Markets Await US Employment Data

[dhanpreet]

Market Brief

 

The Dollar gave up some of its gains from last night’s US session and was trading weaker against the currencies this morning. During the US session we saw the Greenback pare some of its losses after EURUSD and GBPUSD hit 1.4000 levels and 1.6000 levels respectively. The US Dollar wasn’t able to build on its appreciation from last night and was trading at 1.3939 while the GBPUSD was at 1.5858 and USDJPY was at 82.38 at the time of writing. We saw Gold unable to rally after hitting a high of 1365 yesterday. The yellow metal seems to be the only one unable to capitalize on US Dollar weakness this morning.

 

Looking ahead, other than some PPI data from the UK, the markets will be gearing up for the monthly Non-farm payrolls reading from the US. We can expect the markets to remain largely stable and range bound in the build-up to the release with volatility coming in once the numbers are confirmed. Market participants will be keeping a close eye on the number to get an further inkling as to the how the data will be digested by the Fed. Expectations are for a drop in non-farm payroll numbers to -5K while the private payrolls is forecasted to show an increase of 75K.

 

 

 

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[omarelalfy]

Looking ahead, other than some PPI data from the UK, the markets will be gearing up for the monthly Non-farm payrolls reading from the US. We can expect the markets to remain largely stable and range bound in the build-up to the release with volatility coming in once the numbers are confirmed

[antthenait]

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