Markets steady ahead of Friday's jobs data

Markets steady ahead of Friday's jobs data

Financial markets steadied as they await Friday’s US jobs data for August that has the potential to influence Fed members’ and market participants’ expectations for Fed policy tightening. The dollar is slightly lower than yesterday’s close, the antipodes currencies - AUD and NZD - were outperformers. Asian and European equities were mostly in the green, helping US equities open higher. US Treasury 10-Yr yields are fairly steady at 1.29%, with oil and gold prices steady at $69.11 per barrel and $1,812 per oz., respectively.

“Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it.” 

From Ferris Bueller’s Day Off
  • FX Rates
    September 2, 2021

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD

    The US dollar index edged lower overnight: AUD and NZD outperformers; the Swiss franc and Israeli shekel underperformers. Markets await Friday’s jobs data, which may influence the Fed’s decision on tapering this fall.

    GBP

    The pound gained a little overnight amid the broadly weaker dollar. There was no news to influence markets today, but tomorrow’s Purchasing Manager’s (PMI) data for August will be important.

    EUR

    The euro fluctuated in a narrow range overnight, EUR/USD trading between $1.1835-57, but still trending higher for the past two weeks after dropping to a low of $1.1665 mid-August. Eurozone inflation figures were much higher than expected, Producer Price Index for July was 2.3% MoM and 12.1% YoY compared to expectations of 1.8% and 11.1%, respectively.

    CAD

    The Canadian dollar edged higher versus the dollar this morning despite bearish news that Canada’s Building Permits fell by 3.9% versus a gain of 1.5% expected. Also, the country’s international trade surplus shrank by more than expected. Traders look forward to the next Bank of Canada meeting on September 8.

    ASIA/PACIFIC

    The AUD and NZD were the top performers overnight, but gained only 0.35% and 0.34%, respectively.

    The Chinese yuan held steady, as traders await next week’s full docket of economic data releases for China.

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Scott Petruska
WRITTEN BY
Scott Petruska

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