What Should We Expect From Today's Non-Farm Payrolls?

What Should We Expect From Today's Non-Farm Payrolls?

Watch out for the US Non-Farm Payrolls today. It will be announced at 12:30 p.m. (GMT).

Why Is This Important?

The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction and goods companies. It does not include farming industry employment. 

Last Wednesday,  the US ADP Nonfarm Employment Change showed that the private sector added the fewest jobs in any month since 2010. The 27,000 jobs created in May were well below estimates. The ADP figures are ahead of the more comprehensive Today’s government payrolls report

US Nonfarm Payrolls is expected to see 185K jobs created after rising 263K the previous month. The Unemployment Rate is expected to stay at 3.6% that is its lowest level since December 1969. Average hourly earnings will also be significant and are expected to be 0.3 higher than the previous month's number of 0.2% An upbeat employment report will point to an improving US Economy and support the greenback.
We will also focus on Canada Unemployment Rate today. It is expected to stay at 5.7% in May

Technical Analysis

EUR/USD: The Euro was higher versus the US Dollar after yesterday’s the European Central Bank Rate Decision. ECB expected rates to hold at current levels through at least first-half 2020. Some analysts had expected the central bank to have been more dovish than yesterday decision.

Ahead of US Non-Farm Payrolls, focus on the 1.1285 key resistance level. In order for the rise to gain more momentum, it needs to break out and sustains above 1.1285 on a four hourly basis. At this point, the next resistance level can be found at 1.1355. Otherwise, the daily support level will be placed at 1.1219.

Support:  1.1219 - 1.1103 - 1.0980

Resistance: 1.1285 - 1.1355 - 1.1450

GBP/USD: UK Prime Minister Theresa May will be stepping down from her post today. All eyes will be on the race for her position and we will watch the competition closely and monitoring each candidate’s performance.

The GBPUSD is trading above the daily support level of 1.2668. As long as the pair stays above 1.2668 on a daily basis, we will see the key resistance levels at 1.2723 and 1.2807. On the other hand, if the pair breaks down below 1.2668, the next support level can be found at 1.2607.

Support:  1.2668 - 1.2607 - 1.2528 

Resistance: 1.2723 - 1.2807 - 1.2871

USD/JPY: The key resistance level of 108.49 is critical for the USDJPY pair. As long as the pair stays below 108.49, on a daily basis, the selling pressure may continue and we will face support level at 107.70. On the other hand, if the price goes beyond 108.49, the next resistance level can be found at 108.95.

Support: 107.70 - 106.72

Resistance: 108.49 - 108.95 - 109.57

GOLD: We will pay attention to developments around Washington's trade negotiations with both China and Mexico. Yesterday, US President Donald Trump said he would make a decision on Chinese tariffs after the G20 summit.

Focus on the 1338 daily resistance level in the precious metal price. In order for the upward movement to gain more momentum, it needs to break out and sustains above 1338 on a daily basis. Should this occur, we will see the next resistance level at 1351. Otherwise, the rise may be limited and the support levels will be at 1327 and 1316.

Support : 1327 - 1316 - 1305

Resistance : 1338 - 1351 - 1364

07 Jun 19 (Fri)

08:07 am

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