Here are a short wrap of the latest news and the tech analysis of EUR/USD, AUD/USD, and gold.
How will USD react to NFP amid coronavirus?
The US NFP will be reported on Friday, June 5, at 15:30 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
NFP is the essential indicator that depicts the US economic health. It is released shortly after the month ends. It’s a must-see for every trader as most times it has a huge impact on the market. There is a general rule that USD will rise, if NFP is better than expected. Nevertheless, the coronavirus reality breaks all rules. The market doesn’t react now as most expect it. The reason is USD has a safe-haven title and it goes up, when the market sentiment is risk-off. Last time on May 8, non-farm payrolls were better than forecasted, USD movements were mixed as firstly the greenback dropped on a risk-on sentiment after the report, but then climbed the next day. Anyway, the report is more likely to bring fresh volatility in the market and create great trading opportunities.
Catch the impulse after the report and join the market movement.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
Jump in to know the latest market news and trade ideas for today!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.