Currency Analyst since 2010

Sep. 6: Asian session

The focus today will be on the US labor market data due at 12:30 GMT. According to the forecasts, non-farm payrolls rose by 178K (previous: 162K).  

EUR/USD is trading a bit higher at $1.3130. Yesterday the pair dropped to $1.3105 on the ECB Draghi’s dovish comments. He said that the negative risks persist and the Bank discussed a rate cut this time. ECB has lowered its 2014 growth forecast despite the recent data improvements. All the European stock indices closed in the positive zone yesterday. Today Germany will release quite important figures: trade balance (6:00 GMT) and industrial production (10:00 GMT, forecast – negative).

GBP/USD recovered to $1.5610. Great Britain will release a bunch of important data at 8:30 GMT. Manufacturing production growth is expected to slow. USD/JPY closed above 100.00 yesterday, but then slid to 99.70. Yen strengthened as stocks declined and cautious Japanese exporters took the greenback’s advance as an opportunity to convert dollars to yen just in case the US payrolls data disappoint. USD/CHF is trading on small downside after it reached 0.9450. Switzerland will release inflation data today at 07:15 GMT.

AUD/USD found support around $0.9110, the 55-day MA. NZD/USD has once again recovered above $0.7900. USD/CAD dropped from 1.0515 to the 1.0480 support. Canada will release important labor market figures at 12:30 GMT, simultaneously with the US.

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