Don’t waste your time – keep track of how NFP affects the US dollar!

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USD shows remarkable strength before NFP

USD shows remarkable strength before NFP

Information is not investment advice

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Ichimoku Kinko Hyo

CHF/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 23.6% retracement area. Bearish pressure is growing as US yields skyrocket.

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EU Market View

A late rally in Chinese shares on Friday helped pull Asian stocks off one-month lows as investors picked bargains while attention shifted to U.S. non-farm payrolls due later in the day. On Thursday, U.S. stocks slumped after Federal Reserve Chair Jerome Powell disappointed some investors by not indicating that the Fed might step up purchases of long-term bonds to hold down longer-term interest rates.

Even though Powell made it clear that the Fed was not close to changing its ultra-loose monetary policy stance anytime soon, some analysts still worried rising Treasury yields could herald higher borrowing costs, thereby limiting the fragile U.S. economic recovery.

Climbing yields and dollar strength pummeled gold prices, which sank to a nine-month low as investors sold the precious metal to reduce the opportunity cost of holding the non-yielding asset. Looking ahead, highlights from macroeconomic calendar include US NFP, Canadian trade balance, BoE's Haskel, Fed's Bostic speeches.

EU Key Point

  • Germany January factory orders comes at +1.4% vs +0.5% m/m than expected.
  • Japan 10-year government bond yields extend fall after Kuroda comments.
  • Germany reports 10,580 new coronavirus cases, 264 deaths in latest update today.
  • BOJ Gov Kuroda says does not think it’s necessary to widen the band around long-term yield.
  • BOJ Governor Kuroda says that higher yields would reduce the impact of monetary easing.
  • BOJ Kuroda says Japan's economy is picking up, as a trend.
  • Japan finance minister Aso says he has no comment when asked about the yen's fall.
  • Major indices tumble with the NASDAQ/Russell index lead the declines.

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Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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