The US Non-Farm Payrolls; What To Expect
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.
U.S. Republicans and Democrats have so far failed to reach an agreement on the cost of fiscal stimulus measures that many investors say is necessary to prevent the economy from losing more momentum.
This week, the US five-year Treasury yield hit an all-time low, and the benchmark 10-year yield fell to its second-lowest ever, the selling pressure continues in the US Dollar.
Traders are also worried about increasingly frayed Sino-U.S. relations. Safe Havens; Yen and Gold still strong.
Last Wednesday, the ADP report on private payrolls showed only 167K jobs were added last month which is below than expected.
US Nonfarm Payrolls are expected to ease 1.600K from 4.800K. The Unemployment Rate is expected to drop to 10.5% from 11.1%. Average hourly earnings will also be significant and are expected to come out -0.5%.
In addition to US Jobs Report, Canada Ivey PMI and Canada Unemployment Rate will be widely followed by the market.
EUR/USD: Ahead of the US Non-Farm Payrolls, the EURUSD pair is trading above the main support level of 1.1819. As long as the price stays above 1.1819, on a daily basis, the rise may gain more momentum and we will follow 1.2064 as a resistance level. On the downside, if the price drops below 1.1819, we will follow the next support level at 1.1744
Support : 1.1819 - 1.1744 - 1.1658
Resistance : 1.2046 - 1.2214
GBP/USD: The GBPUSD pair is now trading below 1.3136 main resistance level. If the price stays below 1.3136, we will see the support level at 1.3046. On the upside, if the price goes beyond 1.3136, the daily resistance level can be found at 1.3231
Support : 1.3046 - 1.2947 - 1.2838
Resistance: 1.3136 - 1.3231 - 1.3313
USD/JPY: We are closely watching the 105.58 daily resistance level in the USDJPY. If the pair stays below 105.58, on a daily basis, we will follow 105.30 and 105.05 as support levels. Otherwise, if the price rises above 105.58, the next resistance level will be at 105.84
Support: 105.30 - 105.05 - 104.75
Resistance: 105.58 - 105.84 - 106.15
SILVER: The Silver Price skyrocketed this week and moved up above the 27.87 main support level. If the upward movement continues above 27.87, we will see resistance level at 31.35. On the downside, if the price falls below 27.87, the next support level can be seen at 24.39
Support: 27.87 - 24.39 - 21.26
Resistance: 31.35 - 34.48 - 37.58
07 Aug 20 (Fri)
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