Australia Manufacturing PMI Climbs To 55.8 - Markit

The manufacturing sector in Australia continued to expand in November, and at a faster rate, the latest survey from Markit Economics revealed on Tuesday with a manufacturing PMI score of 55.8.

That's up from 54.2 in October and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, there were faster increases in output and new orders, while job growth checked in at its strongest rate in two years. However, the supply chain remained under severe pressure.

Respondents noted that pent-up demand following an easing in COVID-19 measures boosted sales.

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source http://www.mt5.com/forex_news/quickview/2167992/

*Australia Manufacturing PMI 55.8 In November - Markit Economics

Australia Manufacturing PMI 55.8 In November - Markit Economics

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*Australia Performance Of Manufacturing Index 52.1 In November - AiG

Australia Performance Of Manufacturing Index 52.1 In November - AiG

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USD/JPY at Key Resistance, RBA Rate Decision May Set Market Mood

USD/JPY is approaching a key technical level while the RBA interest rate decision is on tap to set the tone for markets on December's first trading day after November's solid gains. Via DailyFX - Market News https://ift.tt/32vveVH

Oil Futures Settle Lower Ahead Of OPEC Decision On Output Cuts

Crude oil futures pared early losses and ended slightly lower on Monday, as traders looked ahead to the outcome of a meeting of OPEC and its allies.

The OPEC+, among other things, will consider extending large output cuts that are currently in place. The group had previously agreed to raise output by 2 million barrels per day in January, but the plan might be put on hold due to demand decline.

The OPEC today warned that the "immense challenges" caused by the coronavirus pandemic will likely persist in 2021.

The OPEC president and Ageria's energy minister said, "The shock to the oil industry is massive and its severe impacts will likely reverberate in the years to come."

Although Algeria's state news agency APS has reported that OPEC members had reached a consensus to extend the production curbs for three months, further talks will be held on Tuesday to convince members of the OPEC+ alliance at their meeting on Tuesday to back the policy.

West Texas Intermediate Crude oil futures for January ended down $0.19 or about 0.4% at $45.34 a barrel.

Brent crude futures for January settled at $47.54 a barrel, losing $0.64 or about 1.33%, on the expiration day. The contracts for February were down $0.48 at $47.77 a barrel.

Despite suffering a loss today, WTI futures gained almost 20% in November, the strongest monthly returns since May, thanks to rising optimism about potential coronavirus vaccines.

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source http://www.mt5.com/forex_news/quickview/2167989/

Treasuries Close Nearly Unchanged Following Lackluster Session

After moving to the upside in the previous session, treasuries showed a lack of direction over the course of the trading day on Monday.

Bond prices spent most of the day lingering near the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, inched up by less than a basis point to 0.844 percent.

The choppy trading on the day came as disappointing economic data offset more upbeat news on the coronavirus vaccine front.

A report from the National Association of Realtors showed pending home sales in the U.S. unexpectedly decreased in the month of October.

NAR said its pending home sales index slid by 1.1 percent to 128.9 in October after tumbling by 2.0 percent to a revised 130.3 in September.

The continued decline came as a surprise to economists, who had expected pending home sales to jump by 1.0 percent compared to the 2.2 percent slump originally reported for the previous month.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"Pending home transactions saw a small drop off from the prior month but still easily outperformed last year's numbers for October," said NAR's chief economist Lawrence Yun. "The housing market is still hot, but we may be starting to see rising home prices hurting affordability."

Meanwhile, Moderna (MRNA) announced that a phase 3 trial of its vaccine candidate indicates an efficacy of 94.1 percent.

The biotechnology company said it plans to request an Emergency Use Authorization from the FDA and conditional approval from the European Medicines Agency today.

Trading on Tuesday may be impacted by reaction to the Institute for Supply Management's report on manufacturing activity in the month of November.

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source http://www.mt5.com/forex_news/quickview/2167988/

Gold Futures Settle At 5-month Low

Gold prices drifted lower on Monday as demand for the safe-haven asset faded further amid improved risk sentiment due to continued optimism about coronavirus vaccine.

The dollar's recovery from recent losses too weighed on gold prices. The dollar index, which rose to 91.91, gaining about 0.12%, was last seen at 91.88, well off the day's low of 91.51.

Gold futures for February ended down $7.20 or about 0.4% at $1,780.90 an ounce, the lowest close in about five months.

Gold futures shed about 5.6% in November.

The most active Silver futures contract for March ended the session with a loss of $0.046 at $22.593 an ounce, while Copper futures for March settled at $3.4380 per pound, gaining $0.0215.

Biden's transition to power officially kicked off last week, ending a major uncertainty. On the vaccine front, trial successes from Pfizer Inc. and Moderna Inc. have buoyed hopes that a Covid-19 vaccine is coming soon.

The U.K. government said it has signed a deal for an additional 2 million doses of mRNA-1273, Moderna's vaccine candidate against Covid-19, bringing the total to 7 million doses for the U.K.

The U.K. now has access to enough doses of Moderna's vaccine candidate for about 3.5 million people.

Meanwhile, the latest numbers show a stabilization in new coronavirus infections in Europe, with Britain and France preparing to ease some of their lockdown restrictions.

Data showing that China's factory activity expanded at the fastest pace in more than three years this month contributed as well to improved risk sentiment.

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source http://www.mt5.com/forex_news/quickview/2167987/