5 July: All quiet ahead of today US employment report. Global yields under pressure

By | July 5, 2019

The July 4 holiday has meant very little going on, and almost all markets are pretty much where they were this time yesterday. Of note though, there was some action in the bond markets, with German 10-year yield reaching another record low of -0.410%, as expectations of an ECB easing continue to intensify, with ECB Governing Council member Olli Rehn calling for action now. In terms of data, the Eurozone retail sales fell by -0.3% mm in May, well below expectation of a rise of 0.4% mm and adds to the theme of an imminent rate cut.

Friday sees a rather thin calendar until the release of the NFP figures so it should be a quiet Asia/European session. As for the unemployment figures expectations are: Headline Rate 3.6%, NFP+160K, AHE+0.3%mm. Have a good weekend.

Economic data highlights will include:

Fri: Japan Leading Economic Index, Coincident Index, German Industrial Production, Factory Orders, US Jobs/NFP/Average Hourly Earnings data

Market moves, in brief:

FX: DXY 96.73 (-0.03%)

Bonds: US10Y; 1.95% (-0.30%), German 10Y; -0.399% (-3.83%), UK 10Y; 0.675% (-2.55%), Australian 10Y; 1.303% (+0.97%), NZ 10Y; 1.525% (-1.30 %), China 10Y; 3.22% (-0.87%)

Stock Indices: DJI; 0.00%, S+P; 0.00%, NASDAQ; 0.00%, EUStoxx50; +0.10%, FTSE100; -0.07%, Shanghai Composite; -0.33%,

Metals: Gold $1415 oz (-0.24%), Silver $15.28 oz (-0.17%), Copper $2.679 lb (-0.15%), Iron Ore $123.16 per tonne (NYMEX) (0.33%),

Oil: WTI $56.76 pb (-0.33%)

CURRENCIES
EURUSD: 1.1285
Res  1.1300  1.1320  1.1345
Sup  1.1265  1.1245  1.1220
USDJPY: 107.81
Res  108.10  108.35  108.65
Sup  107.55  107.30  107.00
GBPUSD: 1.2577
Res  1.2595  1.2620  1.2645
Sup  1.2555  1.2535  1.2510
USDCHF: 0.9848
Res  0.9890  0.9920  0.9955
Sup  0.9830  0.9800  0.9770
AUDUSD: 0.7022
Res  0.7035  0.7050  0.7070
Sup  0.7015  0.7000  0.6985
NZDUSD: 0.6687
Res  0.6700  0.6715  0.6730
Sup  0.6675  0.6660  0.6640
INDICES / COMMODITIES
S&P.fs: 3001.78
Res  3005.00  3015.00  3025.00
Sup  2990.00  2980.00  2970.00
DJ30.fs: 26985.50
Res  27000.00  27170.00  27365.00
Sup  26795.00  26600.00  26410.00
SPI200.fs: 6666
Res  6675  6685  6695
Sup  6655  6645  6635
XAUUSD: 1415.27
Res  1430.00  1440.00  1450.00
Sup  1410.00  1400.00  1390.00
XAGUSD: 15.28
Res  15.40  15.50  15.60
Sup  15.20  15.10  15.00
WTI.fs: 56.76
Res  57.85  59.10  60.30
Sup  56.00  54.85  53.45