Germany's industrial production sector was seen falling by 0.5% on the month which missed estimates of a 0.3% increase. The declines follow a 0.1% increase previously.
The eurozone's final employment change figures showed a 0.2% increase in matching estimates, while the final revised GDP was unchanged at 0.2% for the third quarter.
The U.S. unemployment rate was steady at 3.7% as the economy added 155k jobs during the month. Previous month's data was revised down to 237k. Average earnings grew by 0.2%, pushing the annualized wage growth rate to 3.0%.
Canada's jobs data, also released on Friday, showed that the economy added a net gain of 94.1k jobs for November. The unemployment rate fell to 5.6% marking a historically new low amid forecasts of an unchanged print at 5.8%.
Over the weekend, China's inflation figures showed that headline CPI rose 2.2% on the year in November. The median estimates forecast a 2.4% increase. Producer prices increased 2.7% amid forecasts of a 2.8% increase. Looking ahead, Japan's final GDP data showed a 0.6% decline. This was a slightly revised GDP figure compared to a 0.5% decline as per the second estimates.
The European trading session will kick off with the monthly GDP numbers from the UK. Economists forecast a 0.1% increase on the month after the GDP flatlined previously. Manufacturing production is expected to remain flat while construction output is forecast to fall by 0.4%.
EUR/USD intraday analysis
EUR/USD (1.1426): The EUR/USD currency pair managed to break past the falling trend line on Friday. However, price action closed with a doji with some sharp volatility. This could potentially keep prices choppy as the Euro currency could be either seen extending the momentum to the upside at 1.1435 or the gains could be erased pushing the currency pair lower back to close below the trendline. This would keep price action trading flat for the most part. As long as the lower support at 1.1315 - 1.1300 holds, the EUR/USD currency pair will be seen holding a flat price range.
GBP/USD intraday analysis
GBP/USD (1.2742): The GBP/USD currency pair was seen continuing to consolidate near the support level of 1.2745. Price action was seen falling back to this level despite breaking above the falling trend line. The consolidation is likely to continue, but the support holding the declines could indicate some upside momentum building up. A break down below the support could no doubt push the GBP/USD to fresh lows.
XAU/USD intraday analysis
XAU/USD (1249.15): Gold prices posted strong gains on Friday as price action closed at 1248.53. This led to the resistance level of 1242.25 being breached. In the near term, we expect a rebound back to 1242.25 where the resistance level could now turn to support. As long as prices hold out near this resistance/support level, we can anticipate further gains. However, failure to hold the declines could push gold prices lower. The lower support level at 1227.10 is yet to be tested and remains a key target to the downside.