US and Canada employment data due out at 8:30 AM ET/1330 GMT
The JPY is the strongest and the AUD is the weakest as the NA traders enter for the day. The day is special because the US and Canada are to release their jobs reports. The US NFP is expected to rise by 165K (145K last month). The Canada jobs report is expected to show a net change in employment of 17.5K. In the US, they will also announce the annual benchmark revisions. The expectation are to the downside so be careful. Big economic risk events.
Today, the flows are back to a little more risk off. The AUD and NZD are falling lower and trading near session lows after correcting higher earlier in the week. RBA did lower GDP and say policy would remain unchanged for some time.
![US and Canada employment data due out at 8:30 AM ET/1330 GMT](http://az705044.vo.msecnd.net/20200207/2020-02-07_5-42-59.jpg)
You can see the action in the AUD and the NZD as their trading ranges (64 and 50 pips respectively) are above their 22 day averages. Apart from an early session tick higher, most of the activity is to the downside (risk off flows). The cases and deaths from the coronavirus continue to move higher with the number of deaths up by another 73 in China. Below are the February China numbers:
![The ranges and changes for the major currency pairs](http://az705044.vo.msecnd.net/20200207/2020-02-07_5-43-38.jpg)
In other markets:
- Gold is not all that risk off flows . It is trading lower by - $-1.14 or -0.07% at $1565.53
- WTI crude oil futures are back lower trading down $0.50 or -1% at $50.44
In the premarket for US equities by giving up some/most of the gains from yesterday. The futures are implying a lower opening:
- Nasdaq -24.6 points. The NASDAQ rose by 63.47 points yesterday
- Dow -101 points. Dow industrial average rose by 80.92 points yesterday
- S&P -9 points. The S&P index rose 11.09 points yesterday.
In the European equity market, the major indices are trading lower:
- German Dax, -0.5%
- France's CAC -0.3%
- UK FTSE 100, -0.6%
- Spain's Ibex -0.2%
- Italy's FTSE MIB -0.16%
In the US debt market, yields are lower:
![US yields are lower](http://az705044.vo.msecnd.net/20200207/2020-02-07_6-05-15.jpg)
In the European debt, markets, the 10 year benchmark yields are marginally lower:
![European yields are lower](http://az705044.vo.msecnd.net/20200207/2020-02-07_6-06-15.jpg)