Friday, 1st of November 2024 (European Market)
Itβs NFP day in the market.
-Happy New Month! Welcome to the month of November everyone and what a better way to kick off the month than with the US NFP. The NFP is scheduled for 1.30pm and weβd be live for the event from 12:30pm on Zoom to analyse the stakes and moves going into the event β Join us.
-This morning, the major pairs are trading mixed as the market prepares to receive the US NFP; AUDUSD and NZDUSD are currently lower by about 25 pips as the antipodeans are still pressured, GBPUSD is completely flat while surprisingly EURUSD is still holding on to gains.
-The JPY crosses are also holding mixed but could also be on the move later today; GBP was the biggest loser against the JPY yesterday with about 350 pips on the board, price has retraced about 100 pips today, but moves are still very much bearish as of the time of writing β key pair of interest.
GOLD traders await NFP
-The yellow metal dropped extensively lower yesterday to $2730 from $2790 before support stepped in to stall the decline. Price has recovered slightly to $2758 this morning but resistance has also sent price back to $2747 as of the time of writing. We must watch out for some positioning plays ahead of the NFP print later today and as such be cautious in chasing moves.
-In line with our analysis yesterday, the USOIL has recovered more of the losses from Monday with price now trading around $70.70/bbl this morning, just $1 short of completely erasing the big gap from Monday. This could be a thing to watch for as the session moves on but also watch out for downsides from $72.00/bbl.
Sentiment and Cumulative Strength/Weakness
-Risk mood (sentiment) is still cautious this morning, spill over from what we had in the market yesterday but the moves in the market doesnβt justify. Equities are still pinned lower but flat today. Commodities are mixed, Copper trades within a messy range since the beginning of the week.
-In FX, there's no clarity in terms of strong and weak currencies this morning amongst the major pairs as we approach the key events later in the day.
Cumulative Strength: NIL
Cumulative Weakness: NIL
-Thereβs little in terms of moves to chase in the market this morning, it would be of good faith to wait till the US NFP report later in the day before chasing moves in the market today. Thereβs enough to go around in terms of moves should NFP deliver a better -than- expected or lower-than-expected print today. Join us live by 12:30 pm today !!!
@MichealRobert04
@MichealRobert04
Itβs NFP day in the market.
-Happy New Month! Welcome to the month of November everyone and what a better way to kick off the month than with the US NFP. The NFP is scheduled for 1.30pm and weβd be live for the event from 12:30pm on Zoom to analyse the stakes and moves going into the event β Join us.
-This morning, the major pairs are trading mixed as the market prepares to receive the US NFP; AUDUSD and NZDUSD are currently lower by about 25 pips as the antipodeans are still pressured, GBPUSD is completely flat while surprisingly EURUSD is still holding on to gains.
-The JPY crosses are also holding mixed but could also be on the move later today; GBP was the biggest loser against the JPY yesterday with about 350 pips on the board, price has retraced about 100 pips today, but moves are still very much bearish as of the time of writing β key pair of interest.
GOLD traders await NFP
-The yellow metal dropped extensively lower yesterday to $2730 from $2790 before support stepped in to stall the decline. Price has recovered slightly to $2758 this morning but resistance has also sent price back to $2747 as of the time of writing. We must watch out for some positioning plays ahead of the NFP print later today and as such be cautious in chasing moves.
-In line with our analysis yesterday, the USOIL has recovered more of the losses from Monday with price now trading around $70.70/bbl this morning, just $1 short of completely erasing the big gap from Monday. This could be a thing to watch for as the session moves on but also watch out for downsides from $72.00/bbl.
Sentiment and Cumulative Strength/Weakness
-Risk mood (sentiment) is still cautious this morning, spill over from what we had in the market yesterday but the moves in the market doesnβt justify. Equities are still pinned lower but flat today. Commodities are mixed, Copper trades within a messy range since the beginning of the week.
-In FX, there's no clarity in terms of strong and weak currencies this morning amongst the major pairs as we approach the key events later in the day.
Cumulative Strength: NIL
Cumulative Weakness: NIL
-Thereβs little in terms of moves to chase in the market this morning, it would be of good faith to wait till the US NFP report later in the day before chasing moves in the market today. Thereβs enough to go around in terms of moves should NFP deliver a better -than- expected or lower-than-expected print today. Join us live by 12:30 pm today !!!
@MichealRobert04
@MichealRobert04
