<p>The AUD is the strongest and the USD is the weakest as the North American session begins. In the US, the Bureau of Labor Statistics will release their monthly jobs report (Canada will also release their monthly employment data). The expectations are for</p><ul><li>Nonfarm payroll: 205K vs. 263K last month</li><li>Unemployment rate 3.5%</li><li>Avg hourly wages 0.3% vs. 0.3% last month. Year on year 4.7% vs. 5.0%</li><li>Average workweek 34.5 hours unchanged from the previous week</li><li>participation rate last month came in at 62.3 percent</li></ul><p>The leisure and hospitality sector is still 1.1M behind the pre-pandemic level which may be an influence in a rise. Meanwhile the tech sector has announced that about 1/3 of the job announced cuts. Do we see a shift in this months numbers within the details that shows shifting winds. </p><p>US stocks are higher ahead of the report. The major indices are down 4 consecutive days. US yields are trading higher. European stock indices and yields are also higher.</p><p>In Europe this morning, German factory orders plunged -4% vs. -0.5% expected. Ouch. However services PMI although below the 50 level were higher than expectations and higher than last month at 48.6 vs. 48.2.</p><p>The Canada jobs report is expected to show an employment change of a 11.0 K vs. 21.1 K last month. The unemployment rate is expected to rise to 5.3% from 5.2%. Last month full-time employment gain 5.7K while part time employment rose by 15.4K. Average hourly wages came in last month that 5.2% last month</p><p>Looking at other markets ahead of the key jobs reports:</p><ul><li>Spot <a target=“_blank“ href=“https://www.forexlive.com/terms/g/gold/“ target=“_blank“ id=“c0483026-a32e-4e25-8e74-f808d52790c3_1″ class=“terms__main-term“>gold</a> is trading up $22 or 1.35% at $1651.20.</li><li>Spot <a target=“_blank“ href=“https://www.forexlive.com/terms/s/silver/“ target=“_blank“ id=“f3f46493-8e6f-475a-a7ba-a6c320e4d51c_1″ class=“terms__secondary-term“>silver</a> is up $0.44 or 2.3% at $19.89</li><li>crude oil is trading up sharply by $3.10 and $91.27</li><li>bitcoin is trading higher $20,576</li></ul><p>In the market for US stocks, the major indices are trading higher after 4 straight days of declines:</p><ul><li>Dow industrial average is up 157 points after yesterdays -146.51 point decline</li><li>S&P index is up 25.5 points after yesterdays -39.80 point decline</li><li>NASDAQ index is up 76 points after yesterdays -181.86 point decline</li></ul><p>In the European equity markets, the major indices are higher:</p><ul><li>German DAX +1.86%</li><li>France’s CAC up 2.4%</li><li>UK’s FTSE 100 up 1.44%</li><li>Spain’s Ibex up 0.46%</li><li>Italy’s FTSE MIB up 0.92%</li></ul><p>In the US debt market, prices remain pressured/yields are higher after the FOMC rate decision this week and the comments from Fed’s Powell:</p><p>In the European debt market, the benchmark 10 year yields are higher across the board:</p>

This article was written by Greg Michalowski at forexlive.com.