Traders Await US Payroll Data Release
As predicted, the markets remained fairly subdued yesterday. Newsflow, rather than data, was the main driver behind the limited moves that we did see. Of the sparse data highlights yesterday, the weekly US jobless claims number came in slightly better than expected, (340k vs.345k f’cast), which is a post pandemic low. Despite this, the dollar continued to edge lower against the euro and sterling.
As we get going today, EUR/USD is changing hands in the upper half of $1.18-1.19 and GBP/USD is back above the $1.38 mark. EUR/GBP remains stuck in a very tight range, still just below the 86p mark. As mentioned yesterday, the US payroll numbers for August are very much front and centre of market attention today. The expectation is for an increase of 750k, however, any significant deviation from this could see the dollar under pressure.