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The Day Ahead: Top 3 Things to Watch

Stock MarketsDec 06, 2017 04:54PM ET
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© Reuters. What to watch out for in tomorrow's session

Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow

US macro on tap

Ahead of the non-farm payroll data this week, investors look to an update on the labor market with an initial jobless claims due Thursday.

Economists forecast the number of individuals who filed for unemployment insurance for the week ended Dec 2. to rise by 2,000 to 240,000.

The initial jobless claims report comes as investors cheered an ADP report released Wednesday showing the private sector created more jobs than expected, underpinning a move higher in the dollar.

Canadian PMI in the spotlight

Investors look ahead to the release of Canadian PMI data called Ivey PMI due Thursday, following a slump in the Canadian dollar after the Bank of Canada left its benchmark rate unchanged and released a somewhat dovish statement amid uncertainty surrounding the North American Free Trade Agreement.

The Ivey PMI, which is based on surveys with key managers in leading sectors of the economy and is considered a strong leading indicator for the economy, is expected to show a reading of 63.8 for November.

USD/CAD rose 0.78% to C$1.2786.

Eurozone top-tier macro data on tap

The EUR/USD could be one to watch in tomorrow’s session await a final reading on Eurozone third quarter economic growth.

Eurozone third-quarter economic growth, measured by gross domestic product (GDP), is expected to remain steady at 2.5% following a similar rate of growth in the second quarter.

Investor attention will shift to possible clues on European Central Bank (ECB) monetary policy as ECB president Mario Draghi is slated to deliver a speech.

EUR/USD fell 0.22% to $1.1798.

The Day Ahead: Top 3 Things to Watch

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