Compass Global Markets' Blog

Market Update - 6th April 2017 - Strong Signs From The Latest U.S Jobs Numbers, Non-Farms Due Friday Evening

Posted by Patrick Downes on April 6, 2017 at 10:02 AM

Signs of continued reflation across the U.S and U.K overnight with strong U.S preliminary jobs numbers which precede the official numbers Friday night. ADP non-farm employment came in at 263K well and truly eclipsing the 184K estimate of economists. The strong jobs number offset the poorer than anticipated ISM reading and resulted in a further USD rally - AUD/USD is now off over 2 cents since March 22.

U.K services PMI - a leading indicator of economic health surged ahead to 55 supporting the Pound and perhaps sending a message that the U.K is building momentum and rather quickly. Having said that I'm fairly confident that the Bank Of England will be quite cautious before raising interest rates too soon.

Ahead tomorrow morning is a speech from ECB President Draghi at 6.00am (tomorrow morning).

DATA RELEASES TODAY:

EUR - ECB President Draghi Speaks at 6.00am

AUD EXCHANGE RATES:

AUD/USD – 0.7519

AUD/GBP – 0.6011

AUD/EUR – 0.7042

AUD/NZD – 1.0800

AUD/JPY – 83.110

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Report, Market

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