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Dollar Slips With NFP Front & Centre

FOREX

Thursday's risk aversion petered out as participants were preparing for the release of U.S. labour market data. The report will receive close scrutiny amid attempts to forecast the trajectory of policy tightening by the Federal Reserve, following this week's hawkish repricing on that front.

  • The DXY slipped in Asia-Pac trade, indicating the dissipation of broader demand for the greenback. This helped drag USD/CNH lower, even as the ongoing outbreak of Covid-19 in several location across China continued to stoke concerns.
  • NOK and CAD held firm, even as their commodity-tied peers AUD and NZD lost their initial appeal. The yen remained the worst G10 performer, albeit USD/JPY gave up almost all of its early gains.
  • While U.S. NFP report provides the sole focal point today, flash EZ CPI, German industrial output and Canadian jobs data are also due. The central bank speaker slate features Fed's Daly & Bostic as well as BoE's Mann.
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