It’s going to be a busy Friday for investors and traders. At 13:30 GMT, the U.S. monthly NFP report will be out, forecast is that 200K new jobs will be announced. Elsewhere, EU and UK leaders have made some important progress about the Brexit deal. The hottest asset in the moment – the Bitcoin has seen another crazy trading day. Here’s the biggest things to know for today’s trading.
1. NFP report out soon
The U.S. Labor Department will release its November nonfarm payrolls report at 13:30 GMT on Friday, and it will be watched more for what it says about wages than hiring.
The consensus forecast is that the data will show jobs growth of 200,000, after adding 261,000 positions in October, while the unemployment rate is forecast to hold steady at 4.1%.
Most of the focus will likely be on average hourly earnings figures, which are expected to rise 0.3%, following a flat reading a month earlier. On an annualized basis, wages are forecast to gain 2.7%, improving from 2.4% in October, which was the weakest rise in a year-and-a-half.
A pickup in wages could be an early sign for higher inflation, supporting the case for higher interest rates in the months ahead.
Meanwhile, the U.S. Dollar index was up 0.27% at 94.00 by 09:30 GMT, its highest since November 21.
2. Brexit breakthrough
The GBP strengthened after European Commission President Jean-Claude Juncker said on Friday that "sufficient progress" has been made in the first phase of Brexit talks and that discussions can now move to trade.
The news came after the British government finally agreed that there will be no "hard border" in Ireland and EU citizens in the UK, and UK citizens in the EU, will see their rights protected.
Northern Ireland's Democratic Unionist Party, whose opposition last Monday led to Brexit talks breaking down, said there was still "more work to be done" and how it votes on the final deal "will depend on its contents".
3. Bitcoin’s sharp movements
Just after hitting a new record of more than $17,000, the digital currency plunged Friday in Asia. Its price nosedived more than $2,500 in less than four hours.
Bitcoin has been on a wild ride this year. Its price has soared from less than $1,000 in January - but with occasional sudden drops along the way.
Trading has become especially frenzied in recent weeks as new investors have dived into the volatile market. Before Friday's abrupt fall, it had gained roughly $5,000 in the previous 48 hours.
4. Global stocks move higher
World shares were mostly higher on Friday, helped by improving market sentiment thanks to progress on the U.S. tax reform front and upbeat Chinese trade data.
Asian-Pacific equities closed higher after data on Friday showed that China's imports climbed more than expected by an annual rate of 17.7% in November, while exports increased by 12.3%.
European shares also mostly higher in midday trade on Friday, as risk-sentiment increased globally.
On Wall Street, U.S. stocks pointed to a higher open after the U.S. Congress on Thursday passed legislation to temporarily fund the government through December 22, before a Friday midnight deadline and fueling hopes the highly-anticipated U.S. tax reform will also be passed before the end of the year.
U.S. Senate Republicans agreed to talks with the House of Representatives on a major tax reform bill on Wednesday, signaling that lawmakers could agree on a final bill ahead of a self-imposed December 22 deadline.
Elsewhere, Crude oil prices rose for a second consecutive session on Friday, as an increase in demand from China offset mounting concerns over rising U.S. oil production.
