Becalmed FX markets ahead of NFP

EUR/USD, H1

With most of Europe closed for the Easter holiday weekend, forex markets remain becalmed in rather tight ranges ahead of the non-farm payroll data later today at 12:30 GMT. 650,000 new jobs is consensus for the headline with unemployment down to 6.0% from 6.2%, big rises for the hospitality & construction sectors expected, along with a rise in women returning to the work force as the vaccine rollout continues to gain traction.

In FX markets, the USDIndex is currently down at four-day lows around 92.86, today’s pivot point is at 93.02 with s1 and R1 at 92.75 and 93.18 respectively. The EUR holds onto four-day highs at 1.1778, JPY trades round s1 at 110.50, whilst Cable holds over the 1.3800 pivot point at 1.3838, with R1 at 1.3862.  The USDCAD has rallied from S1 at 1.2527 to test today’s pivot point at 1.2562, with the AUD and NZD holding north of 0.7600 and 0.7000 respectively. The USDCHF holds over 0.9400 for a fourth day, but down from yesterday’s high at 9465 to 0.9405.

The largest mover of the major crosses today (at 10:30 GMT) is the CADJPY which is down 0.24% from opening trades which touched R1 at 88.28 to lows under S1 at 87.85. The pair is currently testing back to 88.00. The daily pivot point sits at 88.06, with the H4 20-period moving average at 88.12. The daily pivot point sits at 88.06, with the H1 20-period moving average at 88.12.  In the higher time frame the pair remains well bid in a “consolidating-at-highs” trend ; from a break of the 20-day moving average at the end of January at 81.80, to the current resistance at 88.00.