At 7:30 a.m. CST Friday, the U.S. Labor Department will have its monthly update on nonfarm payrolls and the U.S. unemployment rate for December -- two factors that will play an important part in Fed policy. Traders will continue to keep close watch on the latest weather forecasts and any news pertaining to export sales.
Weather
The Pacific Northwest region has been under near-constant bombardment by precipitation over the last couple of weeks. That continues on Friday before a drier trend develops for at least several days. The precipitation has been able to build up snowpack and reduce drought in the region quite significantly. Warmer temperatures are flowing up through the Plains as arctic air continues to shift eastward through the country.