{"id":150977,"date":"2019-07-05T08:10:28","date_gmt":"2019-07-05T12:10:28","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=150977"},"modified":"2019-07-05T10:13:07","modified_gmt":"2019-07-05T14:13:07","slug":"market-braces-for-june-us-jobs-reports","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/market-braces-for-june-us-jobs-reports\/","title":{"rendered":"Market Braces For June US Jobs Reports"},"content":{"rendered":"
July 5, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

NFPs on Watch<\/strong><\/h2>\n

USD has been a little higher today ahead of the US payrolls report.\u00a0The market is looking for 160k on the headline figure, up from the prior month\u2019s 75k along with the unemployment rate to stay unchanged at 3.6%.<\/strong>\u00a0The consensus is also for a small uptick in average hourly earnings to 3.2% from 3.1% prior. USD index trades 96.51 last as price inches its way back towards the 97.10 level.<\/p>\n

Euro Lower on USD Rally<\/strong><\/h2>\n

EURUSD remains under pressure today as the rally in USD weighs on sentiment.<\/strong>\u00a0Eurozone retail sales came in weaker than expected yesterday, once again highlighting the difficulties facing the ECB and likelihood of easing in the coming months.\u00a0EURUSD trades 1.1262 last<\/strong>\u00a0as price slides back towards the 1.1217 level. US employment reports later today could provide the fuel for a sharp drop if we see surprises to the upside.<\/p>\n

Pound Still Down<\/strong><\/h2>\n

GBPUSD trades with a heavy tone this morning following a sharp drop overnight. Price is now sitting back just below the 1.2559 level as the USD rally keeps price pressured.\u00a0GBP remains blighted by Brexit uncertainty and political disruption on the domestic front which are both likely to keep price trading lower in the near term.<\/strong><\/p>\n

SPX500 Ends Near Highs<\/strong><\/h2>\n

Risk assets have traded lower so far today, as a resurgent US dollar takes the shine out of an otherwise solid week.\u00a0SPX500 traded up to fresh all-time highs this week, sitting just off them now at 2990.93 last.\u00a0<\/strong>The prospect of a renewed effort to deliver a\u00a0US\/China trade deal<\/a>\u00a0is keeping price well supported. However, China\u2019s demand that the US must remove all tariffs as a condition for agreeing on a deal is causing some uncertainty, weighing on equity prices here.<\/p>\n

Safe Havens Down Despite Equities Dip<\/strong><\/h2>\n

Safe havens have been softer over the final European session of the week also.\u00a0Despite the moves lower in equities prices, both gold and JPY have been lower today in light of the USD rally<\/strong>. USDJPY trades 108.02 last, with price continuing to recover off the 107.55 level support. XAUUSD trades 1414.38 last as the retracement lower from the 1424.59 level continues.<\/p>

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Crude Capped Despite OPEC Extension<\/strong><\/h2>\n

Oil prices have traded lower today also as the latest bullish report from the EIA has failed to keep price supported. Earlier in the week,\u00a0OPEC announced an extension<\/a>\u00a0to the current production cuts which will continue for a further nine months.<\/strong>\u00a0Despite the news, crude has remained weighed to the downside trading 56.64 last, though still sits above the 55.86 for now.<\/p>\n

Commodity Currencies Weak Into Weekend<\/strong><\/h2>\n

USDCAD has recovered some of its recent losses over the European morning today. However, for now, it remains below the 1.3070 support level.\u00a0Weakness in oil prices, as well as a resurgent US dollar,<\/strong>\u00a0arekeeping USDCAD supported.<\/strong>\u00a0US and Canadian employment reports due later hold the potential to cause late volatility.<\/p>\n

AUDUSD has been a little lower over the European morning on Friday though ends the week above the .70 level, which is an important technical development.\u00a0Despite RBA rate cuts and expectations of further cuts to come, AUD is being supported by hopes around a potential US\/China trade deal.<\/strong><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex NFPs on Watch USD has been a little higher today ahead of the US payrolls report.\u00a0The market is looking for 160k on the headline figure, up from the prior month\u2019s 75k along with the unemployment rate to stay unchanged at 3.6%.\u00a0The consensus is also for a small uptick in average hourly earnings to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-150977","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=150977"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150977\/revisions"}],"predecessor-version":[{"id":150979,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/150977\/revisions\/150979"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=150977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=150977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=150977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}