| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | Industrial Production s.a. (MoM) | October | -2% | 1.2% | -1.0% |
During today's Asian trading, the US dollar rose slightly against major currencies, retreating from a one-week low reached yesterday amid data on the US labor market and a reassessment of the prospects for easing the Fed's monetary policy.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.11% to 105.83 after falling by 0.57% yesterday. Market participants are preparing for the publication of the nonfarm payrolls report for November, which will help clarify the trajectory of the Fed's interest rates. According to forecasts, employment growth accelerated to 200 thousand from 12 thousand in October, and the unemployment rate increased by 0.1% to 4.2%. Meanwhile, experts said that the Fed will be wary of placing too much weight on the expected steep rebound in payrolls in November, and while the unemployment rate doesn't fall back to 4.0%, markets should be comfortable about leaning towards a rate cut this month. According to the CME FedWatch Tool, markets see a 70.3% probability of a 0.25% rate cut in December (compared to 66.0% a week ago), while the probability of an additional rate cut in January is only 18.0%.
The euro consolidated against the US dollar after rising 0.72% yesterday amid reports that French President Emmanuel Macron met allies and parliament leaders as he planned to swiftly appoint a new prime minister to replace Michel Barnier. Meanwhile, analysts said that the European Central Bank probably will not react to the intensification of political turmoil in Europe at its meeting next week. Overall, the ECB is expected to cut interest rates by another 25 basis points at its December 12 meeting.