Get Ready For The US Non-Farm Payrolls Today

Get Ready For The US Non-Farm Payrolls Today

All eyes will be 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.

This week's data showed US private payrolls fell by 2.76 million jobs in May, confounding economists' expectations for a drop of 9 million. The number of Americans applying for initial unemployment benefits totaled 1.88 million in the week ending May 30.

Euro showed the longest rally since 2011 versus the US Dollar. The greenback’s decline is one sign that risk appetite is rising. 

The Euro hit its highest level in nearly three months against the dollar after the ECB Rate Decision. The European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25%, and -0.50%, respectively, as expected. 

More importantly, the ECB announced that it expanded its Pandemic Emergency Purchase Programme (PEPP) by €600 billion to €1,350 billion.

May's US Nonfarm Payrolls are expected to drop -8.250K. The Unemployment Rate is expected to rise to 19.7% from 14.7%. Average hourly earnings will also be significant and are expected to ease to 1.0% from 4.7%. This may show the coronavirus negative impact on the American economy.

In addition to the US Jobs Report, pay attention to Canada Unemployment Rate. The Unemployment Rate is expected to rise to 15.0% in May from 13.0%

Technical Analysis: 

EUR/USD: The EURUSD pair found buyers below the 1.1114 main support level and then reached the 1.1365 major level. In order for the rise to continue, it needs to stay above 1.1365 on a four hourly basis. At this point, we will see 1.1421 as the next resistance level. Otherwise, we might see some pullbacks and we will follow the support level at 1.1307.
Support: 1.1307 - 1.1237 - 1.1165

Resistance: 1.1365 - 1.1421 - 1.1507

GBP/USD: The GBPUSD pair showed an upward movement and it is now trading below the 1.2671 major resistance level. As long as the price stays below 1.2671, on a four hourly basis, the rise may pause and we will follow 1.2572 as a support level. On the other hand, if the pair goes beyond 1.2671, the next resistance level is holding at 1.2768.
Support : 1.2572 - 1.2502 - 1.2428

Resistance: 1.2671 - 1.2768 - 1.2838

USD/JPY:  The USDJPY pair is now trading below the 109.39 major resistance level. As long as the pair stays below 109.39 on a daily basis, we will watch the support level at 109.09. On the other hand, if the price goes beyond 109.39, the next resistance level will be placed at 109.72.

Support: 109.09 - 108.79 - 108.52

Resistance: 109.39 - 109.72 - 110.36

SILVER: The Silver Price is currently trading above the daily support level of 17.63.  As long as the price stays above 17.63, on a daily basis, the bullish action may continue and we will see resistance levels at 18.16 and 18.61. On the downside, if the price falls below 17.63, the next support level can be seen at 17.11

Support: 17.63 - 17.11 - 16.80

Resistance: 18.16 - 18.61 - 19.04

05 Jun 20 (Fri)

06:44 am

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