Midday Market Update: The week to close with US Jobs Data

The market sentiment was mixed early European session as the focus shifted to the US Jobs data. The dollar index is currently trading at a critical support level ahead of the news and a miss on the data could underpin bearishness on the dollar. US equities closed higher on Thursday as Tech outperformers boosted sentiment. BOE MPC Member Pill is set to speak early New York session.

The EURUSD gave in earlier gains ahead of US Jobs Data. The EURUSD was slightly up by +0.09% after trading above the weekly high at 1.08874 following a rebound from making a fresh yearly low at 1.07798 level. To the upside, the pair is capped by the 1.0900 psychological level.

The GBPNZD is currently flat trading at -0.04% ahead of BoE MPC Member Pill. The Pound remained steady despite BoE leaving rates unchanged on Thursday. The New Zealand dollar gave in its earlier gains against the pound as the commodity-backed currency soared on a commodity rally. On the upside, bulls are capped by the 2.08298 level, which on the downside 2.06402 remains a key level for bears.

The AUDJPY rallied by +0.70% as investors shifted focus to next week’s economic data. Australia is scheduled to release its Trade Balance, Retail Sales, and Interest rate decision for February. The pair recovered to break a 3-day losing streak and key levels to watch out for are 95.509 support and 97.131 level, a key resistance level. A rebound in the commodity markets gave a boost to the commodity-backed currency.

US stock futures were largely flat ahead of the most anticipated US Jobs Data. The US30 was trading flat at -0.01% following a bullish close on Thursday. On the upside, bulls are capped by the 38585.27 level, while on the downside 38110.19 remains a key support. The US100 declined by -0.10% early European session as earnings season continues. Bulls could target the 17671.1 resistance while a hold below that key level could cause a short-term pull-back towards the 17127.2 low. US500 is slightly down by -0.06% after making a fresh all-time high at 4940.9 level after bulls found key support at 4840.9 level.

European Indices were mixed to the close of the week following the BoE policy meeting. The UK100 index edged lower by -0.43% as bulls got rejected at the 7683.7 resistance level, while 7598.8 remains a key support level. CAC40 surged by +0.54% although bulls face a near-term resistance at the 7653.7 level, while a break below 7573.46, could reinforce selling towards the 7488 level. DAX soared by +0.695 as bulls flirted with an all-time high at 16976.42 level and a break above that level could reinforce the bullish outlook key levels to watch out for are 17000 and 17200 levels.

US10-Year Yields were flat at +0.05% as investors eye the US Jobs data following Fed Chair Powell’s comments in forward guidance. He emphasized that future interest rate decisions will be data-dependent. The US10-year yield suffered a 5-day losing streak from a key resistance level at 4.196% and bears are faced by the 3.785% support.