Yields Continue to Rise, US NFPs Under the Radar

USD Strengthens as Yields Keep Rising, US Jobs Data in Focus

The US dollar continued trading higher against all but one of the other G10 currencies on Thursday and during the Asian session Friday. It gained the most against NZD, NOK, AUD and CHF, while it was found virtually unchanged versus CAD.

Nasdaq 100 — Technical Outlook

During Tuesday’s trading session, the Nasdaq 100 index reversed to the downside and since then, it’s been drifting lower. The price is now trading below a short-term tentative downside line taken from the high of February 16th. Even if we see a small retracement back up, if the index struggles to break that resistance line, the downside scenario could be more viable. Hence our somewhat negative approach for now.

NZD/USD — Technical Outlook

After reversing to the downside at the end of February, NZD/USD has been sliding, while trading below a short-term tentative downside resistance line taken from the high of February 25th. The pair is also sitting below all of its EMAs on our 4-hour chart, which may support the downside scenario for now. Hence our bearish stance for now.

As for the Rest of Today’s Events

Apart from the US employment report for February, we also get the US and Canadian trade balances for January. The US deficit is forecast to have widened somewhat, while the Canadian one is expected to have narrowed. Canada’s Ivey PMI for February is also coming out but no forecast is available.

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