Countdown to Non-Farm Payrolls, USDJPY Slips

September 6, 2013

There was a significant amount of economic data from Europe on Friday which knocked around the euro and sterling in the European session but in reality the markets are just on edge waiting for the all-important nonfarm payrolls later in the U.S. session.

The Fed will watch closely as job creation is key for their decision on tapering.

The British pound had a big drop following worse than expected trade balance data and manufacturing data.

GBPUSD fell 45 pips form the London open to a session low of $1.5563 but buying on dips helped it bounce a bit going into the U.S. session.

Euro slipped for a second day versus the dollar to a low of $1.3104 where it found support. A weak German industrial production data weighed on the single currency which fell yesterday after Mario Draghi’s dovish comments.

The U.S. dollar reversed gains made against the yen and fell back below the key 100 yen level as investors took opportunity to book profits ahead of the U.S. jobs data. Any weak number could knock USDJPY lower than the 99.49 low reached in the European session today. 

The greenback performed even worse against loonie (Canadian dollar) as USDCAD extended lower to $1.0437, down 45 pips.  The pair is down 100 pips on the week. 

Canadian jobs data are also due at the same time the U.S. jobs will be released at 8:30 am New York time.

U.S. nonfarm payrolls are expected to increase by 180,000 from 162,000, while in Canada, 21,200 new jobs are expected to be added, up from a previous decrease.

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