We’re about to see Uncle Sam’s non-farm payrolls for the month of June!
Will the closely-watched launch drag EUR/USD to parity at present?
Earlier than transferring on, ICYMI, yesterday’s watchlist checked out USD/JPY’s consolidation forward of the U.S. NFP launch. Remember to try if it’s nonetheless a sound play!
And now for the headlines that rocked the markets within the final buying and selling classes:
Recent Market Headlines & Financial Information:
ECB: ‘gradualism’ doesn’t imply fee strikes shall be small or gradual
Excessive oil costs helped enhance Canada’s commerce surplus from 2.2B CAD to five.3B CAD in Could
GBP bounces on Boris Johnson resignation plan
U.S. preliminary jobless claims soar over 200,000 for eighth straight week
U.S. commerce deficit shrinks by 1.3% with exports at file excessive in Could
Canada’s IVEY PMI slows from 72.0 to a four-month low of 62.2 in June
EIA: refineries’ output reduce, SPR launch push U.S. crude stockpiles to 8-week highs final week
Bloomberg: China considers $220 billion stimulus with unprecedented bond gross sales
Japan’s family spending dips for a 3rd consecutive month in Could as chip scarcity hits automobile gross sales
Former Japanese PM Shinzo Abe shot whereas delivering speech
Asian shares rise forward of U.S. payrolls however Abe capturing jolts sentiment
EU’s financial forecasts due at present
ECB President Lagarde to present a speech in France at 11:55 am GMT
U.S. NFP stories at 12:30 pm GMT
Canada’s labor market information at 12:30 pm GMT
Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s value motion! 🔥 🗺️
What to Watch: EUR/USD
In a number of hours, the U.S. will print its labor market information for the month of June.
Analysts see the headline non-farm payrolls (NFP) to return in at 275K, whereas the unemployment fee, common hourly earnings, and labor drive participation fee are seen sustaining their 3.6%, 0.3%, and 62.3% Could figures respectively.
Will the report drag EUR/USD to parity at present?
EUR/USD is buying and selling inside a falling wedge sample on the 1-hour timeframe. Extra importantly, the pair is approaching the sample’s make-or-break ranges.
Weaker-than-expected NFP numbers or hints that the labor market is cooling down may encourage merchants to cost in a much less aggressive tightening plan from the Fed.
Merchants may unwind their pro-USD trades and push EUR/USD nearer to the 1.0300 ranges close to the 100 SMA.
If Uncle Sam reveals a tighter labor market, although, then the Fed could have another reason to stay to its aggressive rate of interest hikes.
Market playas may stick with a pro-USD, anti-risk theme and drag EUR/USD to the massive 1.0000.
What do you suppose? Will we see EUR/USD at 1.0000 earlier than the week ends?