An Important Day For Trading: Focus On The US Non-Farm Payrolls Today.
We are closely watching 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-sector job creation fell well short of expectations at 2.369 million, but the number for May was revised sharply upwards to a net gain of 3.065 million, from an initial estimate that 2.76 million jobs had been lost.
On the other hand, U.S. manufacturing activity rebounded in June, hitting its highest level in more than a year as the broader economy reopened, but rising COVID-19 infections threaten the recovery.
The minutes of the June FOMC meeting reveal that the Fed is leaning toward enhanced forward guidance and away from yield curve control, at least for now.
FOMC Minutes said Negative interest rates not an attractive policy tool. FOMC's Participants agreed that they had experience with asset purchases and forward guidance and that these are effective tools. They leaned toward outcome-based forward guidance and indicated that more guidance would be needed in the coming months, so be ready for it.
US Nonfarm Payrolls are expected to rise 3.074K from 2.509K. The Unemployment Rate is expected to drop to 12.3% from 13.3%. Average hourly earnings will also be significant and are expected to come out -0.6%.
In addition to the US Jobs Report, we will focus on Factory Orders and Initial Jobless Claims in the US.
EUR/USD: The EURUSD pair moved up above the 1.1237 main support level. If the upward movement continues above 1.1237, we will see 1.1307 as a resistance level. On the other hand, if the price drops below 1.1237, we will watch the next support level at 1.1165
Support : 1.1237 - 1.1165 - 1.1114
Resistance : 1.1307 - 1.1365 - 1.1421
GBP/USD: The GBPUSD pair showed an upward movement this week. Now, keep your eye on the key resistance level of 1.2502. As long as the price stays below 1.2502, on a four hourly basis, the rise may be limited and we will see 1.2428 and 1.2364 as support levels. On the other hand, if the pair rises above 1.2502, the next resistance level is holding at 1.2572.
Support: 1.2428 - 1.2364 - 1.2286
Resistance: 1.2502 - 1.2572 - 1.2671
USD/JPY: The USDJPY pair is trading below the 107.52 key resistance level. As long as the price stays below 107.52, on a four hourly basis, we will see 107.22 and 106.98 as support levels. On the other hand, if the pair rises above 1.2502, the next resistance level is holding at 1.2572.
Support : 107.22 - 106.98 - 106.72
Resistance : 107.52 - 107.82 - 108.14
SILVER: Focus on the 18.16 major resistance level in the Silver Price. If the price stays below 18.61, on a four hourly basis, we will see 17.63 as a support level. Otherwise, if the price rises above 18.16, the next resistance level can be seen at 18.61
Support: 18.16 - 17.63 - 17.11
Resistance: 18.61 - 19.04 - 19.55
02 Jul 20 (Thu)
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