US stocks set for a slight dip at the open
Today is all about positioning ahead of non-farm payrolls but it's been tough to argue that a weak jobs number has been negative for stocks in the pandemic anyway. All news is good news for stocks.
EURUSD failed on earlier move to n butew highs today
The price over the last 6 hourly bars has been shopping between a low of 1.18308 and a high of 1.18697. We currently trade between those levels at 1.1853.
US weekly initial jobless claims 1186K vs 1400K expected
Better numbers on initial jobless claims but it's still daunting how they've remained so high.
Audio recap: BOE a little more upbeat, US jobs data ahead
The Bank of England
was out earlier leaving rates on hold while maintaining its policy stance and
QE program as per expectation. However, the Pound did get a little bit of a
boost from the central bank's more upbeat communication with respect to recent
economic data and the overall recovery.
The GBP is the strongest and the CAD is the weakest as NA traders enter for the day
The GBP is the strongest and the CAD is the weakest. BOEs Bailey said that the central bank was not prepared to go negative but painted a cautionary tone on the economy. The USD is trading mixed with gains vs the EUR, CAD, AUD and NZD and
BOE's Bailey: There is an awful lot of risk to the downside in our forecasts
- UK has 'a lot of yards' to make in recovery
- BOE ready to support the economic recovery
This reaffirms his message earlier in the day alongside his warning that one shouldn't be deceived by the rebound in the UK economy so far.
ForexLive European FX news wrap: Pound gains post-BOE, risk mood more cautious
- GBP leads, CAD lags on the day
- European equities lower; E-minis down 0.2%
US July Challenger layoffs 263k vs 170k prior
US-based employers announced another 262,649 job cuts in July and this does provide some indication that perhaps the labour market recovery is losing some steam as demand conditions continue to suffer across the country.
Stocks nudge lower ahead of North American trading
European indices are extending declines with the DAX now down by over 0.8%. Meanwhile, US futures are down by ~0.3% as well and are off levels earlier in the session.
EUR/USD to rise to 1.20 by year-end - UBS Wealth Management
On the revision, they argue that the dollar is likely to decline further on the back of uncertanties surrounding the US' fiscal stance.