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ECB gives muted market leadership as the focus shifts to US Employment data

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We see risks of USDJPY higher, a bullish extension for the S&P 500 and a negative bias for the US 10yr through today’s US Employment data report

 

Thursday’s ECB meeting and announcement had only negligible market impact with the Governing Council leaving rates unchanged.  The focus now quickly shifts across the Atlantic for the US March Employment data, on NFP Friday! According to Bloomberg, the Nonfarm Payrolls M/M change for February (the previous release) was 175,000, with the consensus for the March data at 206,00 and the range 175,000  to 275,000. Equivalent data for the Unemployment Rate are the prior release 6.7 %, consensus at 6.6 % and range 6.6 % to 6.7% for the March data.

 

From a technical analysis standpoint, we see risks of USDJPY higher, a bullish extension for the S&P 500 and a negative tone for the US 10yr through today’s US Employment data report. Click on the following links for a more in depth look at these views, with streaming audio-visual analysis for USDJPY, the S&P500 and US 10yr future.

 

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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