Non-Farm Friday

April 5, 2019

A big end of the week coming up with all-important employment-related being published in the US.

The EURUSD weakened overnight after opening the day at $1.12308. The pair lifted early and remained steady, peaking at $1.12467 at the start of mid-session trading. The euro began its steep decline shortly after reaching that peak, falling to lows of $1.12049. It bounced off those lows and is currently trading at $1.12210. The GBPUSD suffered heavier losses overnight. The pair opened at $1.31515 and climbed early, peaking at $1.31900 mid-session. The pound tumbled from there as it bottomed-out at $1.30589 late in the day. It has come off those lows slightly and is currently trading at $1.30713.

The Dow performed strongly overnight, on the back of positive US-China trade news. The index opened at 26,290.97 and declined early, hitting lows of 26,184.20 mid-session. The Dow took off from there as it rallied over the back end of the trading day, peaking at 26,398.76 late. It has come off those highs and is currently trading at 26,364.50. The Dax continues its march upwards, albeit at a more gradual pace. The German index opened at 11,950.53 and dipped to an early low of 11,918.51. It rallied for most of the session as it climbed to a peak of 12,040.60 before coming off those highs and closing at 11,996.70.

The day ahead shapes up to be a big one, particularly for US markets. Today sees the release of Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate data from the. This employment-related data is always significant and usually brings volatility, particularly since the Fed Reserve uses this data to help it set interest rate policy.

Other data being released today include:

UK – Halifax HPI

US – Consumer Credit

Canada – Employment Change, Unemployment Rate

Japan – Average Cash Earnings, Household Spending, Leading Indicators

Europe – ECOFIN Meetings, Eurogroup Meetings, German Industrial Production, French Trade Balance, Swiss Foreign Currency Reserves

 

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