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[IFX Gertrude]

EUROPEAN ECONOMIC NEWS PREVIEW: EUROZONE INFLATION DATA DUE



Flash inflation from the euro area and unemployment from Germany are the top economic news due on Thursday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's retail sales data for October. Sales are forecast to fall 1.9 percent annually after easing 4.3 percent a month ago.

At 2.45 am ET, France's statistical office INSEE publishes flash consumer prices, GDP, household consumption and producer prices. The statistical office is expected to confirm 0.1 percent sequential growth for the third quarter. Harmonized inflation is seen at 4.1 percent in November compared to 4.5 percent in October.

At 3.00 am ET, Switzerland's KOF leading index is due. Economists forecast the leading index to rise to 96.6 in November from 95.8 in October.

At 3.55 am ET, Germany's Federal Labour Agency is scheduled to release unemployment data for November. The number of unemployed is forecast to increase 22,000 after rising 30,000 in October.

At 4.00 am ET, Italy's ISTAT publishes unemployment data for October. The jobless rate is seen at 7.5 percent compared to 7.4 percent in September.

In the meantime, consumer prices and revised GDP figures are due from Poland.

At 5.00 am ET, Eurostat is set to issue euro area flash inflation and unemployment data. Inflation is expected to ease to 2.7 percent in November from 2.9 percent in October. The euro area jobless rate is seen unchanged at 6.5 percent in October.

Also, preliminary inflation figures are due from Italy.

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[IFX Gertrude]

PHILIPPINES MANUFACTURING SECTOR ACCELERATES IN NOVEMBER - S&P GLOBAL



The manufacturing sector in the Philippines continued to expand in November, and at a faster pace, the latest survey from S&P Global revealed on Friday with a manufacturing PMI score of 52.7.

That's up from 52.4 in October and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The uptick in the headline figure reflected gains across the top two PMI components: new orders and output. Indeed, November saw rates of growth quicken to eight- and ten month highs, respectively.

Firms noted that strong demand conditions both in domestic and foreign markets, new client wins and increased contract work boosted overall sales and in turn spurred greater production.

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[IFX Gertrude]

YEN RISES AGAINST MAJORS



The Japanese yen strengthened against other major currencies in the Asian session on Monday.

The yen rose to a 1-month high of 159.11 against the euro and a 4-day high of 168.32 against the Swiss franc, from last week's closing quotes of 159.76 and 168.86, respectively.

The yen advanced to a 2-week high of 185.53 against the pound and nearly a 3-month high of 146.24 against the U.S. dollar, from Friday's closing quotes of 186.57 and 146.81, respectively.

Against the Australia, the New Zealand and the Canadian dollars, the yen rose to 4-day highs of 97.65, 90.89 and 108.39 from last week's closing quotes of 97.98, 91.14 and 108.76, respectively.

If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 164.00 against the franc, 180.00 against the pound, 143.00 against the greenback, 94.00 against the aussie, 87.00 against the kiwi and 105.00 against the loonie.

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[IFX Gertrude]

AUSTRALIA CENTRAL BANK KEEPS RATE UNCHANGED



The Reserve Bank of Australia left its benchmark rate unchanged on Tuesday after a quarter point hike in November.

The policy board of the RBA, governed by Michele Bullock, decided to maintain the cash rate target at 4.35 percent.

The board also retained the interest rate paid on Exchange Settlement balances at 4.25 percent.

"Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market," the bank said.

At the November meeting, the bank lifted the rate by 25 basis points to a 12-year high, ending a four-session long pause.

The bank said the case for further tightening of monetary policy to bring inflation back to the target in a reasonable timeframe will depend upon the data and the evolving assessment of risks.

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[IFX Gertrude]

Dollar versus Gold: New Employment Data in the U.S. and Its Impact on the Market



This significant rise in gold prices was recorded on Monday, but by Tuesday, the situation had dramatically changed: the price decreased by 0.5%, reaching $2,020.29 per ounce. This decline followed the record achievement and a reduction of more than $100 in a single day, closing the market session with a loss of over 2%.

It is noteworthy that American gold futures also showed a decrease, falling by 0.3% to $2,036.30.

Experts predict that the growth that led to Monday's record may temporarily subside. This is due to uncertainties around the prospects of the U.S. monetary and credit policy. However, geopolitical risks may contribute to gold reaching new heights in the future.

Jim Wyckoff, a senior analyst at Kitco Metals, emphasized that the gold market has taken a pause after the recent rally. He also suggested that the $2,000 level might become a new floor for gold in the market.

Significant impact on market trends is also exerted by employment data in the U.S. Recent reports showed a decrease in the number of job openings in the country to a level not seen in more than two and a half years. This indicates that the rise in interest rates is starting to affect the demand for labor.

Thus, investors are eagerly awaiting the U.S. non-farm employment report for November, which will be published on Friday. These data may provide a clearer understanding of the future movements of U.S. interest rates, which, in turn, will affect the dynamics of both the dollar and gold.

The dollar, in turn, has strengthened its position, showing a growth of 0.2% and approaching a two-week high. Such strengthening of the currency made gold more expensive for holders of foreign currencies, which also played a role in changing market dynamics.

Traders are actively assessing current economic trends, especially the likelihood of a reduction in interest rates by the U.S. Federal Reserve (Fed) in March. According to the CME FedWatch tool, the probability of such a reduction is currently estimated at 66%. Historically, a decrease in interest rates is a factor that typically provides support in the market for non-interest-bearing bullion such as gold.

In light of this, experts from Commerzbank suggest that the price of gold may reach $2,100 per troy ounce by the second half of 2024. This forecast is based on the expectation that the Fed will begin the process of lowering interest rates.

Against this backdrop, there is also a decline in prices of other precious metals. Spot silver fell by 1.4%, reaching a price of $24.16 per ounce. The price of platinum also decreased, by 1.8%, settling at $899.80 per ounce.

Palladium, continuing the trend, also showed a decline of 4.1%, reaching a more than five-year low at $936.24 per ounce. This decrease highlights the overall trend of instability in the precious metals market, influenced by both economic and geopolitical factors.

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[IFX Gertrude]

Roller coaster on the Market: Dollar Steady, Euro Nears Minimum in Anticipation of ECB Rates



Meanwhile, the Bank of Canada on Wednesday left its key overnight rate at 5% and, unlike other banks, left the possibility of further increases open, expressing concern about inflation and acknowledging economic slowdown and overall price reduction.

The Canadian dollar slightly strengthened against the American dollar, reaching 1.36 Canadian dollars per American dollar.

In other currency markets, the Japanese yen strengthened by 0.16% to 147.07 yen per dollar. The offshore Chinese yuan fell slightly by 0.02%, reaching 7.1717 yuan per dollar. The Australian dollar rose by 0.03%, to 0.655 US dollars.

In the cryptocurrency sector, Bitcoin rose by 0.19%, reaching $43,910.11.

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[IFX Gertrude]

JAPAN PRODUCER PRICE DATA DUE ON TUESDAY



Japan will on Tuesday release November numbers for producer prices, highlighting a light day for Asia-Pacific economic activity.

Producer prices are expected to rise 0.2 percent on month and 0.1 percent on year after slipping 0.4 percent on month and gaining 0.8 percent on year in October.

Australia will see November results for the indexes of business confidence and business conditions from National Australia Bank; in October, their scores were -2 and +13, respectively. Australia also will see December results for the consumer sentiment index from Westpac Bank; in November, the index fell 2.6 percent.

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[IFX Gertrude]

DUTCH CONSUMER PRICES REBOUND AS ESTIMATED



The Netherlands' consumer prices increased as initially estimated in November, the latest data from the Central Bureau of Statistics showed Tuesday.

The consumer price index rose 1.6 percent year-over-year in November, reversing a 0.4 percent increase in October. That was in line with the flash data published on November 30.

Excluding energy, inflation eased to 4.2 percent in November from 5.1 percent in the previous month.

The increase in inflation was mainly due to energy price developments. Energy prices were 4.3 percent cheaper than last year, but in October, prices were 5.8 percent lower.

Meanwhile, the annual price growth in food products eased to 6.3 percent in November from 7.9 percent in the previous month.

However, consumer prices dropped 1.0 percent on a monthly basis in November.

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[IFX Gertrude]

NZ DOLLAR FALLS AGAINST MAJORS



The New Zealand dollar weakened against other major currencies in the late Asian session on Wednesday.

The New Zealand dollar fell to more than a 2-week low of 0.6094 against the U.S. dollar and nearly a 2-week low of 1.7700 against the euro, from yesterday's closing quotes of 0.6132 and 1.7591, respectively.

Against the yen and the Australian dollar, the kiwi slipped to 2-day lows of 88.72 and 1.0754 from Tuesday's closing quotes of 89.18 and 1.0689, respectively.

If the kiwi extends its downtrend, it is likely to find support around 0.59 against the greenback, 1.79 against the euro, 87.00 against the yen and 1.08 against the aussie.

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[IFX Gertrude]

AUSTRALIA ADDS 61,500 JOBS IN NOVEMBER



Australia gained 61,500 jobs in November, the Australian Bureau of Statistics said on Friday - for a total of 14,257,00.

That blew away expectations for an increase of 11,000 jobs following the addition of 55,000 jobs in October.

Full-time employment increased by 57,000 to 9,905,900, while part-time employment increased by 4,500 to 4,351,600.

The jobless rate ticked up to a seasonally adjusted 3.9 percent versus expectations for 3.8 percent, which would have been unchanged from the previous month following an upward revision from 3.7 percent.

The participation rate improved to 67.2 percent, beating expectations for 66.9 percent and up from 67.0 percent in October.

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