Non-Farm Friday

September 6, 2019

A big end to the week coming up, with a stack of data slated for publication.

The EURUSD remained largely flat overnight, despite threatening to break back through the $1.11 barrier at one stage. The pair began the day at $1.10347 and was virtually flatlining in early trading, dipping to as low of $1.10153. It came off those lows and climbed to a high of $1.10840 mid-session. It gave up those highs quickly and is now trading at the same price it opened at yesterday, $1.10347. The GBPUSD made more gains yesterday, continuing its impressive run after hitting multi-year lows earlier in the week. The pair opened at $1.22515 and slid in early trading, hitting lows of $1.22082. Mid-session trading saw the pound rally to a high of $1.23529 where it maintained itself for the session, only coming off slightly. It is now trading at $1.23228.

The good times continue for the Dow, which has racked up around 850 points in gains in three days. The index began yesterday’s session at 26,366.21 and dipped to an opening-hour low of 26,346.28. It spent most of the session piling on the points, peaking at 26,836.84 late in the day. It has retraced slightly and is now trading at 26,760.57. The Dax was steady overnight after once again opening much higher than its previous closing level. The German index opened just over 100 points higher, at 12,142.70. After edging up to a high of 12,151.39 in the first hour of trade, the Dax fell to a low of 12,081.32 a short time late. It recovered some of those losses before closing at 12,124.34.

The day ahead will be a busy once due to the large volume of data being released. The most significant figures being published is the US Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate. These figures help the Fed Reserve set monetary policy, so they generally bring volatility with their publication. The US is expected to add another 163,000 jobs in the past month, virtually in line with the previous month on 164,000. Wage inflation is expected to show 0.3% growth, in line with the previous reading, while the Unemployment Rate is expected to remain steady at 3.7%.

Other data published today includes:

Japan – Leading Indicators

US – Fed Chair Jerome Powell speaks

UK – Halifax HPI, Consumer Inflation Expectations

Canada – Ivey PMI. Employment Change, Unemployment Rate

Europe – European Revised GDP & Final Employment Change, German Industrial Production, French Trade Balance, Italian Retail Sales, Swiss Foreign Currency Reserves


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