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Currency Tech
EURUSD
R 2: 1.3000
R 1: 1.2950
CURRENT: 1.2914
S 1: 1.2824
S 2: 1.2806
USDJPY
R 2: 85.05
R 1: 84.60
CURRENT: 84.29
S 1: 84.00
S 2: 83.59
GBPUSD
R 2: 1.5599
R 1: 1.5533
CURRENT: 1.5481
S 1: 1.5420
S 2: 1.5335
AUDUSD
R 2: 0.9220
R 1: 0.9200
CURRENT: 0.9168
S 1: 0.9110
S 2: 0.8938
Market Brief
Markets have opened in the green this morning, bolstered by continued buildups in risk appetite following Friday's rather optimistic NFP number. To highlight Friday's report, Nonfarm payrolls reported a drop of -54K jobs versus an expected drop of -105K while the change in private payrolls showed an addition of 67K jobs versus an expected addition of 40K jobs. The overall unemployment rate was a touch weaker at 9.6% which was largely expected.
Although the results showed a loss in the headline number, the number did beat expectations and was vastly improved following a rather abysmal reading in July when -131K jobs were lost. The addition of jobs in the private sector will give further confidence that the condition of the US labor market is improving and should cool talks of a possible double dip recession for the time being. Asian equities in particular have continued in a strong manner following last week's jobs report with the Nikkei appreciating more than 2.05% and the Shanghai Composite gaining close to 1.53% at the time of writing.
The impact of the report has kept commodities and currencies (against the Dollar) propped but the gains slightly more conservative which might hint to the fact that the impact seems to be wearing off.With the US closed in observance of Labor Day and a rather light economic calendar for the day, we can expect the markets to continue in their current range with a positive bias.
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