E-mini S&P 500 Finishes Lower in Light Trade; Watch for Weekly Reversal Top
Greenback Down for Week but Jobs Data Offers Ray of Light
November Crude Oil continued to slide lower on Thursday on light volume. Demand for higher risk assets was down contributing to the decline.
The biggest factors driving crude oil prices lower are the slowing economy and oversupply issues.
Technically, the main trend is up on the daily chart unless the last swing bottom at 74.24 is violated.
Traders Hope Bernanke Sheds More Light on Fed’s Next Move
Dollar Mixed on Light Trading Ahead of U.S. Non-Farm Payrolls
The U.S. Dollar is trading mixed overnight ahead of this morning’s Non-Farm Payrolls Report. Demand for risky assets is up overnight putting pressure on lower yielding currencies. Traders are looking for a loss of about 50,000 jobs. This guess is higher than last month’s actual loss of 20,000 jobs. The unemployment rate is expected to rise from 9.7% to 9.8%.
The U.S. Dollar is trading mixed overnight. The Greenback is losing ground against most majors while posting a modest gain versus the Japanese Yen. Although the overnight activity suggests a renewal of interest in higher yielding assets, traders are continuing to keep an eye on the developing global debt situation.