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USD Rolls Off Cycle High Pre-Payrolls

FOREX
  • After holding its ground for much of the early session, the greenback turned lower after the London close, dragging the USD index off the 2021 highs printed earlier in the week. News catalysts were few and far between, with traders focusing on the extended weekend and the looming payrolls release. Nonetheless, equities continued their charge higher, with the S&P 500 breaking above 4,000 to hit new all-time highs.
  • NZD and EUR traded most firmly Thursday, securing the fourth consecutive session of losses for AUD/NZD, which confirms a bearish reversal off the 2021 highs printed on Monday at 1.0947.
  • Focus turns to Friday's payrolls release, which may see a muted response given the sporadic market closures across the US and full market closures across the European continent.
  • Survey stands for the US to have added 650k jobs across March, pressuring the unemployment rate to new post-pandemic lows of 6.0%.
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