US benchmarks at record highs ahead of NFP report

By Peter Bukov|

Published: February 05 2021, 11:09 GMT+0

US benchmarks at record highs ahead of NFP report


US indices pushed to new all-time highs today (DOW excluding), and it looks like Friday will be another strong day for equities. 

COVID-19 cases are now declining in some regions, such as the UK and the US, and with the vaccination programs rolling, the pandemic might be over this year. Hopefully. 

Later in the day, the US employment update is due. The NFP number is expected to improve from -140,000 to +50,000, but some economists expect an even more upbeat number as this week’s ADP release beat expectations. 

The unemployment rate is forecast to stay at 6.7%, while yearly wage growth should stay unchanged at 5.1%.

Canadian labor market data will also be released. Thus the USDCAD pair might be the most volatile from the majors. 

In the FX, the greenback eased a bit after its multi-day rally, but the EURUSD pair is still trading below 1.20, and USDJPY settled comfortably above 105.