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Dollar steady awaiting NFP release

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Forex news from the European trading session – 6 August 2021

Headlines:

Markets:

  • CAD leads, EUR lags on the day
  • European equities slightly higher; S&P 500 futures up 0.1%
  • US 10-year yields up 3.8 bps to 1.255%
  • Gold down 0.3% to $1,798.15
  • WTI up 1.4% to $70.08
  • Bitcoin down 0.5% to $40,675
It was a quiet session in European morning trade as it served to be more of a placeholder before we get to the main event later today i.e. US non-farm payrolls.

The dollar kept steadier throughout as major currencies stuck in narrower ranges, though the euro did ease a little on the session.

EUR/USD fell from 1.1825 to 1.1800 with EUR/GBP pushing to fresh lows in four months as the pair carries over the downside momentum below 0.8500 yesterday to 0.8480.

Elsewhere, dollar pairs are relatively little changed with GBP/USD holding just above 1.3900 and USD/JPY hugging levels close to 109.80 for the time being.

AUD/USD is a touch lower as it keeps around 0.7380-90 since Asia Pacific trading.

Equities are more tentative awaiting the jobs report while Treasury yields are keeping a bounce from earlier in the week, with 10-year yields rising nearly 4 bps to above 1.25%.

In the commodities space, gold is languishing just below the $1,800 mark while oil is picking up a bounce in a climb back towards $70, up by 1.4% on the day.



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