Focus on US Non-Farm Payrolls today! The US Jobs Report will be released at 13:30 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.
In the US, Democrats won effective control of the Senate this week, giving President-elect Joe Biden scope to push through more spending, which might be negative for bonds and the dollar.
Yesterday, as jobless claims saw a smaller increase on the week than anticipated, clocking in at 781K rather than 800K this encouraged hopes of stabilization within the US labour market.
US Nonfarm Payrolls are expected to ease 100K in December from 245K. The Unemployment Rate is expected to rise to 6.8% from 6.7%. Average hourly earnings are expected to come out 4.4%, year on year basis.
In addition to the US Jobs Report, pay attention to Canada Unemployment Rate. The Unemployment Rate is expected to rise to 8.6% in December from 8.5%
EUR/USD: Ahead of the US Nonfarm Payrolls data, the EURUSD pair is trading above the 1.2214 main support level. As long as the pair stays above 1.2214, on a daily basis, we will follow 1.2391 and 1.2536 as resistance levels. Otherwise, if the price falls below 1.2214, we will see the next support level at 1.2046.
Support : 1.2214 - 1.2046 - 1.1819
Resistance : 1.2391 - 1.2536
GBP/USD: The GBPUSD pair showed a downward movement below the 1.3599 main resistance level. If the pair stays below 1.3599 on a daily basis, the downward movement may continue and we will see the support levels at 1.3517 and 1.3392. On the other hand, If the pair rises above 1.3599, the next resistance level is holding at 1.3688
Support: 1.3517 - 1.3392 - 1.3313
Resistance: 1.3599 - 1.3688 - 1.3784
EUR/JPY: The EURJPY pair showed an upward movement and reached the 127.52 daily resistance level. If the pair stays below 127.52, on a daily basis, the rise may pause and we will see the support level at 126.69. On the other hand, If the pair rises above 127.52, the next resistance level is holding at 128.39
Support: 126.69 - 125.85 - 125.07
Resistance: 127.52 - 128.39 - 129.33
GOLD: Keep your eye on the 1904 main support level in the Gold Price. As long as the price stays above 1904, on a four hourly basis, the downward movement may be limited, we will see the daily resistance level at 1932 again. On the downside, if the price breaks down below 1904, the next support level will be at 1873.
Support: 1904 - 1873 - 1854
Resistance: 1932 - 1964 - 1995
08 Jan 21 (Fri)
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