EU FX Handover: NFP eyed

A summary of news and snapshot of moves ahead of the US session.

  • Dollar is trading mixed ahead of the US jobs report, with the USD/CNH rising to breaking out of its tight consolidation. It comes as the PBOC’s current governor said China has ‘lots of policy room if trade war worsens’ and after a former governor said publicly that their currency is no longer forbidden from dropping through Y7.
  • With stocks rising on the back of recent falls in bond yields, owing to signs that central bank policy outlook has taken a decidedly dovish turn, safe havens CHF and JPY were on the back foot, while EUR gave back some gains following yesterday’s rise on the back of a not-so-dovish ECB. The GBP extended recovery ahead of NFP on May’s last day as PM
  • As well as US employment report, the Canadian jobs numbers will be in focus as US traders enter the fray…

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