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02.12.2011 08:55

Asian session: the Australian and New Zealand dollars were set for a weekly gain

The Canadian dollar advanced for a sixth straight day in the longest winning streak since January before a report tomorrow forecast by economists to show employers resumed adding jobs. Canada’s currency rallied yesterday the most since August versus the U.S. dollar as the Federal Reserve and five central banks including the Bank of Canada acted to make it cheaper for lenders to borrow in dollars to contain European sovereign-debt turmoil. Canadian employers probably added 20,000 jobs in November after eliminating 54,000 positions in the previous month, according to the median forecast of 23 economists in a Bloomberg News survey before tomorrow’s report from Statistics Canada. The unemployment rate may have held at 7.3 percent.

The Australian and New Zealand dollars were set for a weekly gain against most major peers before U.S. data forecast to show employers added workers at a faster pace, boosting demand for higher-yielding assets. U.S. payrolls rose by 125,000 in November after an 80,000 gain the previous month, the Labor Department is forecast to say today, according to the median estimate in a Bloomberg News poll. New Zealand’s currency headed for its biggest five-day advance versus the dollar since May 2009 before German Chancellor Angela Merkel outlines her stance for a Dec. 9 European summit on the region’s debt crisis. Gains in the so- called Aussie may be limited before the Reserve Bank of Australia holds a policy meeting on Dec. 6.


EUR/USD: on Asian session the pair holds in a range $1.3450-$1.3490.

GBP/USD: on Asian session the pair holds in a range $1.5665-$1.5690.

USD/JPY: on Asian session  the pair gain.


On Friday UK - European events start at 0800GMT when ECB Governing Council member Ewald Nowotny attends a Kurt Rothschild Memoriam, in Vienna. UK data includes the 0930GMT release of both the Markit/CIPS Construction PMI nd also UK Q3 Construction New Orders. EMU data sees October PPI at 1000GMT. The data calendar is dominated by US non-farm payrolls at 1330GMT, which are forecast to rise 112,000 in November, continuing a trend of modest payrolls gain that are just treading water rather than making any real headway into knocking down unemployment. The unemployment rate is forecast to hold steady at 9.0%. Later, at 1830GMT, Boston Fed President Eric Rosengren gives a presentation on the economic outlook to the Massachusetts Investor Conference, in Boston.

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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