US Jobless Rate declined to 8.4% in August

US Jobless Rate declined to 8.4% in August

2020-09-09 • Updated

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Ichimoku Kinko Hyo

AUD/JPY: The AUD/JPY pair is now poised to exit the Kumo. Further bearish momentum will confirm the bearish sentiment.

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US Market View

U.S. Jobless Rate declined to 8.4% in August. The S&P 500 was set for a higher open on Friday following a brutal selloff in the previous session as a drop in the unemployment rate offset a slide in technology stocks, while investors remained cautious about a patchy economic recovery.

Nonfarm payrolls increased by 1.37 million jobs last month after advancing 1.73 million in July, the Labor Department’s closely watched employment report showed. The unemployment rate fell to 8.4% from 10.2% in July, steeper than the 9.8% fall that economists polled by Reuters forecast.

Apple Inc (AAPL.O), Microsoft Inc (MSFT.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) and Nvidia Inc (NVDA.O), which bore the brunt of Thursday’s losses, extended declines to between 1% and 4% in premarket trading.

The US Dollar consolidated gains on Friday but was set for its biggest weekly rise in two and a half months as on overnight drop in high flying US tech stocks fuelled a bout of risk aversion in global markets.

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