Posted at 07 February 2025 / Categories Market Roundups
Market Roundup
• US Average Hourly Earnings (MoM) (Jan) 0.5%, 0.3% forecast, 0.3% previous
• US Average Weekly Hours (Jan) 34.1, 34.3 forecast, 34.2 previous
• US Government Payrolls (Jan) 32.0K, 34.0K previous
• US Manufacturing Payrolls (Jan) 3K, -2K previous, -12K
• US Nonfarm Payrolls (Jan) 143K, 169K forecast, 307K previous
• US Participation Rate (Jan) 62.6%, 62.5% previous
• US Payrolls Benchmark -589.00, -266.00 previous
• US Payrolls Benchmark, n.s.a. -598.00K, -818.00K previous
• US Private Nonfarm Payrolls (Jan) 111K, 141K forecast, 273K previous
• US U6 Unemployment Rate (Jan) 7.5%, 7.5% previous
• US Unemployment Rate (Jan) 4.0%, 4.1% forecast, 4.1% previous
• Canada Avg hourly wages Permanent employee (Jan) 3.7%, 3.8% previous
• Canada Employment Change (Jan) 76.0K, 25.5K forecast, 91.0K previous
• Canada Full Employment Change (Jan) 35.2K, 59.1K previous
• Canada Part Time Employment Change (Jan) 40.9K, 31.8K previous
• Canada Participation Rate (Jan) 65.5%, 65.4% previous
• Canada Unemployment Rate (Jan) 6.6%, 6.8% forecast, 6.7% previous
• US Michigan 1-Year Inflation Expectations (Feb) 4.3%, 3.3% previous
• US Michigan 5-Year Inflation Expectations (Feb) 3.3%, 3.2% previous
• US Michigan Consumer Expectations (Feb) 67.3, 70.0 forecast, 69.3 previous
• US Michigan Consumer Sentiment (Feb) 67.8, 71.9 forecast, 71.1 previous
• US Michigan Current Conditions (Feb) 68.7, 73.0 forecast, 74.0 previous
• US Wholesale Inventories (MoM) (Dec) -0.5%, -0.5% previous
• US Wholesale Trade Sales (MoM) (Dec) 1.0%, 0.9% previous
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releases (GMT)
• No Events Ahead
Currency Summaries
EUR/USD: The euro declined against the dollar on Friday after data showed that U.S. job growth slowed in January but that the unemployment rate edged down to 4.0%, giving the U.S. Federal Reserve cover to hold off cutting interest rates until at least June. Nonfarm payrolls increased by 143,000 jobs last month after rising by an upwardly revised 307,000 in December, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report. Economists had expected the survey to show 170,000 jobs added. All three U.S. stock indexes closed lower on Friday after President Trump's reciprocal tariff announcement, coupled with weak jobs and consumer sentiment data. The euro was last down 0.49% at 1.0333. Immediate resistance can be seen at 1.0369(50fib), an upside break can trigger rise towards 1.0416(61.8%fib).On the downside, immediate support is seen at 1.0320(38.2%fib), a break below could take the pair towards 1.0251 (23.6%fib).
GBP/USD: The pound declined on Friday as markets shrugged off the downside headline payrolls surprise. Labor Department report showed the U.S. economy added 143,000 jobs in January, compared with a rise of 170,000 expected by economists, whereas the unemployment rate stood at 4%, compared with expectations of 4.1%. Markets appeared to interpret Friday's non-farm payrolls report as broadly supporting the Fed's wait-and-see policy approach on policy, pushing U.S. rate expectations slightly higher in 2025 and widening the U.S.-UK rate gap, especially in the wake of Thursday's dovish BoE cut. The dollar index , which measures the U.S. currency against the yen, sterling and other peers, was last up 0.353% at 108.04 .Immediate resistance can be seen at 1.2432(50%fib), an upside break can trigger rise towards 1.2559(61.8%fib).On the downside, immediate support is seen at 1.2313(38.2%fib), a break below could take the pair towards 1.2167(23.6%fib)
USD/CAD: The Canadian dollar strengthened against its U.S. counterpart on Friday as investors evaluated key Canadian and U.S. employment data to gauge the interest-rate outlook in both economies. Labor Department report showed the U.S. economy added 143,000 jobs in January, compared with a rise of 170,000 expected by economists, whereas the unemployment rate stood at 4%, compared with expectations of 4.1%. Canada's January unemployment rate was 6.6%, a notch below the 6.7% seen in the prior month, and the economy added a net 76,000 jobs, down from a revised 91,000 job added in December but still a robust gain. The Canadian dollar was trading up a slight 0.1% to 1.4296 U.S. dollar. Immediate resistance can be seen at 1.4343(Daily hgh), an upside break can trigger rise towards 1.4434(50% fib).On the downside, immediate support is seen at 1.4281(61.8% fib), a break below could take the pair towards 1.4227 (Lower BB).
USD/JPY: The U.S. dollar inched higher on Friday after data showed U.S. job growth slowed more than expected in January after robust gains in the prior two months, although a 4% unemployment rate will likely give the Fed cover to hold off cutting interest rates at least until June. Another report showed U.S. consumer sentiment dropped unexpectedly in February to a seven-month low and inflation expectations rocketed, with households seeing inflation over the next year surging to 4.3% the highest since November 2023. Traders of short-term interest-rate futures now expect the Fed to cut interest rates just once this year, backing away from earlier bets on two rate cuts starting in June. The dollar fell 0.05 % against the yen to 151.43 after falling below 151 yen for the first time since Dec. 10. Immediate resistance can be seen at 151.67 (38.2%fib) an upside break can trigger rise towards 152.87(50%fib). On the downside, immediate support is seen at 150.87(Lower BB) a break below could take the pair towards 150.14 (23.6%fib).
Equities Recap
European shares ended lower on Friday, with automakers among the biggest losers as concerns over a potential global trade war grew..
UK's benchmark FTSE 100 losed up by 0.61 percent, Germany's Dax ended up by 0.22percent, France’s CAC finished the day down by 0.19 percent.
All three U.S. stock indexes closed lower on Friday after President Trump announced plans to impose reciprocal tariffs on multiple countries next week, amid weak jobs and consumer sentiment data.
Dow Jones closed down by 0.99% percent, S&P 500 closed down by 0.95% percent, Nasdaq settled down by 1.36% percent.
Commodities Recap
Gold prices climbed on Friday, on track for a sixth consecutive week of gains, as U.S.-China trade tensions drove investors to the safe-haven asset.
Spot gold gained 0.2% to $2,861.46 per ounce as of 01:41 p.m. ET (1841 GMT), up more than 2% this week, after hitting a record high of $2,886.62 earlier in the session.
Oil prices ended higher on Friday following new sanctions on Iran's crude exports, but posted weekly losses due to concerns over U.S.-China trade tensions and tariff threats.
Brent crude futures settled at $74.66 a barrel, up 37 cents, or 0.5% and poised to fall more than 2% this week. U.S. West Texas Intermediate crude finished at $71.00 a barrel, up 39 cents, or 0.55%.