From Marc Chandler at Bannockburn Global Forex:
Overview: The dollar is offered ahead of today's US jobs report, even though expectations are for solid if not spectacular jobs growth of around 185k. The Australian and New Zealand dollars are leading today's move, while the euro approached $1.09, which it has not traded above this week. Sterling neared the lower end of its $1.26-$1.28 trading range yesterday and set a new high for the week today, slightly above $1.2770. Emerging market currencies are mostly firmer as well, with the Turkish lira, South African rand, and a couple central European currencies bucking the move.
Gold is consolidating in a narrow range above $2052 after approaching a one-month high near $2065 yesterday. March WTI fell by a little more than 5% of the past two sessions and has stabilized today after slipping to about $73.65. It is still off 4.5% on the week, which if sustained, would be the largest weekly loss since early October. Chinese stocks swung dramatically today, and despite some reports of offshore buying and the approval of a new games, the CSI 300 settled at new five-year lows. Other large bourses in the region rose, led by South Korea's Kospi. which advanced by almost 3.0%. Europe's Stoxx 600 snapped a six-day advance yesterday but returned to the winning side today. It has recouped yesterday's loss in full and is near its best level since early 2022. US equity indices are trading higher, helped by favorable earnings by Meta and Amazon. Yesterday's US bond rally helped ignite an advance in the Asia Pacific region today, but European benchmark yields are mostly 1-2 bp firmer today, with 10-year Gilt yields rising nearly six basis points. The 10-year US Treasury yield is flattish around 3.88%. Yesterday, the yield, which began the week near 4.14% fell almost [sic] 3.81%, the lowest since late December. ...
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