Forex Today: Will Non-Farm Payrolls and Powell keep markets happy?

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.

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