NFP report in focus
|Important news for the day
Fri, 09th, 14:30 CET CA Unemployment Claims.
Fri, 09th, 14:30 CET US Nonfarm payrolls, Average hourly earnings.
Fri, 09th, 16:00 CET US Prelim. consumer sentiment.
NFP in focus
The Nonfarm payrolls report is expected to show that 66.000 jobs have been added to the US economy. While about a year ago number have been in the range of 150.000 jobs and above the momentum seems to fade further currently. Hence the Fed is expected to continue with their path of further rate cuts should numbers disappoint and weaken further. The impact of the longest shutdown in US history might also still show some impact, here. On the other hand, a better reading might help the Dollar. Currency pairs like the EURUSD, GBPUSD and AUDUSD might continue their current slide. That, in turn, might also cause equities to weaken.
Venezuelan Oil
The debate around Venezuela keeps on going further after the US had captured President Maduro. The story around the oil market is stirring up momentum. Some expect that US companies might profit massively from the move of the US government, while in general oil prices might weaken. Venezuela currently sits on the biggest oil reserves globally as reports show. If the US can tap into that this might support the country with the supply of energy despite the global discussion to reduce the use of fossil fuels. Currently, oil prices are moving higher while the market seems to be capped at the USD 59.00 level. The general trend based on monthly charts continues to look bearish, while positive momentum in the short- run might continue to push markets higher.
Tendencies in the markets
- Equities positive, USD stronger, crypto sideways, oil positive, Silver positive, Gold positive.
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