Get Ready For The US Non-Farm Payrolls Today.
Focus on the US Non-Farm Payrolls today! The US Jobs Report will be released at 12:30 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.
Fed Vice Chair Richard Clarida's comments this week that conditions for a rate hike could be met in late 2022 have only served to underscore the focus on jobs.
On Wednesday, US Private payrolls increased by a lower-than-expected last month. The private sector employment rises by 330K in July versus 695K expected.
Yesterday’s data showed that initial jobless claims came out at 385K versus 383K estimate.
US Nonfarm Payrolls are expected to rise 900K in July from 850K in the previous month. The Unemployment Rate is expected to drop to 5.7% from 5.9%. Average hourly earnings are expected to come out 3.9%, year on a year basis.
EURUSD: Ahead of the US Non-Farm Payrolls, the EURUSD pair is now trading above the 1.1819 daily support level. As long as the pair stays above 1.1819 on a daily basis, we will see 1.1867 as a resistance level. On the downside, if the price drops below 1.1819, we will follow the next support level at 1.1744.
Support: 1.1819 - 1.1744 - 1.1658
Resistance : 1.1867 - 1.1919 - 1.1944
GBPUSD: The GBPUSD pair is trading above the main support level of 1.3883. As long as the price trades above 1.3883 on a four-hourly basis, we will see 1.4005 as the resistance level. Otherwise, if the pair drops below 1.3883, we will follow the next support level at 1.3784.
Support: 1.3883 - 1.3784 - 1.3688
Resistance: 1.4005 - 1.4329
USDJPY: The USDJPY pair is now trading the 109.72 main support level. As long as the pair stays above 109.72 on a daily basis, we will watch the resistance level at 110.36. On the other hand, if the price drops below 109.72, the next support level will be placed at 109.39.
Support: 109.72 - 109.39 - 109.09
Resistance: 110.36 - 110.93
GOLD: The Gold price is now trading below the 1805 major resistance level. As long as the price stays below 1805, on a daily basis, we will see 1785 as key support level. Otherwise, if the price rises above 1805, the next daily resistance level can be found at 1829.
Support: 1785 - 1763 - 1745
Resistance: 1805 - 1829 - 1854
06 Aug 21 (Fri)