Inflation Is in Focus Again
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Nonfarm Payrolls is in Focus Today
US labor market review
ISM Manufacturing PMI dropped to 46.9 points. Let us remind you, guys, that if PMI is below 50 points, the production is shrinking. The important level is usually considered to be at 43 points. If ISM is below 43 – the economy is in recession.
According to the Institute for Supply Management (ISM), the activity in Employment is growing. The Employment index in May became 51.4. This may be a positive signal for today’s unemployment data release.
US Initial Jobless Claims for the previous week published better than expected and became 232K. But the number is still higher than in the previous week. The 4-week average jobless claims is decreasing – a good sign for the labor market.
Challenger Job Cuts jumped in May to 80.089K compared with 66.995K in April.
ADP Nonfarm Employment Change in May increased by 278K. Unfortunately, ADP Nonfarm and official Nonfarm numbers sometimes don’t correlate, so we can’t use the ADP data for NFP prediction.
The situation in Europe and gold prices
Today's unemployment rate is expected to be 3.5% vs. 3.4% in the previous month. We assume that the fact may be better. Consequently, the US dollar may rise. What do you think of that, guys?
The EU CPI was released at 6.1%. ECB’s Christine Lagarde: Inflation is still very high, we need to keep raising the rate. EURUSD jumped by almost 0.7% yesterday.
Gold broke $1975 up. The long-term trend is still bullish. The nearest resistance is at $1990.
Similar
GBPUSD May Strengthen Resulting the Fed and The BOE Meetings
In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
Four Banks Fight Against Inflation
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Latest news
Bearish Signal For The USD
XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!
Current Risks for Developed Economies
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
News for The Week
US stock markets started falling, while the US dollar is rising. What to expect from
