EU Bullet Report | Ahead of NFP: USD steady, OIL rises, AUD tumbles

  • It is the first Friday of the month today and this means that Non-Farm Payrolls is to be released at 12:30 GMT. Economists expect payrolls to show 206k growth in jobs in April. Unemployment rate is expected to be unchanged at 5.00% while average hourly earnings are expected to show 0.3% m/m growth. Overall the pre-NFP data suggest that NFP would be solid but possibly unspectacular. Wage growth would likely be the one that moves market.
  • Stocks: Asian shares were hovering near 1-month lows as jobless US claims data earlier raised doubts over the NFP figure. Wall Street shares were mixed on Thursday, with the S&P 500 index .SPX slight 0.02 % drop nevertheless sending it to a 3-week low.
  • Currencies: AUD collapsed from 0.7461 to 0.7380 in Asian session after the RBA slashed the inflation forecast all the way through June 2018. The EUR held steady at $1.1405, having fallen 0.7 % on Thursday. It’s heading for a weekly drop of 0.4%. The JPY, which jumped after the Bank of Japan stood pat on policy last week, traded around 107.00, off its 1-1/2-year high of 105.55 set earlier this week. It’s set for a 0.6% decline for the week. Other big market movers were Turkish Lira (TRY) which dropped following news that its Prime minister resigned.
  • OIL and GOLD: Crude oil enjoyed a nice rally of 3% yesterday as Prices jumped following news that a wild fire in Canada could disrupt production the country’s oil production. GOLD traded within large range of 1286 and 1269 yesterday but settled around 1277. Large moves will be expected in the yellow metal this afternoon, following the release of NFP.

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