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USD on Front Foot Pre-Payrolls

FOREX
  • The greenback is edging higher early Friday, with EUR/USD and GBP/USD pushing to new weekly lows in an extension of the week's dominant trade. USD strength comes despite 10y yields holding under pressure for much of the past few days, with 10y yield circling the Wednesday lows of 1.4359%.
  • The JPY is similarly firm, with EUR/JPY rejecting yesterday's test of the 132.47 50-dma. A failure to break and close above this mark has prompted a near-term pullback, with 131.28 the first downside target.
  • AUD, NZD are among the session's poorest performers as markets consolidate ahead of the jobs release. Commodity-tied currencies watch the OPEC+ meeting, which unexpectedly extends into another day after the UAE threatened to withdraw support for any agreement.
  • Focus is unsurprisingly on the US jobs report, with markets expecting 720k jobs added, an uptick from May's 559k. Nonetheless, this month's whisper number is a touch higher at 800k.
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