It's NFP day and the Dollar loses steam – What's next?
Important news for the day
- Fri, 07th, 14:30 CET US Nonfarm Payrolls.
- Fri, 07th, 14:30 CET CA Unemployment rate.
Positive markets
Equity markets continue with fresh upside momentum. Fresh risk has been taken by market participants and in particular the S&P 500 looks set to move higher. The resistance zone at 6,100 needs to break in order to unleash new upside potential. Crypto markets on the other hand show mixed signs. Etherium keeps trading steady whereas other tokens like XRP and SOL proceed to lower levels.
Market talk
Ahead of the NFP report today the Dollar is losing some steam. Daily charts signal that the Greenback might continue to lose momentum. In particular the EUR, GBP and AUD look like upside potential might occur. From a technical point upside momentum might occur if the 50 -moving average zones will be broken to the upside. Similarly also Silver might be ready to move higher. Will the weakness of the Dollar continue? Potentially a weaker reading of today’s data might indicate sich moves. On another note the CAD might cause fresh momentum today. The Unemployment data would be an interesting watch for our open positions.
Tendencies in the markets
- Equities positive, USD weak, cryptos weaker, oil sideways, Silver positive, Gold positive, JPY weaker.
Author
Frank Walbaum
FX Strategies.Asia
Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.
