Forex Market Update: AUD, EUR and GBP Pare Gains Ahead of Non-Farm Payrolls

The dollar gained some ground back in the Asian trading session, after the sell-off NY but the move was seen as position-adjustment ahead of the all-important U.S. non-farm payroll data. Fundamentals still have to be eyed as a factor that helped weigh on GBP, AUD and EUR however, with more job cuts announced in the UK, weaker commodity prices weighing on AUD, and the latest round of European data seen highly negative for the EUR. EUR-USD has already slipped off NY highs near 1.3800 to open in Asia at 1.3700, taking out stops under 1.3650 on the fall to 1.3633. GBP-USD held under 1.5200 much of the session after dropping below that level in early dealings. AUD-USD fell from early Tokyo levels of 0.7122 down to lows of 0.7056 before bouncing. Asia stocks were mixed with S. Korea and Tokyo stocks falling but Australian stocks higher. U.S. treasury yields were little changed ahead of the jobs data. Oil and gold were higher during Asian trading with oil correcting higher after three days of losses. Median expectations for the jobs data are now for a -550K fall, widening from -500K earlier in the week on the ADP data with forecasts as deep as a -700K decline. NY traders say that they are hearing expectations by traders of -580K to -590K