Non-Farm Friday to round out record week

February 7, 2020

As stocks reach new all-time highs, we are set for hectic day ahead as a swathe of data is being released.

The USD continues to strengthen, sending paired currencies down overnight. The EURUSD opened at $1.09981 and remained flat early before edging up to a high of $1.10134 mid-session It came away from those highs and remained steady for a few hours but then fell late in the day to lows of $1.09635. It has come off those lows and is now trading at $1.09788. The GBPUSD began the day at $1.29972 and ticked up to a high of $1.30012 in the first hour of the day. The slide began shortly afterwards, with momentum picking up late in the day as it hit a low of $1.29202. It is not far off those lows, currently trading at $1.29249.

The Dow hit another record-high overnight but remained largely flat. The index started the day at 29,321.70 and climbed early in the session, eventually peaking at 29,529.59 mid-session. It fell away from those highs and bottomed-out at 29,240.17. It bounced off those lows and is now trading at 29,386.50. The Dax was steady for most of the day after opening at 13,506.76. The German index dipped to lows of 13,475.39 in the opening hour of the day before climbing to an all-time high of 13,607.46. It came away from those highs slightly and remained steady for the rest of the session, closing at 13,570.47.

All eyes are on the US as it publishes employment data later tonight. Among the figures published are the Non-Farm Employment Change, Average Hourly Earnings and Unemployment Rate. The US economy is expected to have added 161,000 job over the previous month, while wages are tipped to have increased by 0.3% over the same period. The Unemployment Rate is expected to remain steady at 3.5%.

Other data published today includes:

Japan – Leading Indicators

UK – Halifax HPI

NZ – Inflation Expectations

US – Final Wholesale Inventories, Consumer Credit

Australia – RBA Monetary Policy Statement

Canada – Employment Change, Unemployment Rate, Ivey PMI

China – Trade Balance, USD-Denominated Trade Balance

Europe – German Industrial Production and Trade Balance, French Industrial Production, Prelim Private Payrolls and Trade Balance, Italian Retail Sales, Swiss Foreign Currency Reserves

 

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