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Session Recap: Majors take a breather ahead of NFP

FXStreet (Córdoba) - The European session brought some calm to the FX market as investors remain sidelined, digesting ECB moves and awaiting the US nonfarm payrolls report.

EUR/USD has recovered only modestly after yesterday’s selloff as investors refrain from taking big positions ahead of the nonfarm payrolls. EUR/USD climbed to the 1.2960 from a 14-month low of 1.2919 . GBP/USD also edged a tad higher, regaining the 1.6300 level to trade flat at the 1.6315 zone. USD/JPY pulled back after hitting its highest level since October 2008 at 105.70.

European economic data had virtually no impact on currencies as all eyes are now poised on US jobs report. However, following Thursday’s ECB surprise and given that the strength of the US economy has been largely priced in, data could take a back seat this month.

Consensus look for a strong labour market performance: a 209K gain in payrolls and the unemployment rate to fall to 6.1%.

Main Headlines in Europe:

Germany Industrial Production n.s.a. w.d.a. (YoY) rose from previous -0.5% to 2.5% in July

All eyes on US Non farm Payrolls – Danske Bank

What lies ahead of the EUR/USD? – Scotiabank and OCBC Bank

Gold recovers from fresh 3-month lows

EMU: GDP up 0.7% in Q2, as expected

European stocks edge lower after ECB shock, NFP eyed

Moodys’s will review Portugal today – Danske Bank

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