The U.S. jobs report will be released at 8:30 AM ET, with EUR/USD and GBP/USD trading between their 100- and 200-hour moving averages and near 50% retracement levels—technically a neutral stance. Markets await the report as a catalyst. A stronger-than-expected print (above 170K jobs, 4.1% unemployment) could trigger downside moves, while a weaker outcome may fuel upside momentum.
USD/JPY is trending lower, having fallen below its 100- and 200-day MAs at 152.60 and 152.73. Currently at 152.037, bears are in control. A strong jobs report may push it back above key resistance, but absent that, the downtrend could continue.
In this video,I outline the key bias defining levels and the technical targets for each of the major pairs, Be aware and prepared with the roadmap through the minefields from the data shove.
Looking at other markets going into the release:
US stock futures are marginally lower
- Dow industrial average futures are implying down -3.63 points (nearly unchanged)
- S&P index futures are implying a decline of -4 pointS
- NASDAQ index futures are implying a decline of -6 points
In the US debt market yields are mixed with the shorter end higher in the longer and lower
- 2-year yield 4.232%, +2.7 basis points
- 5-year yield 4.286%, +1.4 basis points
- 10-year yield 4.440%, +0.2 basis points
- 30-year yield 4.642%, -0.3 basis points
A snapshot of the other markets ahead of the release is showing:
- Crude oil +$0.47 or 0.67% at $71.08
- Gold plus $5.77 or 0.20% at $2861.50.
- Silver -3 cents or -0.10% at $32.14.
- Bitcoin plus $1100 and $97,690
It is not all about the US jobs report today as we are locked and loaded for the Canadian jobs report as well.
- Employment change 25K estimate vs 90.9K last month
- Unemployment rate 6.8% estimate vs 6.7% last month
- Full time jobs last month rose 57.5K
- Part-time jobs last month rose 33.5K
- participation rate came in at 65.1%
A 10 AM, the University of Michigan preliminary estimate for February will be released:
- Sentiment 71.1 versus 71.1 last month
- Current condition 73.0 versus 74.0 last month
- Expectations 70.0 versus 69.3 last month
- 1-year inflation expectations came in at 3.3% last month
- 5-year inflation expectations was at 3.2% last month
