This is what you need to know to trade today friday march 10:
Markets remain cautious early Friday as participants refrain from taking large positions ahead of the US February jobs report, which could have significant implications for the Federal Reserve’s rate outlook US Dollar Index remains above 105.00 after Thursday’s slide and US stock index futures are trading in negative territory. Canada will also release labor market data for February and European Central Bank (ECB) President Christine Lagarde will deliver a speech later in the day.
Non-Farm Payrolls Forecast: Five Scenarios for Fed Reaction; dollar and stocks with odds
On Thursday, data released by the US Department of Labor revealed that weekly initial jobless claims rose by 21,000 to 211,000 in the week ending March 3. Despite the risk averse environment in the markets, the US dollar had a hard time finding demand in the American session. The 10-year US Treasury yield lost more than 2% on the day, and the dollar continued to weaken against its main rivals.
As of early Friday, the 10-year US Treasury yield continued to decline, and at time of writing is down more than 2% on the day at 3.82%. The dollar, however, remains resilient for now. US Non-Farm Payrolls are forecast to rise by 205,000 in February, following January’s impressive 517,000 increase. Annual wage inflation, as measured by Average Hourly Earnings, is expected to rise to 4.7% from 4.4% in January.
After the rebound on Thursday, he EUR/USD It is bobbing in a tight range slightly below 1.0600 in the European morning. Lagarde is unlikely to comment on the monetary policy outlook later in the day because the ECB is already in the “quiet period”.
He GBP/USD is trading slightly higher near 1.1950 early Friday after the UK Office for National Statistics announced that the Real Gross Domestic Product grew by 0.3% in January, beating market expectations of 0.1%. On the downside, manufacturing and industrial production contracted by 0.4% and 0.3% respectively in the same period.
As expected, the Bank of Japan kept its monetary policy unchanged after the latest monetary policy meeting led by outgoing Governor Haruhiko Kuroda. At the press conference, Kuroda repeated that they would not hesitate to further ease monetary policy if necessary, but these comments did not elicit a significant reaction from the markets. At the time of writing, the USD/JPY is trading marginally higher at 136.40.
He USD/CAD it extended its weekly rally on Thursday and hit its highest level since October at 1.3850 on Friday, before easing back to 1.1830. The Canadian Unemployment Rate is forecast to rise to 5.1% in February, from 5% in January, with a net change in employment of +10,000 people.
The price of Gold it benefited from falling US bond yields on Thursday and rallied above $1,830. XAU/USD is trading in a tight channel slightly above $1,830 early on Friday.
February Non-Farm Payrolls Preview: Analyzing Gold’s Reaction to NFP Surprises
Bitcoin it lost more than 6% on Thursday and continues to stretch lower on Friday. BTC/USD is now testing $20,000, losing almost 2% on the day. ethereum It broke below $1,500 and touched its lowest level in almost two months at $1,392 before recovering slightly above $1,400 on Friday.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
