Very little action in Asian trade, the market effectively on hold ahead of today’s US jobs report. EUR/USD at 1.4360 and GBP/USD at 1.6780 are pretty much where they were at the North American close Thursday.
Cable and sterling continue to struggle somewhat in the wake of yesterday’s surprise QE move.
The median call for US July NFP’s 320/330k (ok I know a median should be a single figure, but what the heck, let’s live dangerously. I note Goldmans are plumping for -250k and I have to admit I have a feeling in my water the numbers might provide a nice surprise. Time will tell. The unemployment rate is seen edging up to 9.6% from 9.5%.
Ahead of the US jobs we have quite a few European data releases to keep us occupied. Most admittedly don’t look the sort of stuff to get the market in much of a tizzy.
05:45 GMT: Swiss unemployment July expected 3.7% seasonally adj 3.9%
06:00 GMT: German trade balance June expected 10.6 bln euros
06:00 GMT: German current account June expected 8.0 bln euros
06:45 GMT: French trade balance June expected -2.9 bln euros
08:00 GMT: Italian Q-2 GDP (prelim) expected -0.7% q/q, -6.1% y/y
08:30 GMT: UK PPI July input expected -0.8% m/m, -10.9% y/y, output flat m/m, -1.7% y/y
10:00 GMT: German industrial production June expected +0.5% m/m, -17.5% y/y
