Pay Attention To The US Non-Farm Payrolls Today
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.
Positive U.S. economic data, and an improving outlook for the economic recovery from COVID-19 pushed higher US Indices.
Last Wednesday, The ADP report showed U.S. private payrolls increased by 742K jobs last month, which is expected to show another increase of around 800K payrolls in April.
Yesterday, the number of the US initial jobless claims fell to 498,000, the lowest since mid-March 2020 when COVID-19 was declared a pandemic.
US Nonfarm Payrolls are expected to rise 978K in April from 916K. The Unemployment Rate is expected to drop to 5.7% from 6.0%. Average hourly earnings are expected to come out -0.4%, year on a year basis.
In addition to the US Jobs Report, pay attention to Canada Unemployment Rate and Ivey PMI data. The Unemployment Rate is expected to rise to 7.8% in April from 7.5% the previous month data.
EUR/USD: Ahead of US Nonfarm Payrolls, the EURUSD pair is now trading above the 1.2046 main support level. As long as the pair stays above 1.2046, on a daily basis, we will see 1.2093 as a resistance level. On the downside, if the price drops below 1.2046, we will follow the next support level at 1.1944
Support : 1.2046 - 1.1944 - 1.1919
Resistance 1.2093 - 1.2169 - 1.2214
GBP/USD: The British pound stayed strong above 1.3883 main support level after the Bank of England slowed the pace of its trillion-dollar bond-purchasing programme. The decision was largely expected and the BoE stressed it was not reversing its stimulus.
As long as the price trades above 1.3883 on a four-hourly basis, we will see 1.4005 as the resistance level. Otherwise, if the pair drops below 1.3883, we will follow the next support level at 1.3784.
Support: 1.3883 - 1.3784 - 1.3688
Resistance: 1.4005 - 1.4329
USD/JPY: The USDJPY pair is trading above the 109.09 support level. As long as the price stays above 109.09 on a daily basis, we will face 109.39 as the main resistance level. Otherwise, if the price drops below 109.09, we will follow the next support level at 108.79.
Support : 109.09 - 108.79 - 108.52
Resistance: 109.39 - 109.72 - 110.36
GOLD: The Gold Price has extended gains this week. We are closely watching the 1805 main support level. As long as the price stays above 1805, on a daily basis, we will see the daily resistance level at 1829. On the downside, if the price breaks down below 1805, the next support level will be at 1785.
Support: 1805 - 1785 - 1763
Resistance: 1829 - 1854 - 1873
07 May 21 (Fri)
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