USD/JPY is on the move to start the day, down another 0.5% to 142.70 currently. The pair is trickling lower, vying for a stronger technical breakdown as yields are also pressured lower on the week. That follows from the mix of US data yesterday.
Besides that, the dollar is sitting in narrower ranges against the rest of the major currencies bloc. Both EUR/USD and GBP/USD are still holding within 10 pip ranges, so there’s that. In other markets, S&P 500 futures are down 0.2% while 10-year yields in the US are down 2.5 bps to 3.707% currently.
There’s not much more to be said as the focus today will rest squarely on the US jobs report later. We might get some positioning flows in European trading but that would be the best case scenario in terms of market action. Otherwise, it will be a bit of a placeholder until we get to US trading later on.
In terms of data, there will be a couple of items on the economic calendar to move things along. But none of which will matter to markets especially on a day like this.
0600 GMT – Germany July industrial production
0600 GMT – Germany July trade balance data
0600 GMT – UK August Halifax house prices
0645 GMT – France July trade balance data
0900 GMT – Eurozone Q2 final GDP figures
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
