Will U.S Non-Farm Payrolls Deliver for the Majors?
It’s a relatively busy day ahead, with economic data out of the Eurozone including German industrial production and factory order numbers for May.
While we can expect some direction from the numbers, the real focus will be on the U.S nonfarm payroll and wage growth numbers due out later in the day.
The markets had been clinging onto the hope of a quick resolution to the U.S – China trade war and support from the FED.
While talks are due to continue into next week, hopes of a quick resolution have abated, which leaves the FED rate cut the key support. Positive numbers could hurt on the day. Anything north of 150k new jobs added and an upward revision to May figures would be considered a decent set of numbers. Wage growth would need to be in line with focus, however.
Forex today witnessed a quite Asian affair on the final trading day of this week, as a sense of caution prevailed ahead of the highly influential US labor market report.
Key Focus Ahead
Markets gear up for the highly-anticipated US June Non-Farm Payrolls data due to be released later today at 15:30 GMT+3 alongside the US hourly wages and the jobless rate. The US jobs data is crucial to the markets as it is seen as the main determinant for a July Fed rate cut. The headlines numbers are seen higher at 160k vs. 75k booked in May. A disappointing figure would bolster the dovish Fed expectations, as it would suggest that the US labor market is losing steam.
Check with your own eyes what Trading Central (3rd party Registered Investment Adviser) is seeing right now for the USD currency today:
Trading Central –EURUSD: sentiment is a buy to 1.1450 if Above 1.1260
Trading Central –USDJPY : sentiment is a sell to 105.25 if Below 108.70
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