Wait-And-See Approach Ahead of U.S. Job Report

The market was relatively quiet Wednesday as market participants took a wait-and-see approach ahead of tomorrow’s U.S. jobs report. We could see some bigger moves today as we have ADP employment change (12:15 UTC) and the ISM index (14:00 UTC) scheduled for release, offering a small foretaste of what to expect from Friday’s payrolls. If ISM data disappoints, we could see the U.S. dollar depreciating with traders positioning for weaker job growth.

The British pound found a slightly lower support at 1.4110 rather than 1.4120 but remained overall sideways in short-term time frames. We expect a lower support to come in at around 1.4080 whereas a break below 1.4070 could open the door for larger losses. On the upside, the 1.4340-mark is seen as a next bullish target.

The EUR/USD trades flat. Above 1.2250, the next target is 1.23, whereas below 1.2170, the focus shift towards 1.21.


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