Morning report from Binary.com

 

SP-chart

 

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Morning Report: Markets Calm Before NFP

  • This morning, markets are calm ahead of this afternoon’s US Non Farm Payrolls. The S&P 500 achieved its target of retrieving the 10 period moving average and seems content to sit until receiving further instructions.

S&P 500 chart

 

  • The yen pairs are the bigger movers as money flows back into the yen, primarily due to a lack of dollar interest rather than Japanese strength. The biggest mover is the AUD/JPY due to soft retail sales data and poor Chinese PPI data.

 

USD/JPY Chart

AUD/JPY chart

  • Elsewhere, the euro is off the lows, but not by much.

EUR/USD chart

 

Coming up today:
  • Coming up today we have UK manufacturing production at 09.30 with trade balance released at the same time. UK GDP estimates follow at 13.30.
  • US Non Farm Payrolls are the big ticket, with a gain of +241k on the cards and the unemployment rate expected to drop to drop to 5.7%.
  • Canadian employment data is released at the same time.
Trade Idea:
  • The Canadian dollar has been weakened by low oil prices in recent weeks, with the USD/CAD now at its highest level since May 2009. There could be further upside from here regardless of payroll data as oil prices remain at depressed levels.

USD/CAD chart

  • A good way to play this is a HIGHER trade predicting that the USD/CAD will close ABOVE 1.1900 in 5 days time for a potential return of 197%.

Binary.com

 

This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.

 

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Please note that Binary.com does not accept U.S. citizens as clients

 

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