The NZD is the strongest and the CHF is the weakest as traders await the jobs data
US and Canada jobs data due to be released
As the North American session is about to begin, traders are positioning for the US and Canada jobs report. The US is expected to show a gains of 160K (ADP was stronger yesterday at 195K). Last month the gain was 164K.
Canada is expected to show a change in full time employment of 17.5K vs -11.6K last month.
As traders enter they have the NZD and AUD as the strongest of the majors, while the CHF is the weakest. The USD is mixed again as "risk on" flow sort of lead the way. However, the US jobs report will have a say as to where we go from here.
The ranges and changes are showing modest price action ahead fo the report. The USDCHF is the big pip mover as it has continued it's trend move higher that was started yesterday. It is up an additional 54 pips with a trading range near its 22 day average (63 pips). The 22 day average is equal to about a month of trading.
In other markets, the snapshot before the jobs data is showing:
- Spot gold, -$12.72 or -0.84% at $1506.13
- WTI crude oil, -$0.81 or -1.46% at $55.49
In the pre-market for US stocks:
- Dow is up 89.95 points
- Nasdaq is up 18 points
- S&P is up 8 points
In the European market:
- German Dax, +0.6%
- France's CAC, +0.11%
- UKs FTSE, -0.10%
- Spain's Ibex, +0.27%
- Italy's FTSE MIB +0.14%
In the US debt market, yields are up again after the big gains from yesterday.
In the European debt market, after moves higher yesterday, the benchmark yields are back lower.