The service PMI from UK was once again a positive surprise, 3 consecutive PMI datas this week from UK were all positive to support GBP but also once again did not give us opportunity to enter a short.
The US employment datas were mixed with negative ADP but positive unemployment claims. The ISM Non-Manufacturing PMI was positive.
Finally the Crude Oil Inventories were a large draw to support the oil market and CAD. Also news from Saudi Arabia Armco has started talks with customers globally to discuss possible cuts of 3%-7% to meet the agreement with OPEC.
Sentimentally has shifted a little bit now since the FOMC minutes and today’s US datas, tomorrow the NFP will be the key datas for the market.
The biggest winner so far for this week has been CAD, with the upbeat oil market and datas, the weakened USD and general risk on sentiment, it has gained tremendous strength. However, tomorrow’s employment datas from CAD can either boost it further or reverse the position.
USD on the other hand has given back a lot of gains this week so far, with the cautious FOMC minutes, the strength of other currencies and not so positive employment datas. Tomorrow’s NFP will be a key issue to give us a more clear direction for USD
AUD was another winner for this week riding from the positive Chinese datas and weaken USD. AUD also had a positive trade balance today which benefited from rising commodity price, the first trade surplus in almost 3 years.
NZD was also neutral regardless the negative GTD data.
EUR had a little bit support due to the dollar weakness while GBP had supported from 3 positive PMIs for this week.
CHF & JPY are still negative in general without any major catalysts.
Friday US Non Farm Payrolls
Max 220K
Min 138K
Unemployment Rate
Max 4.8%
Min 4.0%
Average Earnings MM
Max 0.5%
Min 0%
CAD Employment Change
Max 25K
Min -47K
CAD Unemployment Rate
Max 7.1%
Min 6.8%
The service PMI from UK was once again a positive surprise, 3 consecutive PMI datas this week from UK were all positive to support GBP but also once again did not give us opportunity to enter a short.
The US employment datas were mixed with negative ADP but positive unemployment claims. The ISM Non-Manufacturing PMI was positive.
Finally the Crude Oil Inventories were a large draw to support the oil market and CAD. Also news from Saudi Arabia Armco has started talks with customers globally to discuss possible cuts of 3%-7% to meet the agreement with OPEC.
Sentimentally has shifted a little bit now since the FOMC minutes and today’s US datas, tomorrow the NFP will be the key datas for the market.
The biggest winner so far for this week has been CAD, with the upbeat oil market and datas, the weakened USD and general risk on sentiment, it has gained tremendous strength. However, tomorrow’s employment datas from CAD can either boost it further or reverse the position.
USD on the other hand has given back a lot of gains this week so far, with the cautious FOMC minutes, the strength of other currencies and not so positive employment datas. Tomorrow’s NFP will be a key issue to give us a more clear direction for USD
AUD was another winner for this week riding from the positive Chinese datas and weaken USD. AUD also had a positive trade balance today which benefited from rising commodity price, the first trade surplus in almost 3 years.
NZD was also neutral regardless the negative GTD data.
EUR had a little bit support due to the dollar weakness while GBP had supported from 3 positive PMIs for this week.
CHF & JPY are still negative in general without any major catalysts.
Friday US Non Farm Payrolls
Max 220K
Min 138K
Unemployment Rate
Max 4.8%
Min 4.0%
Average Earnings MM
Max 0.5%
Min 0%
CAD Employment Change
Max 25K
Min -47K
CAD Unemployment Rate
Max 7.1%
Min 6.8%