ForexLive European FX news wrap: Dollar finds a floor as markets eye US jobs data | Forexlive
Headlines:
Markets:
- USD leads, NZD lags on the day
- European equities higher; S&P 500 futures flat
- US 10-year yields up 4.2 bps to 4.290%
- Gold flat at $3,340.36
- WTI crude up 1.2% to $66.25
- Bitcoin up 1.4% to $107,446
It was a relatively quiet session as markets appear to be gearing up towards the US jobs report tomorrow more than anything else.
The dollar is seen firmer, paring back some losses from earlier this week and last week. But if anything, this looks to be traders making some positioning plays before the main event tomorrow. Dollar shorts are being covered just a little as the greenback hovers around three-year lows.
EUR/USD is seen dropping from 1.1800 to 1.1755 while USD/JPY has nudged up by 0.5% to just back above 144.00 on the day. Elsewhere, GBP/USD is down 0.6% to 1.3660 with BOE dove Taylor trying to seed the idea of three more rate cuts to come by year-end.
Meanwhile, USD/CAD is flattish though around 1.3645 while AUD/USD is down 0.4% to 0.6555 as buyers lose some steam on the week.
In the equities space, European indices are up in search of a bounce back from yesterday’s more tepid showing. And that comes as US futures are looking more mixed after the rotation play yesterday. Tech shares are starting to sag again after holding up earlier, with Nasdaq futures now down 0.1%.
Besides that, there’s nothing too exciting as we await US data before the long weekend. The ADP employment report is up next but that hasn’t been a fair indicator of what’s to come for non-farm payrolls for quite a while now.
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