Here is what you need to know on Friday, September 6:
- The market mood remains positive in the wake of the news that the US and China will resume trade talks. Higher US yields support the dollar against the euro, yen, and gold, while commodity currencies are rising.
- Yields are also up after upbeat US data. ADP's Non-Farm Payrolls report came out at 195K, raising expectations for the Non-Farm Payrolls. On the other hand, while ISM's Purchasing Managers' Index for the services sector beat expectations with 56.4, the employment component dropped.
- US Non-Farm Payrolls figures for August stand out today. They are expected to rise by 158K. Wage growth is projected to decelerate from 3.2% to 3.1%. See US Non-Farm Payrolls Preview: Against all odds
- Jerome Powell, Chair of the US Federal Reserve, will speak in Zurich late in the day and will have the opportunity to respond to the jobs figures. More importantly, he will be the last official to speak before the Fed's "blackout period" ahead of its decision on September 18.
- Canada is expected to report an increase in jobs in August after losing positions in July. The unemployment rate is set to remain unchanged at 5.7%.
- GBP/USD is holding onto its gains as the chances of a hard Brexit fade. Opposition parties are eyeing October 29 as the potential election date. That would force prime minister Boris Johnson to ask for an extension under the new bill on October 19. The PM prefers elections on October 15. The bill is set to be approved by the House of Lords today and turn into law on Monday.
- Cryptocurrencies have stabilized on higher ground, with Bitcoin shy of $11,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.