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In the Zone
- US30
- Brent
- USDJPY
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Today's News Headlines
- Barnier of the Brexit negotiation team suggests that a deal is almost confirmed – I am not sure if this is wishful thinking or not.
Market Recap
There seems to be some concern about the higher bond yields leading into the NFP data today, the fact that this surprised the market is actually surprising to me – you would surmise that something like this could happen after the hawkish tone in Powell’s speech on Wednesday night. This was the catalyst for the stock market to jitter somewhat and these type of narratives is what will continue to drive the USDJPY, the pair fell by about 70 or 80 pips and I continue to seek opportunity in these pairs.
China was back in the headlines yesterday as Mike Pence highlighted exactly all the ways that China take advantage of the US. I am not sure if this is a strategy to get the US completely behind tariffs placed on China, we are never certain how Donald Trump is going to react to this or what further measures he may come up with – but this is definitely a narrative to keep an eye on.
With all these headlines floating around, and with NFP on the docket today – it seems like a good day to stay out the market to me.
Important Economic Data Due Today
14:30 CAD Employment Change
Consensus: 25K
Effect: Higher than expected is good for the CAD
14:30 CAD Unemployment Rate
Consensus: 5.9%
Effect: Lower than expected is good for the CAD
14:30 USD Average Hourly Earnings
Consensus: 0.3%
Effect: Higher than expected is good for the USD
14:30 USD Non –Farm Employment Change
Consensus: 185K
Effect: Higher than expected is good for the USD
14:30 USD Unemployment Rate
Consensus: 3.8%
Effect: Lower than expected is good for the USD
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