Open an Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open an Account
✖

Market Brief Solid NFP Erases Indices EarlyWeek Losses

By :   Matt Weller CFA, CMT , Head of Market Research
December 6, 2019 4:12 PM


View our guide on how to interpret the FX Dashboard.

*Please note that the Pre-Asia Market Brief report will be on hiatus next week, returning Monday December, 16.*

  • OPEC formalized a 500k bpd production cut, with additional voluntary cuts from Saudi Arabia.
  • US data: Non-Farm Payrolls (Nov) printed at 266k, well above expectations of a 180k rise. Previous reports were also revised up by 41k. Average Hourly Earnings rose just 0.2% m/m (3.1% y/y), keeping a lid on the ensuing US dollar strength. Separately, the UofM Consumer Sentiment report improved to 99.2, above estimates of a 97.0 reading.
  • FX: The New Zealand dollar was the strongest major currency on the day, while the Canadian dollar brought up the rear. An abysmal Canadian jobs report (-71.2k jobs, unemployment up 4 ticks to 5.9%) was the main culprit.
  • Commodities: Oil gained over 1% on confirmation of the OPEC production cuts; gold slipped more than -1% on the back of the solid NFP report.
 
  • US indices closed sharply higher to erase the losses from earlier in the week and close near record highs once again.
  • Energy (XLE) and Financials (XLF) were the strongest sectors on the day. Utilities brought up the rear, closing lower on the day.
  • Stocks on the move:
    • Financial stocks, including Bank of America (BAC, +1%), Citigroup (C, +1%), and J.P. Morgan (JPM, +2%), rallied across the board on rising bond yields.
    • Oil stocks also rose, helped along the OPEC production cut. Both Chevron (CVX) and Exxon Mobile (XOM) rose 1-2%.
    • Manufacturing firm 3M (MMM) gained 4% after report that it was exploring selling off its drug delivery business.
    • Uber Technologies (UBER) shed -3% on news that it received 16% more sexual assault reports this year than last. The company has long struggled with concerns about its culture.

The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosures and Risk Warning. Increased leverage increases risk.

GAIN Capital Group LLC (dba FOREX.com) 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA. GAIN Capital Group LLC is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2026