Markets wait with bated breath on the US Non-Farm Payroll at 13.30 GMT
As usual the report has been taking a lot attention this week but the ECB and euro have been the interlopers and grabbing the headlines.
With the ECB meeting and announcement next Thursday it's not surprising that many traders will be keeping a bit of powder dry regardless of what happens today.
Here's the expectations:
Yes , we'll get the usual knee-jerk flurry but are we likely to learn anything new? Not really. A positive better-than-expected set of data, including the equally important wages data, will see USD demand at least initially but we still can't be sure that leads to a US Fed rate hike anytime soon. And the reverse is equally true so let's not kid ourselves that we get the inside line on the Fed after the release.
Yes we can analyse and assume but it's still second-guessing and that's why we'll continue to see some two-way flows, particularly ahead of the ECB meeting.
Also in play today casting a shadow are large size EURUSD option expiries between 1.0900-10 which will still be in play right up to 15.00 GMT.
So yes we'll get some opportunities but will we also definitive answers ?
I don't think so. Life and markets really aren't that simple.