The USD is the strongest. The AUD is the weakest as NA traders enter


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Not a lot of movement ahead of OPEC/Non OPEC and Unemployment day

The USD is a little stronger against all the major currencies making it the strongest as NA trader enter for the day. The AUD is the weakest after the AUDUSD stalled at the 100 day MA. overnight.   
Today is unemployment day in the US and Canada. In the US the expectations are for 198K non farm jobs, with the unemployment rate at 3.7% and hourly wages up 0.3% MOM (3.1% YoY).  In Canada, the pundits expect change in employment of +10K with an unemployment rate at 5.8%.

The ranges and changes are modest as the market awaits the events. There is sideways price action with a little tilt in the dollar up direction, but apart from the AUDUSD, the other pairs are +/- 17 pips from the closing level from yesterday.  The GBP range of 63 pips far outpaces the other pairs whose ranges for 2/3 of the day is less than 35 pips.  All are well below their 22 day averages which suggests a room to roam on an extension.

Other markets:

  • spot gold is up $3.10 or 0.25% at $1240.87
  • WTI crude oil futures of $.21 or 0.41% at $51.71
  • Bitcoin on Coinbase is down -$215 at $3380 and trading at a new low for 2018.  

The futures in the US are implying a lower opening (subject to the data of course).  The snapshot now shows:

  • Dow, -171 points
  • Nasdaq, -51 points
  • S&P, -18 points

European shares are higher after the sharp declines yesterday:

  • German DAX, +0.44%
  • France’s CAC, +1.32%
  • UK’s FTSE, +1.25%
  • Spain’s Ibex, +1.23%
  • Italy’s FTSE MIB, +0.96%

In the US debt market, yield changes are modestly mixed with a flatter yield curve (2-10 at 12.56 bps, down -1 bp on the day).

The benchmark 10 year yields in Europe are mixed/little changed:

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