Forex Today: Risk-on drives Asia, Focus shifts to US NFP

Risk-on sentiment was the underlying theme in Asia, with the Asian stocks joining the global rally, in the wake of recent series of upbeat US economic releases, which pose upside risks to NFP. Safe-havens such as the yen, gold etc. took a beating amid rising demand for risky assets such as equities. As a result, the Antipodeans staged a solid comeback, despite tumbling copper and oil prices. Meanwhile, the US dollar entered a phase of consolidation against its main peer, having traded largely subdued almost throughout the Asian session.

Heading into Europe, the immediate focus remains on the UK construction PMI release due from the UK, while the main market moving event for today remains the US non-farm payrolls data due later in the NA session, alongside the trade figures from both the North American economies.

Main topics in Asia

BOJ’s JGB holdings see slowest y/y rise since April 2015 – RTRS

Reuters out with a piece on BOJ’s JGB bond holdings, highlighting the following…

Trump Administration asks US Supreme Court to reinstate the travel ban - CNN

CNN reporting latest update on the travel ban imposed by the US President Trumpon six Islamic countries, cites that the Trump administration Thursday night asked the Supreme Court to reinstate its travel ban.

Nikkei tops 20K for the first time since December 2015

Japan’s Nikkei index rose to 20047, the highest level since December 2015. The stocks are well bid, courtesy of overnight losses in the Japanese Yen and due to the gains on the Wall Street. 

Russia’s Economy Minister: Russia can live forever at $40 oil

Russia’s Economy Minister Maxim Oreshkin told Bloomberg in an interview on the sidelines of the St. Petersburg International Economic Forum on Thursday that Russia is not as dependent on the price of oil as it was five or ten years ago.

Key Focus ahead

GBP/USD Forecast: volatile within a broader trading range as we approach pivotal UK election

Haresh Menghani, Analyst at FXStreet notes, “today's release of UK construction PMI is unlikely to be a game changer, with political headlines being a key driver of investors' sentiment surrounding the major.”

US Non-farm payrolls preview – Goldman Sachs

Economists at Goldman Sachs offers insights on their expectations from the upcoming US payrolls data, which will be reported at 1230GMT today.

EUR/USD - ‘Potential Double Top’ ahead of US Non-farm payrolls release

It’s non-farm Friday again and this time the EUR/USD daily chart boasts of a potential double top pattern, which may come to fruition if the US job growth and wage growth figures better estimates.

US nonfarm payrolls likely rose 170,000 in May – Danske Bank

The research team at Danske Bank suggests that today, the US jobs report for May is due, one of the last important data releases ahead of the Fed's meeting later this month and forecasts nonfarm payrolls rose 170,000 in May.

Bitcoin poised to end higher for 7th straight week