Watch Out For The US Jobs Report Today

Watch Out For The US Jobs Report Today

Will The US Non-Farm Payrolls Show The Negative Impact Of The Coronavirus?

Focus on 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. The US Non-Farm Payrolls may give the market the grim picture of a coronavirus-hit economy.

The U.S. private sector shed a record 20.23 million jobs in April as measures to contain the coronavirus pandemic continued to devastate the country's economy.

Additionally, the number of Americans applying for initial unemployment benefits totaled 3.17 million last week.

U.S President Donald Trump pushes the view that they need to get the economy going. Investors and market participants weighed plans for the reopening of the economy.

Traders rushed to the security of the world's most liquid currency as the coronavirus pandemic caused massive disruptions to global trade. Safe Havens; Yen Gold and US Dollar are still strong.

April's US Nonfarm Payrolls is expected to drop -22.000K. The Unemployment Rate is expected to rise to 16.0% from 4.4%. Average hourly earnings will also be significant and are expected to be 0.4%. This may show the coronavirus negative impact on the American economy.

Moreover, we will focus on Canada Unemployment Rate. The Unemployment Rate is expected to rise to 18.0% in April from 7.8%

Technical Analysis:

EUR/USD: The EURUSD pair showed an upward movement in the Asian Trading Session. As long as the EURUSD pair stays above 1.0806 on a daily basis, we will see 1.0876 as a key resistance level. On the downside, if the pair falls below 1.0806, we will see 1.0728 as the next support level.
Support: 1.0806 - 1.0728 - 1.0623
Resistance: 1.0876 - 1.0930 - 1.0965

GBP/USD: The GBPUSD pair found buyers from 1.2286 and then moved up above the main support level of 1.2364. As long as the pair stays above 1.2364 on a daily basis, the upward movement may continue, we will see 1.2428 and 1.2502 as resistance levels. On the other hand, if the price drops below 1.2364, we will see the next support level at 1.2286 again

Support: 1.2364 - 1.2286 - 1.2205

Resistance : 1.2428 - 1.2502 - 1.2572 

USD/JPY: The USDJPY pair dropped back below the key level of 106.41. If the pair stays below 106.41, on a four hourly basis, we will face support level at 106.15. On the other hand, if the price goes beyond 106.41, the next resistance level can be seen at 106.72.
Support : 106.15 - 105.84 - 105.58
Resistance : 106.41 - 106.72 - 106.98

SILVER: The Silver Price showed an upward movement and it is trading above the 15.16 daily support level. As long as the price stays above that level, on a daily basis, the rise may continue and the main resistance levels can be seen at 15.88 and 16.52. On the downside, if the price drops below 15.16, we will see 14.37 as the next support level.

Support: 15.16 -14.37 - 13.89 

Resistance: 15.88 - 16.52 - 16.80

08 May 20 (Fri)

06:41 am

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