SHANGHAI, Nov. 9 (SMM) – US non-farm payrolls increased 271,000 in October, boosting expectation for US Fed’s interest rate hike in December. And market expects US labor market conditions index to be upbeat. US October’s hourly wage grew 0.4% MoM. As such, US dollar should hover above 99.
China’s CPI and PPI figures will still be mixed. And markets’ understanding of China’s monetary easing and weak demand remains unchanged. Since Q3, domestic investment in infrastructure construction and power grid posted a rise. As a result, domestic market shows signs of stability.
In domestic housing market, sales grow but investment slips. Demand for nonferrous metals is predicted to rally amid mixed news. But overall mid and long-term bearishness is hard to change.
Later this week, GDP figures from euro zone and countries in euro zone will come on stream. Previously, the European Central Bank expressed to expand QE this year, which will be a factor affecting currency market.
Crude oil fell below 60-day moving average with a loss of 6.6%. The OPEC and IEA will release reports about crude oil market this week. The world's main oil producers show no signs of production cut and hence oversupply will weigh down crude oil prices.
