Tech struggles as the mood looks a little sluggish in Europe
After record closes in the S&P 500 and Dow last week, futures in both are pointing to slight gains with the latter set to inch closer towards the 35,000 mark. Nasdaq futures are down 0.3% as tech lags behind with yet another rotation play seen ahead

AUD/USD trades to fresh highs of 0.7880, its highest since 26 February
The AUD/USD chart is one that holds some similarity to the at the moment.
GBP/USD chart

Despite all the optimism, it will take some time before UK GDP recovers back to levels seen before the pandemic
For some context, as of February this year, UK GDP is still seen some 7.8% below the levels seen in February 2020 – before the pandemic weighed on the economy.

Does the market really care about one bad miss on payrolls?
As we get into trading today, it is still all about digesting and gauging the reaction to the surprisingly poor US jobs reports on Friday .

BBC reports that SNP and allies will have a majority
Sterling could come under pressure when markets reopen with Scottish pro-independence parties taking a majority. It’s close, but the BBC now forecasts that they have enough votes.

Major indices all close higher
The final closing levels are showing:
For the trading week, the NASDAQ index declined while the Dow and S&P both rose.

Forex news for New York trade on May 7, 2021:
Markets:
The non-farm payrolls report certainly made for an interesting trading day and the repercussions of the shockingly-soft report will continue to reverberate.

Weekly forex futures positioning data from the CFTC for the week ending May 4, 2021
– EUR long 85K vs 81K long last week. Longs increased by 4K
– GBP long 20K vs 29K long last week. Longs trimmed by 9K

New lows vs EUR, GBP, CHF
The USD is moving to new lows vs some of the major currencies. More specifically, the dollar is trading at new lows vs the EUR, GBP and CHF. 

A number of newer issues will be reporting
next week as a number of newer issues reporting. Along with some old standbys including Marriott, Toyota, Wendy’s, Disney, and Honda.