Keep Your Eye On US Jobs Report Today!

Keep Your Eye On US Jobs Report Today!

Pay attention to the US Non-Farm Payrolls today! The US Jobs Report will be released 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. The US Jobs Report is so important for the upcoming Fed decisions.

Last Wednesday, the Federal Reserve cut interest rates by 25 basis points as expected. The Fed announced it will end the balance sheet reduction program in August, two months earlier. On the other hand, Fed Chairman Powell hinted that more cuts are not guaranteed.

Addition to the rate decision, Private payrolls increased by 156K. The number was an increase from the 112K in June, revised higher from the initially reported 102K.

Big surprise from Trump... Yesterday, US Dollar dropped sharply after President Donald Trump announced a new round of tariff hikes on Chinese imports. He said that Starting Sept 1st US will put an additional tariff of 10% on the remaining 300 billion dollars of goods coming from China into the US. 

US Nonfarm Payrolls is expected to see 160K jobs created after rising 224K the previous month. The Unemployment Rate is expected to stay at 3.7%. Average hourly earnings will also be significant and are expected to be 0.2% the same as the previous month's number of 0.2%. An upbeat employment report will point to an improving US economy and support the greenback.

Technical Analysis:

EUR/USD: The EURUSD pair moved up yesterday after U.S. President Donald Trump said the U.S. would add tariffs on more Chinese goods. 
Ahead of US Non-Farm Payrolls, the daily resistance level of 1.1103 is critical for the direction. As long as the price below 1.1103, on a daily basis, the downward movement is most likely dominate and the main support level will be found at 1.0980. In contrast, If the price rises above 1.1103, we will see the resistance level at 1.1219.
Support:  1.0980 - 1.0837
Resistance:  1.1103 - 1.1219 -  1.1285

GBP/USD: The GBPUSD pair dropped to the lowest level since 2017 with the possibility of Britain leaving the European Union without a deal. In the event that the selling pressure continues, we will follow 1.1979 as a daily support level. In contrast, if the pair shows an upward movement, we will watch 1.2395 as a key resistance level.
Support: 1.1979
Resistance: 1.2395 - 1.2528 - 1.2607

USD/JPY: The yen extended gains versus the greenback after Trump’s surprise Tariff Announcement. We will closely watch the 106.72 daily support level today. As long as the pair stays above 106,72, on a daily basis, the fall may be limited and we will see the daily resistance level at 107.70 again. On the other hand, if the price drops below 106.72, the next support level can be found at 105.18
Support: 106.72 - 105.18
Resistance : 107.70 - 108.49 - 108.95

GOLD: Safe-haven asset, Gold surged sharply yesterday. If the bullish action continues, the major resistance level can be seen in 1451. On the other hand, If the price shows a downward movement, we will see the main support level at 1414.
Support:  1414 - 1391 - 1364 
Resistance: 1451 - 1483

02 Aug 19 (Fri)

07:13 am

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