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MW: Wall Street gets the jitters ahead of key jobs data
 
U.S. stock futures inched higher in nervous trade on Friday, with all eyes on the highly anticipated jobs report, which could prompt the Federal Reserve to delay its next rate hike.

Futures for the Dow Jones Industrial Average YMH6, +0.07% gained 45 points, or 0.3%, to 16,373, while the S&P 500 index ESH6, +0.04% climbed 5.20 points, or 0.3%, to 1,913. Futures for the Nasdaq 100 index NQH6, +0.08% added 14.50 points, or 0.3%, to 4,170.25.

The benchmarks were supported by a rise in the oil prices, which largely have dictated the direction of U.S. stock markets lately. Crude oil CLH6, +0.88% was up 1.7% at 32.37 a barrel, trimming its weekly loss to 4%.

NFP watch: Despite oil’s support, U.S. stock futures were wobbling ahead of the release of the nonfarm payrolls report, due at 8:30 a.m. Eastern Time. The monthly data set is seen as one of the most important economic updates, as indicates the strength of the labor market and helps the Fed determine whether the economy is strong enough to cope with an interest rate increase.

Economists polled by MarketWatch expect 180,000 jobs were added last month, down from 292,000 in December. Read: Why a January jobs slowdown may not be a bad sign

“It is hard to overstate just how important today’s January payrolls report is, with markets having re-priced Fed rate prospects to the extent that a March hike now has only a 10% probability attached and a single hike by year-end is less than 50% discounted,” said Adam Cole, head of G-10 FX strategy at RBC Capital Markets, in a note.

“Expectations for today’s headline release have not changed significantly after the ADP report and non-manufacturing ISM, despite the latter pointing to a much weaker report,” he added.

A disappointing reading on the services sector on Wednesday was seen as putting Fed rate increases on hold, which spurred a selloff in the dollar. The ICE dollar index DXY, +0.09% on Thursday fell to its lowest close since October, but recovered slightly on Friday ahead of the jobs data.

“If NFP exceeds expectations today then [U.S. dollar] bulls may be provided a lifeline, as investors renew bets on the likelihood of U.S. rates being hiked in 2016,” said FXTM research analyst Lukman Otunuga in a note.

U.S. stocks managed to eke out a small gain on Thursday, after tracking fluctuations in crude oil prices throughout much of the day. The S&P 500 index SPX, +0.15% closed up 0.2%, while the Dow Jones Industrial Average DJIA, +0.49% added 0.5%.

Among other data releases out on Friday, the trade deficit for December comes out at 8:30 a.m. Eastern, followed by consumer credit numbers for the same month at 3 p.m. Eastern.
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