Asia, Japanese PMIs for November showed a boost of the manufacturing activity, with an overseas demand rising to 44-month high in new business growth. Comparatively, in China November’s Caixin PMI figures indicated a slow-down in the pace of economic expansion, dropping to 5-month lows at 50.8.

European traders will keep a weather eye on UK PMI data, which will move the GBP. The consensus revolves around a slight increase of 56.5 from a print of 56.3 in October. However, the actual figure may beat estimates, considering the CBI survey’s reporting a climb in manufacturing order, which rose to 30-year highs.

Later in the day, US ISM PMI will capture the traders’ attention for more impetus in the USD.

In Canada, the employment change data due today will move the CAD.

USD and CAD in Spotlight with Big Economic Data on Tap

With a full economic agenda today, USDJPY dipped to 112.32 lows in Asia, while in Europe it started at 112.581 (open) and it trades now a little bit above 112.47. Any losses in the pair could be connected with the S&P 500 futures losing impetus, while the 10-year treasury yield has moved away from the 2.4% critical level.

EURUSD reached consolidation at 1.19 levels in Asia, overlooking the US-German 10-year yield spread’s widening. By comparison, in Europe the single currency continues its surge, with the pair going up to test fresh tops in the area of 1.1937 and above, with PMIs on tap, following an open at 1.18979.

GBPUSD rallies on Brexit hopes and closely eyeing the UK PMI data for November. The cable continues its bullish trend, revolving around 1.35127 levels following an impetuous open at 1.35291. Some resistance is to be expected around 1.3546 and 1.3584.

Ahead of the employment change data release in Canada, USDCAD trades around 1.28583 after starting the day at 1.28933.

The Canadian job market gained pace in October, adding 35.3K jobs and marking an increase of 0.2%, beating the 15K consensus. Analysts expect that 21.45K jobs will be added by the end of this quarter, while the employment change is expected to stand at 17.35K on a 12-month basis.