The Day Ahead: Top 3 Things To Watch

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by: Investing.com

Here’s a preview of the top 3 things that could rock markets Friday.

It’s 'Jobs Friday'

Nonfarm payrolls data, arguably one of the most important economic events of the month, is expected to show the U.S. economy created 90,000 jobs in September. It is the first time since December 2012 that economists forecast an estimate for job creation below 100,000, amid concerns that Hurricanes Harvey and Irma disrupted labour market activity.

Investors will assess the nonfarm payrolls report for clues about the strength of the economy, which could provide fresh direction for the dollar, U.S. 10-Year, and gold, as labour market conditions are one the measures the Federal Reserve considers in its monetary policy decisions.

At its September policy meeting, the Fed signalled that the majority of its members supported an additional rate hike this year.

Canada labour market report in focus

Canadian labour market data for the month of September due Friday is expected to come under investor scrutiny amid recent comments from Bank of Canada Governor Poloz, who said the central bank’s approach to monetary policy “will be particularly data dependent.”

Governor Poloz insisted that “there is no predetermined path of interest rates,” curbing investor expectations that the central bank would adopt a faster rate-hike cycle.

USD/CAD traded at $1.2574, up 0.76%.

Baker Hughes rig count

The weekly instalment of drilling activity from Baker Hughes (NYSE:BHGE) on Friday will provide investors with fresh insight into U.S. oil production and demand, after the number of active drilling rigs has increased 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.

Crude oil prices settled 1.6% higher at $50.79 on Thursday amid expectations that the output-cut agreement deal could be extended beyond the March 2018 deadline.

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