Frank Walbaum
FX Strategies.Asia
Important news for the day
Fri, 05th 14:30 CET CA employment rate.
Fri, 05th, 14:30 CET US Nonfarm Payrolls.
UK election
As previously expected the Labour party won the election with a landslide success. This would also add a major parliamentary majority as votes are still being counted. It seems that 410 out of the 650 seats will go to them, which marks the biggest victory since Tony Blair took government in 1997. Meanwhile the Pound has not responded much but is holding up gains for now. The results had also previously anticipated and did not come as a surprise. However, the FTSE 100 index is showing solid gains and was rising off the technical support zone at 8.200.
Market talk
Heading into the NFP report today the Dollar continues losing steam today. After the public holiday in the US, where trading has been muted, we might now get further moves with the result of the payrolls report. Weakness in the Greenback might hence continue. Numbers will be expected lower, compared to the previous release. Elsewhere Gold and Silver continue their way to the upside and oil prices remain steady before the weekend. The losses in cryptos continue with currently no end in sight.
Tendencies in the markets
Equities positive, USD weak, BTC / ETH weak, oil sideways, metals positive, JPY stronger.
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Editors’ Picks
EUR/USD holds higher ground above 1.0800 ahead of US payrolls
EUR/USD is holding higher ground above 1.0800 in the European session on Friday. The pair extends its week-long winning streak amid a broad US Dollar weakness and an upbeat market mood. The further upside hinges on the US Nonfarm Payrolls data release.
GBP/USD rises toward 1.2800 after a landslide Labour victory
GBP/USD extends gains toward 1.2800 in the European session on Friday. The Pound Sterling is underpinned by the landslide Labour Party victory in the UK general election while the US Dollar awaits the Nonfarm Payrolls data for fresh directives.
Gold continues positive run as investors foresee lower interest rates
Gold rises on Friday, continuing its run of positive days as investors become increasingly optimistic the Fed will lower interest rates sooner than previously thought, and the US Dollar softens, adding a lift to Gold which is predominantly bought and sold in Dollars.
Bitcoin falls below $56,000 level
BTC breached the weekly support level of $58,375 on Thursday; as of Friday, it is trading 2.8% lower at $55,314. ETH and XRP have dropped below crucial support thresholds.
Nonfarm Payrolls forecast to grow by 190K in June as Fed ponders rate-cut timing
With US Federal Reserve Chairman Jerome Powell’s Sintra appearance out of the way, all eyes now remain on top-tier Nonfarm Payrolls data for June, due on Friday at 12:30 GMT.