Global macro overview for 06/08/2018
August 7, 2018 6:21 amVideo
Latest News
- Analysis of GBP/USD pair on May 28, 2024 May 28, 2024
- EUR/USD: What could stop the growth of the euro? A hypothesis May 28, 2024
- Inflation expectations in eurozone downgraded May 28, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 28-30, 2024: sell below $69,000 (21 SMA – 200 EMA) May 28, 2024
- Technical Analysis – EURUSD sets sight on 1.0900 handle May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th (US Session) May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th (US session) May 28, 2024
- GBP/USD: trading plan for the US session on May 28th (analysis of morning deals). The pound hit a new monthly high May 28, 2024
- EUR/USD: trading plan for the US session on May 28th (analysis of morning deals) May 28, 2024
- USD/JPY: trading tips for beginners for European session on May 28 May 28, 2024
- Forex forecast 05/28/2024: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin from Sebastian Seliga May 28, 2024
- EUR/USD. May 28th. The bulls intend to reach the level of 1.1000 May 28, 2024
- Trading plan for EUR/USD on May 28. Simple tips for beginners May 28, 2024
- GBP/USD. May 28th. The pound sees no reason to stop at its current level May 28, 2024
- USD/JPY: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Video market update for May 28, 2024 May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
- Low volatility across the board besides Bitcoin – Volatility Watch May 28, 2024
- Technical Analysis – EURCHF pulls back from 14-month peak May 28, 2024
The US labor market report is close to expectations. The unemployment rate in July fell to 3.9% (as expected), the hourly wage increased by 0.3% m/m and 2.7% y/y, although June data was revised down from 0.2% up to 0.1%. Employment increased by 157,000, which is a disappointment compared to 193,000 expected in the forecast, but the June reading was raised from 213,000 at 248,000, which balances the weaker figure for July.
In the other news, the PMI index for the services sector was in July this year at 56.0, which is a reading of 0.2 pp worse than expected and by 0.5 pp worse than the June result, when the indicator was at 56.5. The negative effect of this publication is also increased by the result of the collective PMI index, which despite the forecasts assuming maintaining its value at 55.9, slipped in July to 55.7. At the beginning of the third quarter, the growth rate of economic activity was only slightly slower than in June. Strong domestic demand contributed to further improvement in the level of orders and a significant increase in wages in July. However, the expectations of enterprises in the entire service economy fell to the lowest level in six months. The respondents pointed to concerns about the increase in costs and friction in trade, as well as difficulties in maintaining the pace of development of new enterprises in the second quarter of 2018.
Overall the data is solid and supports the Fed’s arguments for next hikes in September and December, but in general, the report does not surprise anyone.
Let’s now take a look at the EUR/USD technical picture at the H4 time frame after the PMI Services and NFP-Payrolls data were published. The market has fallen below the technical support at the level of 1.1574 towards the next support at 1.1540. The zone between the levels of 1.1540 – 1.1507 is the key technical support zone and if this one is violated, then the sell-off will accelerate. The neatest technical resistance is seen at the level of 1.1590 and 1.1611. The momentum is negative and still points to the downside in oversold market conditions.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: