Canada Ivey Purchasing Managers Index s.a came in at 52.3, below expectations (53.1) in November
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GBP/USD retreats sharply from near 1.2800
GBP/USD retreats sharply and approaches the 1.2700 mark in the American session on Friday. The US Dollar finally gathered momentum after a mixed Nonfarm Payrolls report and an upbeat Consumer Sentiment report.
Gold looks to conclude choppy week below $2,650
Gold recovers from the two-week low it set earlier in the day but remains below $2,650 heading into the weekend. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.2% after US labor market data, helping XAU/USD keep its footing.
ECB: A disputed 25bp rate cut
Next week, the ECB is set to cut rates for the fourth time this year. Unlike the previous three cuts, the outcome of next week’s rate decision is not given as 1) the restrictive policy stance, 2) the deteriorating growth outlook, and 3) inflation at target has opened discussions of a 50bp cut.
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