A couple of light releases ahead of the US non-farm payrolls later today
US equities had a late surge yesterday to close at the highs with the S&P 500 clipping above 4,200 and the Nasdaq turning things around to close higher as well. The Dow continued its good form as it closed at yet another record high, above 34,500.
On the balance of things, the dollar was a little weaker with EUR/USD pushing back above its 100-day moving average @ 1.2047 and looking to hold above its 200-hour moving average @ 1.2060 currently as we head towards European morning trade.
USD/CAD continued is trip lower as the loonie is not letting up just yet, with the pair falling below its January 2018 low and now looks towards the September 2017 lows around the 1.2061-10 region.
CAD/JPY also secured a breakout to its highest levels since January 2018 and could be targeting a push well above 90.00 from a technical perspective.
As things stand, there is plenty of buzz on inflation in the market but Treasury yields haven’t really caught on with that just yet. The Fed has played that down this week and that is keeping equities buoyed ahead of what should be a strong payrolls figure today.
0545 GMT – Switzerland April unemployment rate
0600 GMT – Germany March industrial production data
0600 GMT – Germany March trade balance data
0645 GMT – France March trade balance data
0700 GMT – Switzerland April foreign currency reserves
0830 GMT – UK April construction PMI
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.