During the session on Friday, there’s only one announcement that will truly move the markets and that of course is the Nonfarm Payroll Numbers coming out of America. With the jobs number coming out, we anticipate that the market will be very quiet until we get that announcement as per usual. With that being the case, it’s difficult to trade this market in general until after we get above there but if you look you could see a few “no-brainers” out there.
The oil markets look as if there is a bit of support below, so quite frankly we love the idea of buying calls on pullbacks. Ultimately, we think that the consolidation that we have been in for some time should continue, and this job number probably won’t do much to change that at the moment.
The US dollar looks strong, and as a result we feel it’s only a matter of time before he break out to the upside. However, the Federal Reserve has shocked the markets with Janet Yellen suggesting that negative interest-rate could be coming. With that, do not expect an easy move higher, but it does look like that is with the markets anticipating.
On the other hand, the Canadian dollar looks to be on the opposite end of the spectrum as it is starting to see quite a bit of pressure. We are even seen some of the more exotic pair such as the NZD/CAD pair rising, so certainly the US dollar should do fairly well against that particular currency, as well as some of the other major pairs. With this, it looks as if oil itself is in trouble, while the other commodity currencies will be somewhat mixed.
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