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Core Fixed Income Retraces, January NFP In Focus

EMERGING MARKETS
  • Core fixed income, particularly Bunds, is trading lower today following the huge rallies seen in both bunds and gilts yesterday. There have been no real headline drivers to the move, but some retracements given the magnitude of yesterday's moves was to be expected.
  • In similar vein, the Euro is on the front foot early Friday as markets recover their ECB-induced losses posted into the Thursday close. EUR/USD has bounced around 50 pips off the overnight low of 1.0882 as we approach the key Friday data.
  • The January payrolls report is the highlight on the calendar, with markets expecting 189k jobs added over the month of January - although the unemployment rate is seen ticking higher by 0.1ppts to 3.6%. Average hourly earnings will also be noted to gauge the scale or viability of any potential Fed easing into year-end.
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