US jobs data eagerly awaited

January 10, 2020

A big end to the week coming up with Non-Farm Payrolls data rounding out the week.

The EURUSD remained largely flat overnight after opening the day at $1.11046. The pair edged up gradually, peaking at $1.11199 mid-session before falling away late in the day to hit lows of $1.10913. It has come off those lows and is now trading at $1.11046. The GBPUSD looked set for a sell-off until a late recovery softened the damage. the pair began the day at 1.30918 and hit highs of $1.31235 heading into mid-session trading. A sharp sell-off saw the pound tumble to lows of $1.30119 a few hours later but managed to rebound off that low and recover some of those losses. It is currently trading at $1.30665.

Indices continue their remarkable run, with the Dow hitting another record high overnight. The index opened at 28,748.72 and dipped to a low of 28,739.57 in the opening hour of trade. From that point however, it was basically all one way – up. The Dow peaked at 28,981.92 late in the day and closed at 28,956.00. The Dax followed the Dow’s lead after opening at 13,401.82. The German index slipped to lows of 13,389.98 early in the day before climbing to a high of 13,530.09 late in the day. The Dax remained steady, closing at 13,518.26.

The day ahead is a big one for markets, with attention turning to the US where they will be publishing employment data. The US will be publishing Non-Farm Employment Change, Average Hourly Earnings and Unemployment figures.  The US economy is expected to add 162,000 jobs for the month, down from the 266,000 recorded during the previous month. Wages are expected to grow by 0.3% while the Unemployment Rate is tipped to remain steady at 3.5%.

Other data published today includes:

Australia – Retail Sales

US – Final Wholesale Inventories

China – New Loans, M2 Money Supply

UK – MPC Member Silvana Tenreyro speaks

Japan – Leading Indicators, Household Spending

Canada – Employment Change, Unemployment Rate

Europe – French & Italian Industrial Production, Swiss Unemployment Rate


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