NFP

The Market Ahead Of US NFP & Unemployment Rate

Hello Traders,

A short market overview and summary ahead of tomorrow’s US Nonfarm Payrolls and unemployment rate release. The week started with a speech from Fed’s chairman Jerome Powell, stating that monetary policy is expected to ease overtime towards the median range of 3%, however there is no immediate rush to be aggressive on such interest rate cuts as the US Economy continues to maintain a healthy 3% GDP growth and all eyes will be on the Jobs market heading into tomorrow.

From the speech onwards we have seen the US Dollar reacting higher, gaining ground after last week’s choppy and sideways price action. The positives for the USDX continued the day after with positive JOLTs Job openings as well as yesterday’s ADP Nonfarm Employment Change proving further strength to the dollar.

Today’s slightly higher the jobless claims while ISM Non Manufacturing PMI and Prices released quite higher than expected. The current weekly outlook supports further US Dollar strength while tomorrow’s NFP and unemployment will be important for at least the next market reaction ahead of next week’s CPI release.

Apart from the dollar strength within this week, notably US Indices and metals remained choppy and sideways awaiting for tomorrow’s NFP data.

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