What drives the market on July 8?
The market takes breath after the long rally. What opportunities do traders have today?
How will the NFP affect the USD?
The Non-Farm Payrolls are out at 15:30 MT time on December 6.
The October Non-Farm payrolls rose by 128K against the expected 89K. That boosted the USD against the related currencies. However, it also marked a decline in the level of employment as the previous indicators were within the range of 165-180K since July this year. Reports say the economic outlook is gradually improving, in line with the US-China slow but steady progress. We will see if that impression is supported by the NFP release this Friday, in line with the average hourly earnings and the unemployment rate. If it is, the USD will rise again.
- If the NFP outperforms the forecasts, the USD will rise;
- If the NFP does not exceed the forecasts, the USD will fall.
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The US labor market is in focus again
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
How to trade on July 7?
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Latest news
Risk-on is back. Market news and trade ideas on July 9
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
GOLD: the era of $1 800
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canadian job data: an attractive release for trading
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.
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