Daily Market News: February 7, 2014
February 7, 2014 9:40 amVideo
Latest News
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- GBP/USD: trading plan for the US session on April 12th (analysis of morning deals). The pound followed the euro April 12, 2024
- EUR/USD: trading plan for the US session on April 12th (analysis of morning deals). The euro continues to fall April 12, 2024
- EUR/USD and GBP/USD: Technical analysis on April 12 April 12, 2024
- EUR/USD: Dovish signals from the ECB and rising PPI April 12, 2024
- EUR/USD. April 12th. ECB meeting: confidence in rate cut increased in June April 12, 2024
- GBP/USD. April 12th. British economy continues to stagnate April 12, 2024
- Analysis and trading tips for EUR/USD on April 12 (US session) April 12, 2024
- Analysis and trading tips for USD/JPY on April 12 (US session) April 12, 2024
- Analysis and trading tips for GBP/USD on April 12 (US session) April 12, 2024
- Weekly Forex Outlook: 12/04/2024 – More inflation data on the way as rate cut bets in disarray April 12, 2024
- Technical Analysis – GBPUSD ticks down to new 5-month low April 12, 2024
- Bitcoin holds above $70,000 as halving event looms – Crypto News April 12, 2024
- Week Ahead – More inflation data on the way as rate cut bets thrown into disarray April 12, 2024
- Bitcoin will thrive during supply crisis April 12, 2024
- Technical Analysis – EURUSD plummets after US CPI and ECB decision April 12, 2024
February 7, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD, CAD, Gold
Today we will have the Nonfarm Payroll report coming from the US. Last month we saw that 74,000 jobs were created during the month of December which was far below the expected 196,000. This was the weakest month for job growth since January 2011. Some analysts have attributed the low figure to the bad weather across the state, however, data points throughout this week have also been disappointing including the ADP Nonfarm Employment change and ISM Manufacturing Index. Since the figures suggest that the economic recovery in the U.S. isn’t as strong as many believed, the U.S. dollar could be very sensitive to the data. US stocks shot up yesterday after Initial Jobless Claims came out better than expected fueling hopes that today’s report could point to economic improvement. At the close of U.S. trading, the Dow Jones Industrial Average had gained 1.22% and the S&P 500 index had gained 1.24%. Asian stocks also rose as they reopened following the New Year. They finished broadly higher today; The Nikkei was up 2.17% while Hong Kong’s Hang Seng was up 1%. The ECB decided to maintain their interest rate at 0.25% yesterday. Draghi also stated that he doesn’t see a threat of deflation sending stocks higher. However, today they are declining in cautious trade ahead of the economic data later in the day. The US NFP report and Unemployment Rate will be released at 1.30 pm (GMT) and traders should watch these closely.
Crude oil saw come gains this week due to continuous bad weather boosting demand for heating fuel and a decline in inventories. The price is now falling as investors are waiting to see the result of the NFP labor market report to gauge the strength of demand in the US economy. Gold has also gained following weaker data points from the US. The price rose today as physical demand picked up when the Asian market reopened from its week long New Year break. The price will most likely range before the upcoming jobs report so traders should await the data before placing positions.
Today’s Main Events:
09.30 GMT: GBP – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities
09.30 GMT: GBP – Manufacturing Production – measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.
09.30 GMT: GBP – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
13.30 GMT: CAD – Employment Change – Employment Change measures the change in the number of people employed. Job creation is an important indicator of consumer spending.
13.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry.
13.30 GMT: USD – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
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