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  • Writer's pictureMike Paterson

US NFP data looming

Friday 10 March 2023

Some good two-way business for the Greenback with USDJPY in focus overnight as the BOJ, with Kuroda bowing out, made no policy changes and we've seen some USDJPY demand only to retreat again, albeit with some JPY supply notable. Ueda now officially has the Parliamentary approval to take over.

US NFP jobs/wages data at 13.30 GMT is eagerly awaited for further FOMC clues. Could it be the 11th straight gain ? We'll find out soon enough. Meanwhile expect the cautious USD tones to continue until the algos do their work later. UK GDP data was better than generally expected which this morning has helped to underpin the GBP recovery we've seen in the past 24 hours.

Equities in retreat again amid the ongoing fickle market sentiment and FOMC hiking expectations while WTI capped into $78.00 and fallen to test $75.00 so far as risk tones remain soft. Gold has found support at $1825 now and test $1835-40 as the tight ranges continue amid the global uncertainty. Ukraine/Russia war continues to be the main geo-political elephant in the room with Russia upping its shelling game still. US/China tensions in the mix too.

Remember, focus on the price action and let the algos do the heavy lifting/dropping. The important thing is to identify your preferred risk/reward entry/exit levels prior and be poised to execute.

GBPUSD: Capping into 1.1965 so far after the hold of 1.1900-20 yesterday and again in Asia amid some USD supply returning and generally perkier GBP tones. EURGBP: Capped into 0.8900 then 0.8880 this time as some GBP demand returns but support/bids building 0.8850-60. Expect some more two-way trading as core pairs fluctuate. GBPJPY: A support line now at 162.00 but sellers prevailing into 163.50 as the uncertainty/fickle sentiment continues and JPY makes its mind up post-BOJ.

EURUSD: Holding 1.0550-60 now amid some USD supply returning but capping into 1.0610 since. USDJPY: A good hold of 135.80 prior to the BOJ-led spike to 137.00 and now holding 136.00-20 again in the retreat.

More detailed update from

Interbank rates: 08.43 GMT

GBPUSD 1.1951

EURUSD 1.0596

EURGBP 0.8866

GBPEUR 1.1276

USDJPY 136.41

GBPJPY 163.00

GBPCAD 1.6565

GBPCHF 1.1130

GBPZAR 22.0640

GBPHKD 9.3246

EURCHF 0.9858

EURHKD 8.2695

AUDUSD 0.6585

NZDUSD 0.6115

USDCAD 1.3847

USDCHF 0.9301

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