Dollar mixed against majors before NFP Today
Gold prices hit the highest levels of the session in North American trade on Thursday after data showed that U.S. private employers added fewer jobs than expected last month, backing bets of a slower pace of interest rate hikes from the Federal Reserve
U.S. private employers added 158,000 jobs in June, well below economists’ expectations, a report by a payrolls processor ADP showed on Thursday. Economists had expected the ADP nonfarm payrolls report to show a gain of 185,000 jobs.
The ADP figures come ahead of the U.S. Labor Department’s more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment.
The dollar was mixed against its major peers as investors assessed the Federal Reserve Policy stance and lingering political geopolitical tension concerning North Korea. Treasuries dropped following moves in European Bonds.
EURUSD – European Bonds were the main catalyst behind the move in the EUR and the letter by ECB’s Villeroy to the French President explaining that the ECB’s Current Monetary Policy Stance is not eternal. The EUR rose and now is close to the first resistance of 1.1390.
GBPUSD – The pound rose significantly during the day, reaching a low of 1.2920 before paring most of the gains that it did. The pair has dropped back towards the 1.2940s which have been a point of consolidation for the pair.
USDJPY – A very tight consolidation on the pair, as every rise has been met by a drop as pair seems to be a very tough one to understand the movement that it is experiencing.
USDCAD – More downward pressure on the pair, but that seems to be floored by the 1.2930s which have held the pair from any further drops. As long as the pair does not break above the 1.3030, the downward pressure is said to continue.
AUDUSD – Bullish pressure on the pair could still be intact in the long term as long as the pair manages to stay above the 0.7550 which is considered an inflection point that changes the bullish to bearish.
Dow Jones – After consolidation, the index seemed to have enough of the highs as it dropped lower trading below the 21,400 and 21,350 both being important supports for the index. The 21,335 is what is holding the pair at the moment as a break or rebound will dictate the movement ahead of ADP.
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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.
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