Forex remain side-lined during Friday’s session with traders awaiting key US employment data. Though, optimism surrounding the US-China trade relations remains on the card while the US President Donald Trump again pushed the Fed for a rate cut.
Higher US yields supported the dollar against the euro, yen, and gold, while pound is holding onto its gains as the chances of a hard Brexit fade.
Moving on, German Industrial Production and Eurozone GDP will be in the traders’ radar ahead of focusing on much bigger issues concerning the US and Canadian employment data and speech from the Fed Chair Jerome Powell.
The US jobs report for August and the Fed Chair’s speech in Zurich undoubtedly are the key events of the day. Even if the forecast suggests a pullback in the headline NFP number, Thursday’s ADP data have raised questions on the outlook and any upside surprise will be well received considering the recent U-turn of the greenback.
Oil benefited from the Energy Information Administration (EIA) report and geopolitical tension between the US and Iran while but Gold struggles to justify recently cautious momentum.