A busy day ahead as markets focus on Non-Farm Payrolls later tonight. Traders are also assessing the carnage that occurred overnight as the UK lifted interest rates for the first time in 10 years.

Well, the pound tanked last night as the interest rate decision and the outlook for monetary policy was announced. The outlook for monetary was like a wrecking-ball for the currency as the pound crashed more that 1% against the USD. It is currently trading at $1.3055, down from $1.3253 that the pair was trading at yesterday. The pound could see further volatility tonight as the Non-Farm Payrolls data is released tonight. The EUR/USD was also quite volatile overnight as it traded between $1.1605 and $1.1686 before reaching its current level of $1.1657.

US stocks were mixed as the Dow made a solid 81.25-point gain (+0.35%) to close at 23,516.26, another record high. The S&P 500 ended the session flat, adding 0.49 points (+0.02%) to close at 2,579.85. The NASDAQ was also flat, closing 1.59 points lower (-0.02%) to 6,714.94. European stocks were also a mixed lot, the DAX shedding 24.58 points (-0.18%) to close at 13,440.93, while the FTSE picked up 67.36 points (+0.90%) to close at 7,555.32.

Turning to today’s events and the main game is the US Non-Farm Payroll and associated data that is being released later tonight. This is critical employment-related data that reflects the strength of the jobs market. The Average Hourly earnings figure is also quite significant as it reflects wage growth for workers. This figure alone can cause volatility in markets, so this will be an important figure to watch out for as well. Other data set for release includes:

China – Caixin Services PMI

UK – Services PMI

Canada – Employment Change, Trade Balance, Unemployment Rate

US – Trade Balance, Final Services PMI, ISM Non-Manufacturing PMI, Factory Orders, Fed Reserve Member Neel Kashkari speaks