US Non-Farm Payrolls

Euro-Zone’s inflation growth slowed in April, while in the US, employers reported fewer layoffs, with the number of job cuts in the country down by 40.2% in April. However, the Unit Labour Cost was up by 2.7% in the first quarter of the year, while the Nonfarm Productivity for the same period resulted at 0.7% vs. the expected 0.9%.

Moving ahead the Nonfarm Payroll report will gather all the market’s attention with the average hourly earnings and unemployment rate data, although poor wages’ growth has been forecasted. The final EU Markit services PMIs data for April will be out this Friday as well, alongside with the Union March Retail Sales.

Disappointing U.S. company earnings, upbeat data on factory orders and the U.S. trade balance as well as the underwhelming eurozone inflation data made for a challenging trading environment.

It will be a bank holiday in Japan this Friday for a second consecutive day, which means that little activity could be expected during the Asian session, particularly ahead of US employment, though Yen is currently trading on a stronger footing.

The UK Markit Services PMI was announced on Thursday, failed to meet market’s expectations contributing to the pound’s bearish movement. With no major macroeconomic releases in the UK today, traders await the Bank of England’s monetary policy meeting, due next week.

Crude oil rebounded on Thursday and WTI is holding close to $68.50 per barrel, while concerns over Iran are keeping oil prices propped into the recent consolidation range, despite steadily-increasing supply pouring out of US oil production facilities.

Gold has posted strong gains in the Thursday session, after trading sideways on Wednesday, as weakness in the US Dollar and geopolitical tensions, boosted demand for the yellow metal.