News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.13% Silver: -0.55% Gold: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Lgi1Jei5qJ
  • Apple earnings: EPS $0.73 vs $0.71 est Revenue $64.70B vs est $63.47B $AAPL
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.31%, while traders in NZD/USD are at opposite extremes with 66.78%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/k2e06fEjoh
  • ECB Pre-Commits to More Stimulus: ECB’s Lagarde had stated that the GC were in agreement that given the current backdrop, risks were clearly tilted to the downside. Get your market update from @JMcQueenFX here:https://t.co/KPjoDcQ0D0 https://t.co/vV1nprDCKL
  • Watch @PeterHanksFX, @DailyFX Equity Analyst covering the Earnings live - https://t.co/cpf5s3UvUn
  • Wow. Amazon blows out its EPS $12.37 vs $7.37. Google did $16.40 against $11.42. Even Facebook $2.71 versus $1.91. @PeterHanksFX talking about it now: https://t.co/37dmgWZQhn
  • Facebook Earnings: EPS $2.71 vs est $1.91 Revenue $$21.47B vs est $19.84B $FB
  • Alphabet Earnings: EPS $16.40 vs est $11.42 Revenue Ex-tac $38.01B vs est $35.35B $GOOG
  • Amazon Earnings Q3 EPS $12.37 vs est $7.37 Revenue $96.1B vs est $92.71B $AMZN
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.71% France 40: 0.45% Germany 30: 0.41% US 500: 0.05% Wall Street: 0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/9I7hxzLRLd
NFP Prints +211k; Focus Moves to Fed-Speak, French Elections

NFP Prints +211k; Focus Moves to Fed-Speak, French Elections

2017-05-05 13:30:00
James Stanley, Strategist
Share:

Talking Points:

- April NFP Printed at +211k versus an expectation of +190k, while March was revised lower by -19k to a revised total of -79k. Below, we look at updated price action in both EUR/USD and USD/JPY.

- The week is far from over as a series of Fed-speakers on the calendar for later today could provide a healthy dose of volatility to markets; and after this week’s close, French elections are on the calendar, and this carries considerable gap risk for markets, especially those carrying Euro-exposure.

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our IG Client Sentiment Indicator.

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

April’s Non-Farm payrolls were released at 8:30 AM ET this morning, and the headline number printed at +211k versus the expectation of +190k and the prior print of +98k. That prior print was revised-down by -19k jobs to give March a revised total of +79k; but the attention grabbing aspect of this morning’s report was a reduction in the unemployment rate to 4.4%, which would be the lowest read since 2007.

The immediate-response was mixed, as the Dollar strengthened against the Yen but weakened against the Euro. In the minutes since that initial-pop, Dollar weakness took over as attention averted to a series of Fed-speakers slated to speak later in the day. Stanley Fischer is at 11:30, John Williams is at 12:45, and at 1:30 we hear from Janet Yellen, James Bullard, Charlie Evans and Eric Rosengren. So, today is far from over.

DXY touched-down to a fresh five month low as the report was filtering into markets.

NFP Prints +211k; Focus Moves to Fed-Speak, French Elections

Chart prepared by James Stanley

Going along with that Dollar-weakness was a new intermediate-term high in EUR/USD as the pair marched towards the 1.1000 psychological level. There’s a healthy dose of risk here going into the weekend with the second round of French elections. While many are appearing to be pricing-in a Macron-win, there are a considerable number of undecideds in many of those poll numbers; and if recent history has taught us anything, it’s to keep on open mind around political polls with a large number of respondents reporting as undecided.

NFP Prints +211k; Focus Moves to Fed-Speak, French Elections

Chart prepared by James Stanley

One pertinent takeaway from this morning’s report is the response of Yen weakness. On the initial release of NFP, USD/JPY popped-higher after which USD-weakness began to take over. But buyers stepped-in fairly quickly to bid prices-higher.

NFP Prints +211k; Focus Moves to Fed-Speak, French Elections

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES