Investing.com – Here’s a preview of the top 3 things to look out for in tomorrow's session
It’s 'Jobs Friday'
Non-farm payrolls, arguably one of the most important economic events of the month, will help investors assess the strength of the U.S. economy, and provide the dollar, U.S. 10-Year, and gold with fresh direction, as labor market conditions are one the measures the Federal Reserve considers in its monetary policy decisions.
Analysts forecast that the U.S. economy created about 180,000 jobs in July while the unemployment rate is expected remain steady at 4.3%.
Ahead of Friday’s non-farm payrolls report, investor sentiment remains bullish, after private sector payrolls, widely viewed as a precursor to non-farm payrolls, showed an uptick in private sector job creation, suggesting a strengthening labor market.
European macro data to revive the euro rally?
Following its surge above $1.20 earlier this week, the euro has failed to add to gains against the dollar despite better-than-expected inflation data Thursday raising expectations that the European Central Bank will announce plans at its autumn meeting to taper its bond-buying programme.
Investor expectations of ECB monetary policy tightening could yet improve should data indicate that French and German manufacturing activity continued to strengthen in August.
EUR/USD traded at $1.1903, up 0.17%.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand, after the number of active drilling rigs has slowed in recent weeks.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
At Thursday’s settlement price, crude futures posted a nearly 6% loss in August and remained on track to settle in negative for the week amid the havoc wrought by Tropical Storm Harvey.