Midday brief – US Nonfarm Payrolls awaited

Consumer spending in the Eurozone slumped in March as shown by disappointing Retail Sales. Inflation in Switzerland cooled off in April, while the EURUSD consolidated around the 1.1000-1.1050 area as market participants await jobs report data from the US. The upside may face a hurdle at 1.1100 as bulls aim for 1.1190 and 1.1200.

The number of people employed in April is expected to decline to 180 000 from a previous print of 236 000. The data comes after the Fed raised rates by 25 bps on Wednesday amid bets of a slowdown by the central bank.

Downbeat data from Switzerland weighed on the currency with the year-on-year CPI data falling to 2.6% from 2.9% in April. Unemployment in the country remained unchanged in April. The pair rose back above 0.6000 after establishing a low at 0.5920. A retest of 0.6080 and 0.6100 may be seen.

CADZAR gained +0.73% ahead of Canadian employment data. The extended rebound in crude oil prices helped the commodity-linked CAD on the day.

An anticipated decline in employment change and a rise in the unemployment rate may put the Canadian dollar under bearish pressure. Bulls took over from 13.50 and soared above 13.60. Further up, buyers may reclaim the 13.7180 high.

European stocks edged higher heading into the weekend helped by an upbeat tech giant earnings report. The UK100 gained +0.33% sitting at a 7700 low with a possible challenge at 7800 on the upside. CAC40 was up +0.38% trading between 7350 and 7400. DAX was up +0.75% as bulls eye 16 000.

US stock futures were in positive territory boosted by upbeat earnings from Apple ahead of the NFP. Nasdaq100 futures edged +0.63% higher trading above 13000. S&P 500 futures rose +0.62% nursing a 4-day losing streak as buyers may seek 4112 on the upside. The DJIA futures were up +0.48% as buyers approach the 33 300 mark.

Elsewhere, gold trimmed gains as the focus tilted to NFP reports. XAUUSD was down -0.65% hanging on the $2050 high with a possible slide to 2015.