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Session Recap: Majors consolidate ahead of NFP

FXstreet.com (Córdoba) - The US dollar trades a tad weaker on Friday as investors await the US NFP data scheduled for 12:30GMT, with consensus calling for a 145,000 gain in April.

Regarding market's reaction to the employment report outcome, the TD Securities team comments that for risk assets 'bad news is good news' with a disappointing payroll number today likely to boost expectations that the Fed could extend asset purchases, boosting stocks and commodities and undercutting the USD (and vice versa).

EUR/USD managed to trim part of yesterday's losses and climbed back above 1.3100 after Nowotny said markets overinterpreted deposit rate signal. Meanwhile GBP/USD continues to consolidate around 1.5550, while USD/JPY hovers around 98.00. Equity markets are mixed in Europe but commodity prices are slightly firmer.

Main Headlines in Europe (in chronological order):

ECB’s Nowotny: Markets overinterpreted deposit rate signal

Euro rallies as Nowotny tries to play down ECB depo rate comments

Commodities Brief – Precious metals edge higher ahead of Nonfarm Payrolls in US, crude trading at 200-day SMA

UK: PMI Services rises to to 52.9 in April

EMU: Annual PPI grows 0.7% in March

European Commission: EU economy to start recovering in 2H2013

European markets little higher as US NFP demands caution

Euro… after the fallout

Forex: AUD/USD off highs and back to 1.0250

The AUD/USD is erasing its latest attempt of daily gains towards its highs around 1.0275 as the market gets ready for US nonfarm paryolls report that advises caution. The cross is currently just above 1.0250, easing from its highs once again after three other upside attempts being capped there throughout the day.
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Forex: USD/CHF spikes higher to 0.9340

The USD/CHF took a dive early in the European morning from 0.9350 to eventually find a daily low at 0.9314 (previous hourly resistance) as investors went for lunch. At the moment of writing, the pair has just jumped to 0.9340 due to EUR/USD movement. Ahead comes the widely expected US NFP report.
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