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London’s traders could be excused for being a little subdued this morning following the excitement generated from ‘Super Thursday’, although the credit for that is owed more to the Ashes than to the Bank of England. Attention has once again turned to the US, with the first Friday of the month bringing the volatility catalyst that is the non-farm payrolls report.
Mining and oil companies must be feeling a little bit of vertigo after spending the last four trading sessions taking turns to dominate the list of equities climbing or falling on the FTSE. Today it is the turn of optimism to dominate traders’ thinking surrounding commodity stocks, and there will be no prizes for guessing what Monday will bring.
Bellway, like all of the UK housebuilders, has been able to impress the markets with some stellar figures, but shares are a touch softer as the first of the voting members of the MPC indicated a rise in interest rates was the way forward.
It is unlikely that today’s NFP figures will be good enough to generate a change in thinking about interest rate rises and bring the perceived September start date forward; however, a particularly bad set of figures still has the ability to push that date a little further down the road.
Without the Greek conundrum to muddy the waters EUR/USD is poised to react solely to today’s data, and as one of the few catalysts around today it will likely get the lion’s share of attention too.