Watch Out For The US Jobs Report Today
Get ready for 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 Dollar halt its recent slide, but economists warn sentiment remains weak due to concern about the strength of U.S. economic growth and speculation that the Federal Reserve will keep rates low for a very long time.
Last Wednesday, the ADP report on private payrolls showed 428K jobs were added last month which is below than expected.
Yesterday, the US ISM non-manufacturing index slowed to a reading of 56.9 last month, from 58.1 in July, missing forecasts for a reading of 57.
US Nonfarm Payrolls are expected to ease 1.400K in August from 1.763K. The Unemployment Rate is expected to drop to 9.8% from 10.2%. Average hourly earnings will also be significant and are expected to come out 4.5%, year on year basis.
Additionally, we will closely be watching the Ivey PMI and the Unemployment Rate in Canada.
EUR/USD: Keep your eye on the main support level of 1.1819 in the EURUSD pair. As long as the price stays above 1.1819, on a daily basis, we will see 1.2064 as a resistance level. Otherwise, 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 - 1.2391
GBP/USD: The GBPUSD pair is now trading below 1.3313 main resistance level. As long as the price stays below 1.3313, on a daily basis, the main support levels will be found in 1.3231and 1.3136. Otherwise, if the price goes beyond 1.3313, we will see 1.3392 as the next resistance level.
Support: 1.3231 - 1.3136 - 1.3046
Resistance: 1.3313 - 1.3392 - 1.3517
USD/JPY: The USDJPY pair is now trading above the daily level of 106.15. If the price stays above 106.15, we will follow 106.41 and 106.72 as resistance levels. On the other hand, if the price drops below 106.15, the next support level can be seen at 105.84.
Support : 106.15 - 105.84 - 105.58
Resistance : 106.41 - 106.72 - 106.98
SILVER: The Silver Price is moving down below the daily resistance level of 27.87. If the downward movement continues, we will see 24.39 as a support level. Otherwise, if the price rises above 27.87, the next resistance level can be seen at 31.35
Support: 24.39 - 21.26 - 19.55
Resistance: 27.87 - 31.35 - 34.48
04 Sep 20 (Fri)
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