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AUD/JPY: Risk keeps more cautious before NFP
Information is not investment advice
Ichimoku Kinko Hyo
AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
Fibonacci Levels
XAU/USD: Gold facing a further weakness and touches another full retracement area. Gold continues to touch session lows for another day.
US Market View
U.S. stocks are seen opening mixed Friday, in cautious trading after the previous session’s sharp sell-off, ahead of the closely watched monthly employment report. Stocks could rebound Friday, but any gains look tepid as U.S. Treasury yields remain elevated. Federal Reserve chair Jerome Powell shrugged off investor fears about rising inflation, stating on Thursday that the central bank’s ultra-loose monetary policy was here to stay given the uneven economic recovery.
In the corporate sector, the big tech names will again be in focus as investors think twice about owning high valued companies like Tesla, which is now 30% lower than its record high earlier this year.
Action in stocks and bonds seems likely to remain muted at least until 8:30 AM ET, when the monthly labor market report will be released. Analysts expect the U.S. economy to have added 182,000 nfp in the month through the middle of February, which would represent a second straight monthly improvement in hiring. However, analysts will also be watching what happens to the labor force participation rate, which fell to its lowest since June in January as discouraged workers stopped looking for work.
USA Key Point
- Risk keeps more cautious, Treasuries calmer for now.
- Dollar rallies further on post-Powell momentum.
- The Fed will inevitably move to yield curve control.
- EUR/USD falls to fresh three-month lows as the dollar holds firmer on the day.
- USD/JPY extends upside run to highest levels since June last year.
- OPEC keeps the oil party unstoppable.
- Germany January factory orders +1.4% vs +0.5% m/m expected.
- US futures creep higher ahead of North American trading.
- Cable slumps to three-week low amid dollar strength
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