Friday, December 8: In Today’s Markets…
1. Dollar Heading for Weekly High On Strong NFP Forecasts
The dollar is poised for a weekly advance after U.S. tax-cut legislation made progress in Congress, and ahead of key NFP data which is expected to show a robust employment market. U.S. job growth likely increased in November and wages rebounded as the scars from the recent hurricanes fade. Analysts paint a robust picture of the U.S. economy while according to a Reuters survey, the latest employment report on Friday will likely show that nonfarm payrolls rose by 200,000 jobs last month after surging 261,000 in October.
2. Sterling Rises As Brexit Talks Pass Crucial Stage
The pound edged higher on Friday morning while the EUR yielded and dipped lower as investors focused on positive developments in recent Brexit negotiations. As Brexit talks continue there have been some key agreements that shed a positive light on U.K.’s divorce with the E.U. Specifically, the U.K has agreed to continue to contribute to EU budgets until 2020 and pay any outstanding budgetary commitments. It is important to note, the U.K. will need to either propose a solution for keeping the Irish border open that will be acceptable to the EU, or, continue by EU’s single market and customs union rules.
3. Alibaba Finalizing A Major Deal With Ford?
Ford Motor Co is about to form a new partnership with China’s Alibaba Group Holding Ltd (BABA), as they are currently in the process of finalizing a deal for online auto sales in China and a direct-to-consumer “auto vending machine” concept. Specifically, the deal will allow the US carmaker to test selling cars to consumers in China through Alibaba’s online retail arm Tmall. Representatives of Ford and Alibaba, including Ford executive chairperson Bill Ford Jr and Ford chief executive Jim Hackett, are expected to be in Hangzhou today to sign a letter of intent that outlines the scope of their new partnership.***
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***Source: ReutersSTART TRADING NOW
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