Market Currents – Don’t Forget Edition

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gfRemember, remember the 5th November, for Guy Fawkes attempted to blow up the UK Houses of Parliament some 410 years ago. Onward to today, and bulls are trying to ignite a rally after prices exploded to the downside yesterday.

Fireworks abound, for not only is it bonfire night, but it is also Nonfarm Friday Eve. Tomorrow we get the latest official monthly jobs report, which will help to endorse or discourage an interest rate hike in the US next month. Hence, as this pushes and prods the US dollar around, it is directing the commodity complex also (case in point: yesterday’s super-charged US dollar sent crude prices spiraling lower).

Things have been quiet in Asia on the economic data front overnight, while there were a few tidbits of note out of Europe. One was Eurozone tales of retail sales, which were down -0.1% in September on the prior month, versus the expectation of a 0.2% rise, while the Bank of England kept interest rates at 0.5% – where they have been since March 2009 (hark, 80 months and counting) amid a dampened inflation outlook.

Brazil’s services PMI showed an ongoing swift pace of contraction, but rebounding from the lows of recent months. Onto the US, and weekly jobless claims rose to a 5-week high of 276,000, not boding all that well for tomorrow’s official monthly unemployment data.

Onto our dearly beloved energy complex, and natural gas is set to reach a record level of storage with today’s report. Consensus is for a