Global macro overview for 05/06/2017
June 5, 2017 9:24 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Global macro overview for 05/06/2017:
The NFP Payrolls data from the US disappointed global investors. Expectations for Friday’s NFP report were set initially at 180k new jobs but were reported at actual 138k jobs. Job gains in March and April were revised down by 66k collectively. The unemployment rate edged down to 4.3% from 4.4% previously and the average hourly earning were reported at the same level of 0.2%. Not good report at all: the NFP score was worse than expected, prior month’s data were revised down, weak reading was logged on wage growth. The only positive data from the lower than expected unemployment rate was because of the fact that the participation rate fell to the lowest level in five months.
In conclusion, the worse-than-expected jobs report could influence a bit the Federal Reserve’s (Fed) plans to tighten monetary policy at the next meeting on June 13-14 with a rate hike already priced in, but the market’s question is whether the central bank may have to consider “even more gradual” removal of accommodative policy. The immediate market reaction might hurt the US Dollar even further, but the overall picture is still more bullish than bearish.
Let’s now take a look at the US Dollar Index technical picture on the H4 time frame. The market has dipped down through the technical support at the level of 96.80, but no follow through has occurred. The next support is seen at the level of 95.91 and the next resistance is seen at the level of 97.20.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: