Not much in the way of economic data or announcements today and the market has been squaring up ahead of payroll numbers tonight in the US, with some predictions of a -1million number.

  • Regional share markets were lower with the Shanghai index losing 1.2%, the Hang Seng 1% and the Nikkei 3.5%.
  • Gold and oil added just under 1% to $936/oz and $44/bbl respectvely

The CHF was the lead currency today. A very quiet morning was enlivened when EUR/CHF stops below 1.4650 were triggered. This in turn set off USD selling against all the majors with the EUR and AUD regaining most of the ground lost in late NY trade and USD/JPY returning to its lows below 98.00. It was less a case a risk aversion, and more a case of stop-loss hunting and position squaring ahead of an NFP which analysts are really unsure about- predictions ranging from -350 to -1000. Even more confusing is the guesswork concerning where the majors will go in the case of an unexpected number.

Ranges: EUR/USD 1.2532/1.2655, USD/JPY 97.53/98.50, USD/CHF 1.1535/1,1717, cable 1.4106/1.4264 and AUD/USD .6374/.6443.

Have a great weekend and see you on Monday+