U.S. stocks closed higher on Thursday, breaking two days of losses amid details of quantitative easing in the euro zone and anticipation of Friday’s nonfarm payrolls report.
It’s “basically a market just buying time ahead of tomorrow’s employment data,” said Peter Cardillo, chief market economist at Rockwell Global Capital. He expects the addition of 228,000 jobs and the unemployment rate unchanged at 5.7 percent.
February U.S. jobs report is scheduled for release at 8:30 a.m., before the bell on Friday. Analysts expect about 240,000 nonfarm payrolls, below last month’s 257,000. Hourly earnings and unemployment will be key indicators for investors seeking insight on the Fed’s timing of an interest rate hike.
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EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
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Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
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