The USD is the strongest and the CHF is the weakest as NA traders enter for the day

It is non farm payroll day

The USD is the strongest of the major currencies and the CHF is the weakest ahead of the US and Canada jobs reports. The GBPUSD has continued its run to the downside (UK yields continue to move lower post the BOE meeting decision yesterday - down -6.1 basis points for the benchmark 10 year).  The USDCAD tests on the topside, its 200 day MA at 1.24786 ahead of the dual jobs reports today. The USDCAD fell below its 200 day MA on October 8th and is returning back to that MA for the first time since breaking lower (the low reached  1.2287).  The EURUSD is testing its low from yesterday at 1.1527.  The preview of the jobs report in the US can be found here.   Canada is expected to at 42K jobs with the unemployment rate taking down 26.8% from 6.9% last month.  There is expectations of a US stimulus vote today.  US stocks are higher. The S&P and Nasdaq both closed at record levels while the Dow fell and snapped its 4 day win streak. Pfizer announced a Covid treatment breakthrough, that will slash hospitalizations by 89% (Pfizer shares are up 11.84% while Moderna is down -8.95% and Merck is down -9.1%).

In other markets ahead of the jobs reports:

• Spot gold is trading up to dollars and $0.85 or 0.16% at $1793.77. The the precious metals ups and downs continue.
  
• Spot silver is up three cents or 0.10% at $23.81
  
• WTI crude oil futures are up $0.57 or 0.72% at $79.37
  
• bitcoin is trading near unchanged at $61,376
  

In the premarket for US stocks, the major indices are modestly higher higher

• Dow industrial average is up 33 points after yesterday's -33.35 point decline. 
• S&P index is up 10.2 points after yesterday's 19.49 point rise (record close)
• NASDAQ index is up 25 points after yesterday's 128.72 point rise (record close)
  

In the European equity markets, the major indices are trading higher. The German Dax traded to a new record (so has France and Italy). 

• German DAX, +0.1%
  
• France's CAC, +0.75%
  
• UK's FTSE 100 +0.45%
  
• Spain's Ibex +0.7%
  
• Italy's FTSE MIB +0.8%
  

in the US, the yields on the maturity spectrum are mixed with the short rent higher and while the 30 year is lower.

In the European debt market, the benchmark 10 year yields are lower with the UK 10 year down the most that -6.1 basis points.

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November 06, 2021 at 12:15AM
Greg Michalowski
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