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  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
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Asian Stocks Mixed, Narrow On Trade Woes, US Payrolls Up Next

Asian Stocks Mixed, Narrow On Trade Woes, US Payrolls Up Next

David Cottle, Analyst

ASIAN STOCKS TALKING POINTS:

  • Asian stocks traded mixed Friday
  • US trade policy is again under scrutiny as investors worry about a more protectionist White House
  • Nonfarm payroll data are likely to dominate the remainder of Friday

Find out what the #1 mistake that traders make is and how you can avoid it.

Asian stocks were mixed Friday as trade concerns bubbled back to the fore and investors looked to key US labour market data which are due for release after local markets close.

The US announcement this week of new tariffs on steel and aluminum imports from several allies, including Canada, has markets fretting the Trump White House’s protectionism anew.

The Nikkei 225 was up by 0.1% in the Tokyo afternoon, with the ASX 200 and the Shanghai Composite both in the red by 0.5%. The Kospi stood out, gaining 0.6%.

The markets are looking for an increase of about 190,000 in nonfarm US jobs for May, which if seen will be a reassuring acceleration from April’s underwhelming 168,000 rise. The unemployment rate is expected to have remained steady at 3.9%.

The Euro was on course for a rare weekly gain against the US Dollar as investor worries about euroskeptic political turmoil in Italy simmered down. The Canadian Dollar and the Mexican Peso took a knock on those trade-related jitters. Those same worries initially supported the gold price but it slipped back a little through Asian trading hours. They also weighed on crude oil prices, as did news of record US production.

Technically speaking, West Texas Intermediate crude prices are now finding support just above the 50% Fibonacci retracement of their rise from February’s lows.

US Benchmark Crude Oil, Daily Chart

There’s plenty of economic data still to come Friday from both Europe and the US but those labor stats are going to be the only show in town for investors.

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Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter@DavidCottleFX or use the Comments section below to get in touch!

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

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