S&P trades near breakout level, USD gains on wage growth acceleration

The week that is coming to an end was marked by declines on many equity markets around the World. Severe sell-off was especially visible in Europe and Japan. While in the US the pullback was not as intense the S&P 500 moved lower to trade in the vicinity of breakout level around 2880 pts at press time.

The major market event of the day (and also of the week) - the NFP report publication - can be named as upbeat. The wage growth finally accelerate what may exert some inflationary pressure and thus justify more hikes from Fed. The Canadian peer report released simultaneously saw significant drop in the total employment. However, it was mostly fuelled by the part time jobs. The full-time employment change actually came in better-than-expected. Nevertheless, the data mix pushed USDCAD currency pair higher.

Elsewhere, oil keeps moving lower despite upbeat inventory readings this week. This may reflect investors’ concerns over escalation of the Trade War between China and the US. Keep in mind that the deadline for discussion over possible tariffs on $200 billion worth of China goods is already behind us therefore Trump may impose duties at any moment.

Turkish lira continues its recovery ahead of the CBRT meeting next week. Market consensus suggests that the Turkish central bank may raise interest rates by 325 bp from 17.75% to 21% (one week repo rate). Apart from that, ECB and BoE will announce their decision next week. All three central banks will meet on Thursday. SEK is outperforming other G10 currencies while AUD is the weakest in the basket.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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