Market Roundup
•March U.S. unemployment report stronger than expected
•All major S&P 500 sectors advance in broad equity rally
•Crude oil settles at highest levels since October
•Gold hits fresh all-time high
•Canada Mar Part Time Employment Change -1.6K, -29.9K previous
•Canada Mar Full Employment Change -0.7K, 70.6K previous
•US Mar Average Hourly Earnings (MoM) 0.3%, 0.3% forecast,0.1% previous
•US Mar Nonfarm Payrolls 303K, 212K forecast,275K previous
•US Mar Private Nonfarm Payrolls 232K ,160K forecast, 223K previous
•US Mar Manufacturing Payrolls 0K, 5K forecast,-4K previous
•Canada Mar Avg hourly wages Permanent employee 5.0%, 4.9% previous
•US Mar Government Payrolls 71.0K, 52.0K previous
•Canada Mar Unemployment Rate 6.1%,5.9% forecast,5.8% previous
•Canada Mar Participation Rate 65.3%,65.3% previous
•US Mar Average Weekly Hours 34.4, 34.3 forecast,34.3 previous
•US Mar Unemployment Rate 3.8%, 3.9% forecast,3.9% previous
•US MarAverage Hourly Earnings (YoY) (YoY) 4.1%,4.1% forecast,4.3%previous
•Canada Mar Employment Change -2.2K,25.9Kforecast,40.7K previous
•Canada Mar Participation Rate 62.7%, 62.5% previous
•Canada Mar Ivey PMI 57.5, 54.2 forecast,53.9 previous
•Canada Mar Ivey PMI n.s.a 63.0,56.3 previous
Looking Ahead Economic Data(GMT)
•No data Ahead
Looking Ahead Events And Other Releases(GMT)
•No significant events
Currency Summaries
EUR/USD: The euro was little changed against dollar on Friday as investors digested another blowout U.S. jobs report suggesting that Federal Reserve may delay cutting interest rates while it awaits further inflation data. Investors have reeled in expectations of how much the Fed might cut rates this year, with U.S. rate futures now pricing in two cuts in 2024.Nonfarm payrolls increased by 303,000 jobs last month, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday. Data for February was revised slightly lower to show 270,000 jobs added instead of 275,000 as previously reported. The euro was last flat at 1.0837. Immediate resistance can be seen at 1.0847(38.2%fib), an upside break can trigger rise towards 1.0925(38.2%fib).On the downside, immediate support is seen at 1.0819 (9EMA), a break below could take the pair towards 1.0791 (50%fib).
GBP/USD: The pound eased against dollar on Friday after data showed March US payrolls data beat expectations .Fresh data showed much higher-than-expected U.S. nonfarm payrolls for March, potentially delaying anticipated Federal Reserve rate cuts this year. The central bank's policymakers also struck a hawkish chord before and after the data. According to the Bureau of Labor Statistics within the Labor Department, nonfarm payrolls surged by 303,000 jobs, as revealed in the highly anticipated employment report released on Friday. Revised figures for February indicated a slight decrease, with 270,000 jobs added instead of the initially reported 275,000. Economists polled had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000. Sterling eased 0.04% to 1.264. Immediate resistance can be seen at 1.2674(Daily high), an upside break can trigger rise towards 1.2705(23.6%fib).On the downside, immediate support is seen at 1.2607(38.2%fib), a break below could take the pair towards 1.2538(50%fib).
USD/CAD : The Canadian dollar weakened to a four-month low against its U.S. counterpart on Friday before clawing back some losses as investors raised bets the Bank of Canada would begin cutting interest rates in June following weaker-than-expected jobs data.Canada's economy shed 2,200 jobs in March, missing estimates for a gain of 25,000, while the jobless rate increased to a new 26-month high of 6.1%. Investors see a 75% chance the Canadian central bank would begin cutting rates in June, up from 68% before the data.A June start to rate cuts was also the view of the majority of economists in a poll, with the BoC expected to leave rates on hold at a policy decision next Wednesday.The Canadian dollar was trading 0.3% lower at 1.3585 to the U.S. dollar , after touching its weakest since Nov. 27 at 1.3647.Immediate resistance can be seen at 1.3644(38.2%fib), an upside break can trigger rise towards 1.3748 (23.6%fib).On the downside, immediate support is seen at 1.3567 (50%fib), a break below could take the pair towards 1.3541 (Daily low).
USD/JPY: The dollar rose against yen on Friday after data showed U.S. job growth data beat expectations, boosting the U.S. dollar. U.S. Labor Department data showed employers hired far more workers in March than expected and kept steadily lifting wages, suggesting the economy ended the first quarter on solid ground. The data stoked expectations the Fed will likely delay cutting interest rates given that a recession is nowhere in sight. U.S. interest rate futures pared back the odds of a rate cut in June to 54.5% after the release of the jobs report, according to CME Group's FedWatch tool. The dollar index was last up 0.048% at 104.27, after rising to 104.690 It has had a turbulent week.Against the dollar, the Japanese yen weakened 0.14% to 151.540. Strong resistance can be seen at 151.71(23.6%fib), an upside break can trigger rise towards 152.86(Higher BB).On the downside, immediate support is seen at 150.94 (Daily low), a break below could take the pair towards 150.46(38.2%fib).
Equities Recap
An overall market decline dragged Europe's benchmark stock index to a more than two-week low on Friday, following hawkish comments from some Federal Reserve officials, a spike in Middle East tensions and hotter-than-expected U.S. jobs data.
UK's benchmark FTSE 100 closed down by 0.81 percent, Germany's Dax ended down by 1.30 percent, France’s CAC finished the day down by 1.11 percent.
U.S. stocks finished higher on Friday after a strong jobs report reinforced the view that the economy remains healthy even as it suggested the Federal Reserve could delay cutting interest rates.
Dow Jones closed up by 0.80% percent, S&P 500 closed up by 1.11% percent, Nasdaq settled up by 1.24% percent.
Commodities Recap
Gold prices climbed on Friday to hit a fresh record high, as multiple factors including U.S. interest rate cut bets, speculative buying and central bank purchases kept bullion's record rally active despite strong U.S. job growth in March.
Spot gold hit a record high of $2,330.06 an ounce, with U.S. gold futures settling 1.6% higher to $2,345.4.
The Brent and U.S. West Texas Intermediate crude oil benchmarks rose more than $1 a barrel during trade on Friday as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies.
Brent crude settled at $91.17 a barrel, up 52 cents, or 0.57%. U.S. West Texas Intermediate crude finished at $86.91 a barrel, up 32 cents, or 0.37%.
