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Tentative EUR/USD and Equities Reversals Hinge on Friday NFPs

Tentative EUR/USD and Equities Reversals Hinge on Friday NFPs

John Kicklighter, Chief Strategist

Talking Points:

  • Volatility is retracting from equities to the broad FX market to key moves for the Aussie and Canadian Dollar
  • The US jobs report due Friday threatens another bout of volatility but also carries a lingering promise of trend
  • Risk-directed assets are the most exposed area of the market to a strong shift in US employment

See the DailyFX Analysts' 2Q forecasts for the Dollar, Euro, Pound, Equities and Gold as well as our favorite 2016 trading opportunities in the DailyFX Trading Guides page.

The nascent rally behind the Dollar and burgeoning dive in US equities have steadied in reverence of the upcoming US employment report. With the market uncertain of its convictions towards speculative positioning and the future of monetary policy, the high-profile NFPs release is a decisive opportunity to put fundamental purchase to speculative navigation. The trouble is that the market has distinctive expectations that will skew the impact of the data. Deep skepticism of Fed hikes in the market and complacent but wavering speculative positioning make for particular leverage for certain scenarios. Meanwhile, the promising surges in activity behind the Canadian and Australian Dollars have quickly been reigned in while volatility measures offer a sense of unease. Will we find a big move before the week ends or should caution govern our actions? We take the market's temperature in today's Trading Video.

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