The US$ is firmer today, with the Euro leading the way down after the ECB turned a bit less dovish in the statement, after having kept monetary policy unchanged. However, it could not extend its gains as there was no follow through buying and in the press conference the ECB President, Mario Draghi, toned down the significance of the change in the wording of the statement.
In other markets, stocks are currently pretty much unchanged after a choppy session while commodities are lower, under some pressure from the stronger dollar. WTI is particularly heavy, down 1.6% on fears of rising U.S. production.
Coming up shortly, Donald Trump is apparently going to be signing off on what tariffs are going to be implemented, so it could be a busy session as we find out the details. Be very nimble and expect ongoing reactions from those nations affected throughout the day.
Later on, Friday will be mostly looking to the US Jobs/NFP/Average Hourly Earnings for guidance, although there is plenty to digest ahead of that. First up, the Japanese CPI will be released ahead of the monthly BOJ Meeting, at which no change to Monetary Policy is expected, with all eyes to be on the accompanying Statement. From Europe, the main events will be the German Industrial Production and Current Account, while the January UK Manufacturing/ Industrial Production figures and Goods Trade Balance are also due. The main event though will be the US Jobs data, with the NFP (exp +200K) and the Average Hourly Earnings (exp +0.2%mm, 2.8%yy) being in focus. The headline unemployment figure is expected to improve by 0.1% to 4.0%, while the Average Weekly Hours is expected to blip higher to 34.4 (previous 34.3). Have a good weekend.
|INDICES / COMMODITIES|
|ASX SPI: 5948|