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US jobs back on the radar

Market reports
Thanim Islam
  • USD back in focus with job numbers
  • JPY continues its gains

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Recap

JPY continued to drop over European trading hours yesterday as markets continued to pile onto bets that the BoJ could take hawkish action as early as next week. USD declined over the course of the day ahead of key job numbers today and the EUR had its first positive day in eight.

Today

Market rates

* Daily move - against G10 rates at 7:30am, 08.12.23

** Indicative rates - interbank rates at 7:30am, 08.12.23

Data points

Speeches

None today.

Our thoughts

With JPY taking the headlines yesterday, it will be all about USD today. Looking at the estimates, it looks mixed but as ever what we're looking for is anything in the numbers that is inflationary. Higher hourly earnings combined with more job additions will likely cause markets to ease rate cut expectations next year which in turn will cause USD to continue its gains. Otherwise, we could well see GBPUSD attempt the recent highs.

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