Daily Forex Market Preview, 09/04/2018
The U.S. dollar was seen trading mixed on Friday especially after the monthly payrolls report disappointed. Data from the U.S. labor department showed that the U.S. economy added only 103k jobs during the month, missing estimates of 188k for the month.
However, payrolls for February were revised higher to 326k jobs during the month. The average hourly earnings ticked higher to rise 0.3% on the month matching estimates and pushed the annual average earnings to 2.7% in March compared to the year before. The U.S. unemployment rate was unchanged at 4.1%.
Canada also released the payrolls report which showed 32.3k jobs being added in March. Canadian unemployment rate was unchanged at 5.8% as expected.
Elsewhere, the markets were mostly stirred by the threats from President Trump as he announced that the U.S. would impose fresh tariffs on goods imported from China.
Looking ahead, the economic calendar today is relatively quiet. The German trade balance data will be coming out earlier in the day followed by the Eurozone Sentix investor confidence. Later in the day, Canada will be releasing the housing starts figures.
GBPUSD 09-04-2018 Intra-day analysis
GBPUSD (1.4094): The British pound was seen recovering from the losses from earlier in the week. After price action consolidated around the 1.4013 – 1.4000 handle, GBPUSD was seen breaking out to the upside with strong momentum. In the near term, GBPUSD is likely to retest the price level of 1.4162 where resistance could be formed. To the downside, as long as the support level holds, GBPUSD could be seen posting a modest correction.