Global macro overview for 04/06/2018
June 4, 2018 8:24 amVideo
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- GBP/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- Trading Signals for GBP/USD for April 16-18, 2024: buy above 1.2405 or 1.2450 (21 SMA – 0/8 Murray) April 16, 2024
- EUR/USD: Simple trading tips for novice traders on April 16th (US session) April 16, 2024
- AUD/USD: Australian dollar remains under pressure April 16, 2024
- GBP/USD: trading plan for the US session on April 16th (analysis of morning deals). The pound was quickly bought back around April 16, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 16-18, 2024: buy above $62,500 (4/8 Murray – 21 SMA) April 16, 2024
- Technical Analysis – USDCAD blossoms ahead of central bank speeches April 16, 2024
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
The American economy has created 223,000 new vacancies in May and this is definitely more than the median of forecasts, which was at the level of 190,000. A month ago, the change in employment amounted to 162,000 new jobs, so the data not only beat the expectations, but beat the previous month reading as well. Moreover, the data for April and March were reviewed in total by 15,000 up. The unemployment rate has dropped further, amounting to 3.8% and contrary to the consensus, did not remain at 3.9% and now is on the lowest levels in history. The key variable for the dollar prospects is recently the wage pressure. The payroll growth rate was 0.3% m/m and 2.7%y/y, so this part of the job report did not disappoint as well.
Another pleasant surprise form the US was the publication of ISM index data for the manufacturing sector: readings exceeded expectations of 58.7 (forecast: 58.2) and the most of the sub-components were moving further into expansion territory as well. In the wake of other indicators of the economic climate, the index indicates the good condition of the US economy.
To sum up: every indicator illustrating the condition of the labor market in the US was better than expected, clearing the way for a rate hike from the Federal Reserve at the June meeting despite renewed concerns about the European debt crisis and global trade relations.
Let’s now take a look at the US Dollar Index technical picture at the H4 time frame. The market has almost hit the larger time frame technical resistance zone between the levels of 95.15 – 95.55. Nevertheless, the bulls failed here and broke out of the channel, which was briefly tested from below after a temporary support has been established at the level of 93.71. The market is currently in the middle of the intraday range, but the conditions are oversold, so another possible test of the level of 94.60 might come soon. Otherwise, if the support at the level of 93.71 is violated, then the next technical support is seen at the levels of 93.42, 93.29 and 93.11.
The material has been provided by InstaForex Company – www.instaforex.com
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