The dollar enters its jobs day in an inferior position, suffering from the worrying services sector report. However, this sweep is far from balanced: the Aussie has good reasons to rise and could extend the gains on a poor report while the pound’s rise seems unjustified and it could fall back to the abyss on a strong report. Expectations stand on 190K jobs gained and wages rising 0.2% m/m and 2.5% y/y. Will we get jobs and wages going in different directions or will we get a clearer picture? This also impacts the positioning of EUR/USD towards the ECB meeting.
Wrap up of the morning show:
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