NFP data looming

Frank Walbaum FX Strategies.Asia

Important news for the day

Fri, 10th, 14:30 CET US Nonfarm payrolls / average hourly earnings.
Fri, 10th, 14:30 CET CA Unemployment rate / employment change.

NFP day

Today traders will focus on the NFP data moving forward. Open trades should be protected with stop losses as markets might offer erratic moves. Especially the still thin trading trading conditions might offer bigger moves as liquidity remains limited. Worth noting that XAU and XAG prices show further upside potential as recent support levels look solid Especially Gold might benefit from a potential weakness in the Dollar.On the flipside it seems that crypto markets might offer some downside momentum. Profit taking could be a reason why traders reduce their holdings, leading to sideways prices action and potential more downside opportunities.

Market talk

The biggest news event for the week will follow today with the release of the Nonfarm payrolls data. The ADP data on wednesday had shown a clear miss of the expected figure, yet does not qualify much as a preview. As the US economy still shows resilience to a major correction the figures might not move markets a lot. However, a potential negative figure might act as a catalyst to cause fresh weakness in the Dollar. Whether this will then be used for fresh entry opportunities to get into the Dollar might still be seen. Before the news the Dollar keeps trading in a sideways pattern on an intraday basis.

Tendencies in the markets

Equities weak, USD strong (NFP news!), cryptos weaker, oil weaker, Silver positive, Gold positive, JPY weak.

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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