Dec. 6: waiting for NFP

December 6, 2013

EUR/USD rose to $1.3677 yesterday and is correcting a bit to the downside ($1.3658) today. Euro rose on Thursday as the ECB President Mario Draghi sounded in no hurry to take further monetary easing steps. Investors weigh whether US payrolls data due today at 13:30 GMT will encourage the Fed to consider trimming stimulus as early as this month, at Dec. 17-18 meeting. Also pay attention to US University of Michigan consumer sentiment at 14:55 GMT (forecast 76.2 vs. previous 75.1). In the euro area watch for German factory orders due at 11:00 GMT (forecast -0.4% vs. previous +3.3%).

GBP/USD is trading on the downside for the third day, but remains above yesterday’s low at $1.6300. Britain will release consumer inflation expectations at 09:30 GMT. USD/JPY extended yesterday correction from the overbought levels. Despite the yesterday’s strong US data, the pair dipped to 101.60. On Friday the greenback has recovered to 102.15, but still remains in a short-term bearish channel. Japan’s Nikkei managed to steady around 15,200 after sharp falls of the previous two days. USD/CHF recovered from 0.8956 to 0.8970. Swiss consumer prices are due at 08:15 GMT (forecast: -0.2%).

Asian stock markets have spent much of the session in the red zone ahead of the US payrolls data. AUD/USD is consolidating in a tight $0.9036/80 range. The pair has twice tested the $0.9000 mark in the recent days, but has found support there. NZD/USD is trading under pressure a little bit below the $0.8200 mark. Gold held around $1,227 an ounce, heading for a weekly loss. USD/CAD got support at 1.0624 yesterday and recovered to 1.0660 today. Canadian labor market data is due at 13:30 GMT.

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