1. USD Poised For Weekly Gains On Upcoming NFP Report
The dollar steadied against its major rivals on Friday, after having retreated from four-month highs on profit-taking. Investors will now be focusing on the upcoming U.S. jobs data (Nonfarm Payroll Report) which is expected to provide the spark for another push higher. It should be noted that the USD has managed to erase all its 2018 losses over the past few weeks on expectations that the Federal Reserve will continue to raise interest rates while other central banks in Europe and Asia continue to put off hiking rates. The dollar rally can be reignited after today’s U.S. Nonfarm Payroll report which if robust enough can encourage the U.S. central bank to raise interest rates three more times this year.*
2. Oil Prices Steady Ahead Of U.S. Decision On Iran
Oil prices held steady in early Friday trading as a U.S. decision on Iran sanctions loomed. WTI Crude Oil (USOIL) slipped less than 0.1% as of 6:45 GMT this morning after shedding earlier gains, amid concern over the prospect of geopolitical risks from possible new U.S. sanctions against Iran. It is worth noting that Iran’s foreign minister stated yesterday that the U.S.’s demands to change Iran’s 2015 nuclear agreement with world powers were unacceptable.**
3. China To Move The Stock Market
The outcome of a visit by U.S. officials to discuss trade with China could have a major effect on stock and index prices today. This morning, Asian stock markets traded lower amid speculation that the trip by four U.S. officials to talk trade in China was going badly, but it reversed on expectations the two sides could issue a joint statement Friday. Developments on the U.S./China trade war are expected to continue to affect the stock market during the European trading session as investor focus will remain heavily on China and the upcoming NFP report.***
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