US stock markets are set to open mixed as the post-Pfizer rally is reassessed, but cyclicals are still clearly outperforming the growth and momentum names that have notched the biggest gains during the pandemic.
AUD/JPY ready for further downside pressure
Information is not investment advice
Ichimoku Kinko Hyo
NZD/JPY: The pair is trading in a bullish sentiment above the cloud. The currency pair has just surpassed the Kijun-sen and the Tenkan-sen, confirming bullish momentum.
XAG/USD: Silver lose strength and moves further below 38.2% level. It seems that bears increase downside pressure.
US Market View
The number of Americans applying for initial unemployment benefits fell to 787,000 last week, the lowest since April, but remained at levels indicating that the recovery in the labor market is struggling for momentum as the coronavirus pandemic enters its first full winter.
Economists had forecast a decline to 860,000. The prior week's figure was revised down to 842,000 from an initially reported 898,000.
The number of continuing claims, which are reported with a one-week lag to initial claims, fell sharply for a second straight week to 8.373 million. The previous week's figure was revised down to 9.397 million. Continuing claims are falling in part because many people have exhausted their eligibility for regular state benefits.
US Key Point
- Pelosi supports that soon be ready to put pen to paper on the stimulus bill
- House Speaker Pelosi supports talks with Mnuchin continue
- Paul Tudor Jones expects a Biden’s victory
- Weekly US initial jobless claims comes at 787K vs 870K expected
Biden maintains the lead in crucial Pennsylvania. EUR/USD little changed since this morning.
The US dollar waned on hopes for the fiscal stimulus, allowing riskier currencies to move higher, and the Canadian dollar as well.
U.S. stocks are set to open higher Friday, although gains are likely to be limited with the market set to close early in the aftermath of the Thanksgiving Holiday.
Asian shares stalled near record highs on Friday
CIBC anticipates USD/ZAR will end 2020 at around 15.15, and 2021 at 14.95.