It’s Jobs week- by- Michael Oyebamiji
February 29, 2016This week will be a very busy for traders as there are whole lot of economic data coming out this week and most importantly, the Non-Farm payrolls (NFP) data will also be released later on Friday.this will further give more insights into whether Federal Reserve will hike rate in the next FOMC rate decisions meeting in March
Looking at the market overnight across Asia, Market crash continues as China’s stock market closed at -4% while Japanese Nikkei closed -1%. Japanese Yen remains firm; Gold continues to strengthen while Euro is trying to push through the 1.0950 again. Sterling remains under the pressure of “Brexit” as all GBP crosses are pointing down.
Emerging market currencies are a bit strong this morning after the strong sell-off on Friday on the back of strong economic data from the US which further indicates a possible rate hike by the FED later in March.
Major economic news to watch this morning is the Eurozone inflation data. Market is expecting a downward revision from 0.3% from last month to 0.1% for the month of February. This might further put Euro on some downward pressure, but a stronger than expected figure, might see a strong rally on Euro across the board.
