US and Canada employment data will be the focus

The $34B of tariffs went into effect in both the US and China at the start of the new day. Now with that done, the focus turns to jobs.

At 8:30 AM ET/1230 GMT, the US and Canada employment reports will be released along with trade data for each country. That is a lot to digest. The snapshot before the data is showing the NZD is the strongest currency. The CAD goes into the their releases as the weakest. The USD is nipping a the heals of the CAD as the weakest. The changes today are relatively modest for most of the pairs though.

The changes and ranges are mixed. The EURUSD and GBPUSD have the largest ranges but are still well below the 22-day averages (47 and 49 pip ranges vs averages nearer 100 pips for the day). The USDJPY, USDCHF and USDCAD only have ranges of less than 30 pips each. That is not a lot. The calm before the storm? There is a lot coming out so look for the that big surprise.

In other markets:

  • Spot gold is down -$-3.41 at $1254.45
  • WTI crude oil is down -$0.43 or -0.59% at $72.51

US stocks in pre-market are implying lower openings:

  • S&P is down -6.21 points
  • Dow is down -87.74 points
  • Nasdaq is down -12 points.

European indices are down modestly:

  • German DAX is down -0.04%
  • France's CAC is down -0.10
  • UKs FTSE is down -0.3%
  • Spain's Ibex is down -0.12%

US yields are unchanged from yesterdays levels

  • 2 year 2.5447%, -0.6 bps
  • 5 year 2.728%, unchanged
  • 10 year 2.8309%, unchanged
  • 30 year 2.945%, unchanged.

It is now onto the employment report. The market is geared up for another good report.