Afternoon Market Update – 06/01/2017 – by Jaz Singh
January 6, 2017The dollar is stabilizing this morning after 2 days of losses. In anticipation of NFPs later today, we’ve seen the dollar index snap back from the $101.50 level after losing over 1 percent yesterday. We see the yuan and British pound declining most against the dollar, by 0.6 and 0.4 percent respectively. After a weak start to the year strong NFP data could give the dollar the impetus to reach its post-election highs once again. The picture from the equity space is mixed this morning with the Stoxx Europe 60 declining some 0.4 percent, while US equity futures remain flat. After a 3 day rally gaining over 3 percent, gold has retreated slightly during the morning session. Elsewhere in the commodity complex we see crude oil up slightly; WTI has gained some 80 cents today, trading at $54.75. With NFPs the highlight at 13:30 GMT, take note that Canadian unemployment data shall be hitting wires at the same time.
