Market Comment - 3rd December 2021

Posted by Stuart PritchardDecember 3, 2021

Good morning,

As reported yesterday the news remains light. The Omicron variant continues to dominate proceedings with Germany moving towards tighter restrictions and case numbers starting to rise.

This sees a continuance of the risk off approach and a short term lull in market volatility.

Sterling appears to have found a bottom versus the Dollar and rates are now traversing slowly back up which is a good sign for anyone recently trading Dollar to the Pound.

It's Nonfarm Payrolls today in the States. This is the number that generally indicates the strength of the US economy. Analysts are expecting a growth of 550,000 jobs. If the number (or close to it) holds out, it shows a buoyant employment market in the worlds biggest market.

Here in the UK there's the start of outrage at petrol prices. It appears that retailers may be exploiting oil prices. In the light of the new variant and a return to travel restrictions, oil prices have plummeted. However that hasn't been reflected at the pump thus far. Quick to add and slow to reduce seems to be the order of the day.

Besides the Nonfarm's there's little to report heading into the weekend.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today’s Economic Calendar

EUR: 11:00 Retail Sales

US: 14:30 Nonfarm Payrolls

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