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DailyFX European Market Wrap: Looking Ahead to U.S. NFP

DailyFX European Market Wrap: Looking Ahead to U.S. NFP

Jeremy Naylor, Contributor

European Market Outlook: Looking ahead to the US jobs data on Friday

As markets go into a long weekend for both the US and the UK, Nick Cawley and Jeremy Naylor discuss some of the headlines dominating trade in Europe.

Markets are clearly slipping on the news from OPEC, that was confirmed late in the day on Thursday, that while the oil cartel had delivered what it had promised, in terms of an extension to its plan to cut global production, that headline had already been priced in. As a consequence oil fell and Nick explains that the technical chart set-up could point towards further weakness.

Going into next week Bitcoin continues to roll out the record highs. Nick explains that warning lights may be flashing for the crypto-currency after Thursday’s 20% fall in a four-hour period, or that the correction may be a healthy, and needed, correction sign, pointing to further upside.

The British Pound is wilting after the latest UK General election poll shows the gap between the Conservative and Labour Party narrowing to just 5% from a wide of 20% in late-April. The UK currency remains under downside pressure and next week’s Manufacturing PMI may well force Sterling back to support around GBPUSD 1.2600.

Finally the monthly look at US nonfarm payrolls, with the US Dollar under pressure ahead of the June 13-14 FOMC meeting where Chair Janet Yellen is expected to raise rates by 0.25%. The US Dollar basket continues to give back all its post-Trump gains as recent economic data points to a slightly-softer US economy.

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