2 Dec ~ Your Daily Dose of Market Insights by OANDA

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Highlights of key events, data & short-term technical outlook by Senior Market Analyst Kelvin Wong to kickstart your day on 2 Dec 2024, Monday.

00:00 Start & Disclaimer
01:28 Prior Session Key Economic Data, Events & Performances of Cross Assets
10:10 Fundamentals & Intermarket Analysis
14:21 EUR/USD Technical Analysis
15:50 GBP/USD Technical Analysis
17:08 AUD/USD Technical Analysis
18:39 USD/JPY Technical Analysis
20:34 Hong Kong 33 Technical Analysis
21:56 Japan 225 Technical Analysis
23:28 Germany 30 Technical Analysis
25:48 US Wall St 30 Technical Analysis
27:03 US Nas 100 Technical Analysis
29:19 Gold (XAU/USD) Technical Analysis
30:47 West Texas Oil Technical Analysis
32:28 Key Economic Data/Events For Today

Key events/data:
Last Friday, 30 November, all the major US stock indices recorded gains with a shortened post-Thanksgiving trading session. The outperformance of the Russell 2000 and DJIA continued to play out as both recorded monthly November returns of 10.8% and 7.5% respectively surpassing the monthly returns of the S&P 500 (5.7%) and Nasdaq 100 (5.2%) reinforced by the "Trump Trade" narrative.

Mixed China key data, NBS Non-Manufacturing PMI for November came in below expectations (50 vs 50.2 consensus) while Manufacturing PM expanded to 50.3 in November (in line with expectations).

Meanwhile, China’s residential market sales fell again in November to -6.9% y/y from a gain of 7.1% y/y in October based on the value of new home sales data from the 100 biggest real estate companies compiled by China Real Estate Information Corp.

US President-elect Trump "fired" another trade tariff threat that targeted the members of the BRICS group that he would require commitments that they would not move to create a new currency as an alternative to using the US dollar and repeated threats to levy a 100% tariff.

Political risk resurfaced in France as far-right leader Le Pen has threatened a no-confidence vote against incumbent French PM Barnier.

Fundamentals & Intermarket Analysis:
The 10-year yield spread premium between France's sovereign bonds and Germany's sovereign bonds has widened suggesting a potential increase in credit risk in the French economy that may have a negative spill-over effect in the Eurozone, in turn, may see further downside pressure in EUR/USD and EUR/CHF.

Key events/data to look out for today:
ECB President Lagarde's Speech
Eurozone Unemployment Rate (Oct)
US ISM Manufacturing PMI (Nov)
Fed Speak (Waller & Williams)

Short-term technical outlook:
US Wall Street 30, US Nas 100, Hong Kong 33, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD) & West Texas Oil.