US and Canada jobs reports due out at 8:30 AM ET/1330 GMT
The GBP is the strongest and the EUR is the weakest as the North American session begins and traders await the jobs reports from both the US (NFP +50K est), and Canada (-37.5K net change in employment) to be released at 8:30 AM ET/1330 GMT. The ADP showed a decline of -123K earlier this week (vs 75K estimate). For a full preview of the report click here. The USD is mixed ahead of the report with gains vs the EUR, JPY and declines vs the GBP, CHF, AUD and NZD. The USDCAD is near unchanged. Pence will likely not invoke Amendment 25. However, the threats of impeachment proceedings still loom over the President. US stocks are higher on stimulus expectations. Yields are marginally higher. The Covid news continues to be trending higher with deaths rising over 4K yesterday.
Looking at the ranges and changes, the low to high ranges are relatively modest with all the major pairs (and most of the major crosses), with price action less than 69 pips (GBPUSD is the largest range at 69 pips). The GBPUSD and AUDUSD are the most trendy with each rising. However, as mentioned, the moves are quite modest.
In other markets, the snapshot shows:
- Spot gold is down -$29.38 or -1.54% at $1884.
- Spot silver is down -$0.65 or -2.35% at $26.49
- WTI crude oil futures are trading up $0.92 or 1.79% at $51.72
- The price of bitcoin on Coinbase moved to yet another all-time record level of $41,794. I came after dipping to a low of $36,565.08. The current price is trading just over $41,000 up around $1300 on the day as investors continue to plow into the digital currency
in the premarket for US stocks, the major futures are implying higher levels
- Dow, +100 points 87 points
- S&P index +12 points
- NASDAQ index +68 points
Each of the major indices closed at record levels yesterday.
In Europe, the major indices are trading mixed:
- German DAX, +0.7%
- France's CAC, +0.4%
- UK's FTSE 100, -0.12%
- Spain's Ibex, +0.3%
- Italy's FTSE MIB, +0.4%
in the US debt market, yields are marginally higher, with the 2-10 year spread steady at around 95 basis points:
In the European debt market, yields are mixed with German knee, France, and UK benchmark 10 year yields up marginally, while Spain, Italy, Portugal yields are trading lower:
