Waiting for the NFP report

lmportant news this week:

• Thu, 02nd, 14:30 CET US Nonfarm Payrolls/Average Hourly Earnings.

Markets in wait-and-see mode as USD lacks direction

The US dollar is trading largely sideways, leaving markets without a clear directional catalyst. Precious metals are showing a mixed picture, with Gold slightly positive while Silver remains range-bound. Equities are also moving sideways, reflecting a cautious tone ahead of fresh macroeconomic data. Weaker-than-expected ISM data could weigh on sentiment, as it would raise concerns about slowing momentum in the US economy and potentially shift expectations for future Fed policy.

Crypto markets remain under pressure overall, although Bitcoin is managing a modest bounce and holding slightly positive territory. The Japanese Yen is showing mild strength, raising some speculation about possible verbal or actual intervention, especially as USDJPY remains sensitive to policy and liquidity conditions. With no clear macro breakout yet, markets appear to be positioning for today’s catalysts, with the US Dollar likely to remain the key driver across asset classes.

Market talk

Overall sentiment is neutral with a slight defensive bias. The lack of direction in the US dollar is keeping FX markets contained, while equities continue to consolidate after recent moves. Traders are reluctant to take aggressive positions ahead of key US data releases, particularly given the potential impact on Fed expectations. If incoming data disappoints, risk sentiment could weaken quickly, especially in equities and crypto. On the other hand, stronger data would likely revive dollar strength and maintain pressure on metals and risk-sensitive assets. For now, markets remain in a holding pattern, waiting for the next macro trigger.

• EURGBP: we like to sell at 0.8595 (sell stop) with SL at 0.8735 and open TP.

Tendencies in the markets

• Equities sideways, USD sideways, BTC weak, oil weak, Silver sideways, Gold positive.

Markets in focus

• SP500-s, USDJPY-l, GBPAUD-l  (focus for the day: s=short/l=long).