Spreadex Market Update
Nonfarm payrolls projected to increase 226,000
Asian markets advanced overnight following a bullish session in the US, paring weekly declines, after a drop in American jobless claims bolstered optimism in the world’s largest economy. European futures are indicating another positive open, ahead of the highly anticipated Non-Farm employment change. Nonfarm payrolls in the US are projected to increase 226,000 in today’s October update from the Labour Department. The monthly prediction reflects a slight deceleration in growth vs. the 236,000 gain seen in September.
The euro was under heavy selling pressure yesterday after it had emerged the European Central Bank vowed to increase stimulus efforts if needed. This comes one week after the Bank of Japan decided to boost their already unprecedented easing. During the ECB process, Mario Draghi stated the Governing Council “is unanimous in its commitment to using additional unconventional instruments within its mandate.” Overnight the Euro slightly recouped some of its steep losses to trade at 1.2389.
Brent crude lined up for a seventh weekly drop after the Organization of Petroleum Exporting Countries predicated it will need to supply less crude following the US shale boom. Both Brent and WTI Crude traded slightly lower over night at 77.80 and 8250 respectively.
With the dollar heading for the biggest weekly advance in more than 12 months, sending Gold and Silver tumbling to the lowest level in more than four years. Despite this, having touched $1,132 an ounce during early hours trading, Gold jumped $10 to trade at $1,142.
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