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Here is what you need to know on Friday, December 4:

Markets are mixed and the dollar is off Thursday’s lows as traders await the all-important Nonfarm Payrolls report. Brexit acrimony is weighing on the pound. Oil and the loonie are rising following an OPEC+ deal and ahead of Canada’s jobs report.

The dollar has stabilized after suffering a downfall on Thursday. One of the reasons for the dollar’s comeback and the cooling in markets has been a drop in chances for a stimulus package. Senate Majority Leader Mitch McConnell said he still prefers a small relief deal rather than the large, near $1 trillion one. 

The US Nonfarm Payrolls report for November is set to show an increase of 469,000 jobs, down from 638,000 in October. The Unemployment Rate is set to decline from 6.9% to 6.8%. Investors want to see if the recovery is still on track or if the second wave of the virus has hurt job growth.

See:

  • US Nonfarm Payrolls November Preview: Orders now, hiring to come
  • Nonfarm Payrolls Preview: Another dollar’s disappointment underway

US daily COVID-19 infections hit a new high above 210,000, hospitalizations remain above 100,00, and mortalities are nearing the spring peak. In the old continent, Italy extended its nationwide restrictions through January. 

Vaccine 1: Dr. Anthony Facui, America’s lead epidemiologist, cast doubts about the UK’s fast approval of the Pfizer/BioNTech jabs, but then backtracked his words. 

Vaccine 2: Pfizer announced that is unable to meet its goal of supplying 100 million doses of its COVID-19 immunization but rather 50 million, due to supply chain issues. The pharmaceutical company still intends to provide a billion doses in 2021. 

Brexit: UK officials said that the prospects of a deal have receded after the EU toughened its positioned in response to fresh demands from France. After intense talks in London, Chief EU Negotiator Michel Barnier will return to Brussels for quick consultations. GBP/USD is off the highs near 1.35 but has retreated. 

WTI Crude Oil has jumped above $46 after OPEC+ members agreed to extend production cuts into 2021 following long days of talks. Gold is holding onto gains and changes hands at around $1,840.

Similar to the US, Canada is also projected to report fewer jobs gained in November. The jobless rate is set to remain at 8.9%.

See Canadian Jobs Preview: Why expectations may be too high and the loonie could suffer

Cryptocurrencies have stabilized on high ground, with Bitcoin holding around $19,300. 

More Dollar downfall explained and what’s next for markets