Market participants see Canada’s labor market strengthening further in April and a positive development may spark a reversal in the USDCAD as it fuels speculation for a rate hike.
DailyFX – Daily Briefings

Market participants see Canada’s labor market strengthening further in April and a positive development may spark a reversal in the USDCAD as it fuels speculation for a rate hike.
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Commodity prices dropped anew as risk aversion gripped financial markets but US economic data on tap ahead may help counter selling pressure.

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The Euro is struggling to hold its ground on Friday as the EU struck a cautious outlook for the region, and the single currency may face additional headwinds in the week ahead as European policy makers struggle to restore investor confidence.

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The British Pound bounced back on Thursday as the Bank of England moved away from its easing cycle and the GBPUSD should continue to mark fresh 2012 highs as market participants start to look for a rate hike.

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A broadly mixed Australian labor market reading and a disappointing Chinese trade report certainly add to concerns about the region’s slowing growth, but with little news out of the Euro-zone, market participants have shed the safe havens, the Japanese Yen and the US Dollar, in favor of the Australian Dollar.

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Commodity prices have room to correct higher as markets digest negative Eurozone news-flow but any recovery in sentiment is likely to be short-lived.

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While our overall outlook continues to favor risk liquidation and broad USD gains, recent price action warns that we could see a bit of a correction…

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The US Dollar and Japanese Yen are aiming higher in European trade, extending Asian-session gains as Eurozone crisis fears continue to dent risk appetite.

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Commodities are under fire once again as Greece-linked risk aversion rages on across financial markets. S&P 500 index futures point to more of the same ahead.

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Australia’s labor market is expected to weaken in April and a dismal print could spark a sharp selloff in the AUDUSD as it raises the scope for another rate cut from the Reserve Bank of Australia.
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No news out of Europe has been bad news, with little resolution in sight for the political impasse currently developing among Greek leaders. A few thousand miles to the west, stress in Spain is adding fuel to the fire, creating the necessary contagion condition for a global flight to safety, mainly into the US Dollar.

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Markets remain under pressure into the early week as political uncertainty in the Eurozone fuels additional risk liquidation. We focus elsewhere on the Euro-Sterling cross rate …

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Currency markets are looking to the ISM Manufacturing gauge and a busy docket of Fed commentary for guidance as the likelihood of QE3 remains in focus.

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Commodities reflect the market-wide focus on Fed QE3 hopes, with the spotlight on US ISM Manufacturing data and a round of Fed commentary officials today.

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Earlier today, the Reserve Bank of Australia surprised market participants by cutting the key interest rate by 50-basis points. In turn, market participants dropped the Australian Dollar to its lowest level since Wednesday. Elsewhere, despite a mostly quite European front, the Swiss Franc has emerged on top.

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The dollar put in for an incredible performance this past week. Though it wasn’t the strongest move we have seen from the benchmark recent months, the Dow Jones FXCM Dollar Index nevertheless put in five consecutive daily advances this past week.

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The calm over the past several weeks warns of rougher waters ahead. We suspect that when things turn, the buck will emerge as the prime beneficiary…

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The Euro is likely to look past German’s jobs report, focusing on revisions of April’s PMI results. The British Pound may weaken further on soft economic data.

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The U.S. dollar struggled to hold its ground on Friday as the Non-Farm Payrolls fell short of market expectations, and the greenback may consolidate going into the following week as the development renews expectations for QE3.

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Commodities fell as Chinese PMI data warned of slowing demand. The ECB interest rate decision as well as a dose of US economic data line up as key catalysts from here.

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While we have seen no clear break of the range that has defined this market from much of 2012, market participants are starting to prepare for a 1.3000 breach…

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Although the European Central Bank is widely expected to maintain its current policy in May, the fresh batch of central bank rhetoric may drag on the Euro should the Governing Council show an increased willingness to expand monetary policy further.
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U.S. Non-Farm Payrolls are anticipated to increase at a faster pace in April and the ongoing improvement in the labor market may instill a bullish outlook for the dollar as it raises the outlook for the world’s largest economy.
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The European Central Bank kept its key interest rate on hold at 1.00 percent and did not signal any new policy measures to support the Euro-zone. Still, even as President Draghi continues to call for more fiscal action, the EURUSD has rallied to its high for the day.

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