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04.12.2019

Key releases

USD is strengthening against EUR and JPY but weakening against GBP. American investors are focused on US trade relations with China and EU countries. Today, the market was inspired by a report by Bloomberg, which, referring to people familiar with the situation, confirmed that the final approval of the first phase of the trade transaction was approaching. There is currently a discussion about which American tariffs will be canceled under the contract.

ADP Nonfarm Employment Change. USA, 15:15 (GMT+2)

At 15:15 (GMT+2), the data on Nonfarm Employment Change from Automatic Data Processing will be published in the USA. They reflect changes in the number of jobs in the non-agricultural sector and are based on a survey of about 400 thousand business sources. The release is used as a predictor of the government's Labour Market Report. It is expected that the figure will increase from 125K to 140K, which may support USD.

Services PMI. UK, 11:30 (GMT+2)

UK Services PMI for November is due at 11:30 (GMT+2). The indicator reflects the state of business activity and is calculated on the basis of a survey of purchasing managers of service enterprises. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. It is expected that the index will repeat the preliminary data, remaining at 48.6 points, but will decline compared with the October figure (50.0 points). If the forecast proves right, GBP may fall under pressure.

Services PMI. EU, 11:00 (GMT+2)

EU Services PMI for November is due at 11:00 (GMT+2). The indicator reflects the state of business activity and is calculated on the basis of a survey of purchasing managers of service enterprises. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. It is expected that the index will repeat the preliminary data, remaining at 51.5 points, but will decline compared with the October figure (52.2 points). The implementation of the forecast can put pressure on EUR.

Services PMI. Germany, 10:55 (GMT+2)

German Services PMI for November is due at 10:55 (GMT+2). The indicator reflects the state of business activity and is calculated on the basis of a survey of purchasing managers of service enterprises. At the same time, the attitude of purchasing managers to the current economic situation and prospects for its further development is evaluated. It is expected that the index will repeat the preliminary data, remaining at 51.3 points, but will decline compared with the October figure (51.6 points). The implementation of the forecast can put pressure on EUR.

Brent Crude Oil: general analysis

Oil quotes are falling, as traders are focused on today’s data on energy reserves. The indicator is projected to decrease by –1.798M against the increase by 1.572M last week, which is unlikely, as the index has been growing for the eighth week in a row. The next meeting of OPEC, scheduled for Thursday, will affect the instrument, too.