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The markets were steady early European session ahead of the US Jobs data. Investors remain cautious as they gauge if the data could support a monetary policy pivot by the Fed. The Non-farm employment data is expected to drop to 250K jobs in September. The dollar edged lower ahead of FOMC member William’s speech. Euro-zone economic data continue to fall as economic conditions worsen.
USDJPY trimmed gains by -0.16% ahead of the US nonfarm payroll data. The NFP is expected to have dropped to 250 000 in September from 315 000 in August. Household spending in Japan declined in August to -1.7% against the 0.2% anticipated with the yearly figures at 5.1% vs 6.7% surveyed. The NFP data will be accompanied by Average hourly earnings, unemployment rate, and FOMC member Williams’ speech. The pair is trading a few ticks above 144.80 and capped by 145.13 to the upside. An upbeat NFP report may give bulls 147.50 while a disappointing figure may give bears 139.50.
GBPCHF traded +0.20% higher boosted by positive risk sentiment on Friday. House prices in the UK saw a decline as higher interest rates and borrowing costs slowed economic activity. The Halifax House Price Index fell to -0.1% in September vs 0.3% the previous month. The unemployment rate in Switzerland dropped to 1.9% from 2.0% although it did not have much effect on the pair. The pair may retest 1.0800 if the 1.1115 intraday high holds. However, a breach above may give bulls 1.1180 and 1.1280 in the short term.
EURCAD extended its decline by -0.21% following disappointing data from the eurozone’s biggest economy. The German Industrial Production fell -0.8% in August vs -0.5% anticipated and the Retail Sales dropped by -1.3% vs -1.1% surveyed. Later in the day, the Canadian employment change along with the unemployment rate will be due. The pair got rejected at the 1.3475 resistance and bears may target 1.3280 if the 1.3368 low fails to hold.
European equities traded higher in the mid-European session. The FTSE100 was up +0.38% from 6963 and may be capped by 7080 in the short term. In France, the CAC40 gained +0.45% with a low at 5900 on the day and a bullish cap at 6000. DAX gained +0.31% up from 12400 with near-term resistance at 12580.
US stock futures were trading in a mixed manner ahead of the US NFP data. The DJIA futures were up+0.22% after retesting a broken resistance-turned-support at 29800. A move to the upside may breach the 30400 high. The S&P500 futures gained +0.19% from the 3720 intraday low and bulls may face resistance at 3800. Nasdaq100 was down -0.02 trading between 11400 and 11500.
Crude oil prices steadily gained ahead of the highly anticipated US jobs data. The black liquid was also supported by the OPEC+ decision on Wednesday to reduce output by 2 million barrels/day, defiling Biden’s efforts of three months ago. USWTI surged by +0.72% leaving a low at $88.00 and headed for $90.00. A move higher may set targets at $92.20 and $98.00. Brent crude oil gained +0.69% from $94.00 and may be capped by $96.00 and $98.00.
