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Crude Update

After holding support at the 40 handle at the start of the trading day, Crude plunged through support at level. It has since bounced off that 40 handle (now resistance) twice and is trading just off lows. Currently, Crude is down 5.3% to 39.50.

FX Update

Cable retraced the pre-data rally to trade back in to the 1.5150 area. After the very negative payroll print and subsequent downward revisions there was disappointment that Cable longs were not able to move above Thursday's 1.5372 high. Profit taking has been the overriding theme since, although some of the crosses have also acted as a drag, with GBP/JPY moving under 138.00 and GBP/CHF hitting 1.6830 as equity markets trade in the red. Elsewhere, EUR/GBP moved in towards Thursday's 0.8878 lows and hit intraday lows of 0.8885.

European Midday Update: Poor EZ Data, Eyes Now on US NFP

European shares were flat to lower as dataÂ on the region's biggest economies came in mixed. US shares are poised to open lower after modest gains on Thursday. Non-farm Payrolls data at 1330 GMT will be key to market movements. The FTSE is down 0.5% in midday trade and the DAX is flat. The CAC is down 0.2%. UK and German industrial production data were both very weak and heightened concerns about upcoming GDP readings from the two countries. UK producer price inflation was largely as expected, showing a broad easing of inflationary pressures, and Eurozone retail sales were soft, albeit moderating the pace of annual decline. The euro has softened on currency markets, as poor Eurozone data boost prospects for a cut in ECB interest rates next week. EUR/GBP falling back below theÂ 89 pence handle, a three-week low. EUR/USD is at 1.3675, little changed on the but battered down from session highs due to the poor data. Bonds have remained well-bid with the 10yr Bund yield down 5bps to 3.07%, the 10yr Gilt yield off 6bps to 3.16% and the 10yr T-note yield down 2bps to 2.42%. Oil lost hold of gains amid the poor economic data with WTI off 70 cents at $41.00 and Brent down 45 cents to $44.20.

FX Outlook: NY

Firmer European retail sales data helped EUR/USD rally back over the 1.3730 mark in London morning trade, after the pairing had slipped to 1.3630 in Asia on profit taking related activity. The yen meanwhile, maintained a supportive tone, with the European market favoring low risk strategies ahead of today's US NFP release. USD/JPY fell to six-session lows of 90.52 before regaining the 91 handle. The December US employment report will be Friday's highlight, and following the very weak ADP survey earlier in the week, estimates for NFP losses range anywhere between 450k and 750k. FX market price action over the past couple of days indicated the market is short of dollars going into the jobs report, so a better than expected outcome could initially result in a short squeeze. In addition, as traders look ahead, the prospects of an ECB rate cut next week may put a floor under the dollar into the weekend. The US employment report is due at 8:30 EST, and will be followed by November wholesale data at 10:00 EST.

FX Midday: Europe

The FX majors maintained their recent trading ranges ahead of the US NFP data, although the market continued to experience good price swings as one off order flows and economic data dominated price action. Cable fell sharply to hit 1.5118 lows, but subsequently rebounded after good Swiss selling via EUR/GBP from 0.9040-50 down to 0.8955. Meanwhile, EUR/USD traded on supportive footing around 1.3700 after better than expected Eurozone retail sales, although German November production continued to highlight dire economic conditions and fell 3.1% m/m. JPY traded on a supportive footing, with European equity markets maintaining a heavy tone ahead of the US NFP data. There were reports of Japanese interest to repatriate JPY, which added weight on the JPY crosses and left USD/JPY under 91.00.

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Update: EZ Nov Retail Sales +0.6% m/m

November retail sales rose, thanks to modest gains in both food and non-food stores. Sales were still down 1.5% in annual terms, although this is narrower than the 2.3% annual drop seen in October (revised from a 2.1% decline previously reported). The euro rebounded a touch against the dollar after the data, to trade at $1.3725 from $1.3690 before.

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FX Update: Sterling Extends Losses Post Data

GBP extended losses after weak data, with UK November manufacturing output falling 2.9% m/m and industrial output down 2.3% m/m. Cable hit 1.5118 lows and EUR/GBP extended its recovery to trading up to 0.9047 highs. Trading is reportedly on the thin side and this exacerbated some of the moves seen in to and over the data release. Cable was weighed on earlier amid talk of a Swiss name sell order, while one European house was reportedly turning a short EUR/GBP position after actively selling during the last few trading sessions. Overall, recent ranges remain intact, but good order flows continue to contribute to the wild directionless price swings.