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Market sentiment was mixed as investors digest OPEC+ decision to cut output by 2 million barrels per day. The OPEC+ output cut has triggered uncertainty amidst supply concerns. The US dollar wobbled ahead of ECB policy meeting minutes and Jobs data. Canadian Ivey PMI data and a speech from BoC Governor Macklem will be key in the New York session.
USDCAD rose by +0.41% ahead of the Canadian Ivey PMI data. The dollar extended gains for the second day after Trade balance data for August rose to 67.4B from -67.70B and ADP Non-Farm Employment Change at 208K against 185K previous reading. The Canadian dollar lagged behind after WTO forecasted a slowdown in growth in early 2023 outweighing the OPEC+ output cut. Bulls are capped by the 1.3700 level and a break above that could reinforce buying pressure towards the 1.3800 level. The 1.3570 remains near-term support.
AUDJPY plunged by -0.45% as the negative Trade Balance weighed sentiment. The Australian Trade balance dropped to 8.324B against 10.100B surveyed indicating a looming global slowdown. The Japanese Yen advanced as safe haven bids underpinned the Yen’s strength. There will be a release of Household Spending data from Japan early Friday morning. The pair has a near-term barrier at the 94.50 level and a break below 93.00, a near-term support could trigger selling pressure towards the 90.50 level.
EURGBP rallied by +0.62% in the early European session ahead of the publishing of ECB Monetary policy meeting minutes. Traders are pricing in hawkish remarks from the minutes outweighing negative German Factory Orders. The political cloud in the UK continues to plague markets despite positive Construction PMI in September. The bulls rallied for the 3rd day in a row after finding near-term support at the 0.8650 level and upside gains are capped by the 0.88000 psychological level. A break above that resistance level could see extended targets at the 0.8900 level.
European stocks edged lower weighed down by negative German Factory Orders. DAX plunged by -0.41% as bulls get rejected from the 12675 level and bears may target 12400 in the near term. CAC40 lost by -0.99% and the downside levels to watch are at the 5900 and 5800 psychological barriers. Bulls are capped by the 6050, a 2-week high. FTSE100 slumped by -0.47% and critical levels to watch out for are 7100 resistance and 6975 support.
US stock futures extended losses as yields advanced as a tighter monetary policy outlook looms. S&P500 futures were -0.67% down from 3800 resistance and bears could target the 3700 psychological level in the near term.
Nasdaq100 futures tanked by -0.68% after bulls failed to maintain gains above the 11600 near-term resistance and a break below the 11300 could reinforce a bearish outlook in the near term. DJIA index futures edged lower by -0.61% and critical levels to watch out for are the 30500 resistance and 29800 support level.
Gold remained steady ahead of US jobs data. The yellow metal was down -0.10% as bulls failed to challenge the 1730 level. However, a hold above 1680, the previous resistance-turned-support could see a rally towards the 1760 and 1800 levels.
