ForexLive European FX news wrap: Dollar steady awaiting jobs data

Headlines:

• What is the distribution of forecasts for the US NFP?
• It’s all about the US jobs report today
• Gold eyes fourth straight day of gains with US jobs report in focus
• Fed’s Musalem pushes caution on further reducing interest rates
• BOJ reportedly still mulling over January monetary policy decision
• China vice finance minister says to expect more proactive fiscal policy this year
• A poor end to the week for Chinese stocks

Markets:

• JPY leads, NZD lags on the day
• European equities mixed; S&P 500 futures down 0.1%
• US 10-year yields up 2.1 bps to 4.701%
• Gold up 0.4% to $2,681.43
• WTI crude up 3.1% to $76.19
• Bitcoin up 3.0% to $94,915

It was a quiet session for the most part as broader markets are gearing up for the US jobs report later today.

The dollar is mostly steadier, keeping lightly changed across the major currencies board. USD/JPY did dip slightly from 158.35 to 157.61 after a report that the BOJ might still possibly consider a January rate hike. But concerns on that were short-lived as USD/JPY rebounded back to just above 158.00 currently.

Besides that, there wasn’t much notable action among major currencies. EUR/USD hugged the 1.0300 mark with large option expiries in play while USD/CHF is up slightly to 0.9140, its highest since May last year.

In other markets, US futures remain more cautious while bond yields are staying underpinned ahead of the key data. In the commodities space, gold continues to stay bullish as well in a push to $2,680 while oil is also rallying and looking poised for a third straight weekly gain.

It’s all on the US non-farm payrolls release now as we look to wrap up the week.

This article was written by Justin Low at www.forexlive.com.