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NFP data to guide markets – Will the Dollar continue to weaken?

Frank Walbaum FX Strategies.Asia

Important news for the day

Fri, 06th, 14:30 CET CA Unemployment change.
Fri, 06th, 14:30 CET US Non- Farm payrolls report.

NFP data

Today market participants will wait for the release of the NFP employment data. The US- Dollar is heading slightly lower ahead of the news event today but markets remain calm. In general also stocks seem to weaken again as they have lost steam so far this week. The ADP employment change was lower than expected, which could be of a preview for today whereas those numbers are not quite correlated. A weaker NFP figure might send the Dollar further to lower levels today.

Market talk

Precious metals have geared up steam and might break higher. Gold prices are nearing their all- time- highs and could cause a breakout anytime soon. Due to the negative economic sentiment also oil prices continue to run lower. Worth noting that also production increases by the OPEC might cause the trend to intensify. Crypto markets also seem to follow the current negative market sentiment, whereas the Dollar weakness does not act to support them.

Tendencies in the markets

Equities weak, USD weaker, cryptos weak, oil weak, metals positive, JPY stronger.

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.

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