Pay Attention To US Non-Farm Payrolls

Focus on the US Non-Farm Payrolls today! The US Jobs Report will be released at 12:30 p.m. (GMT).

Why Is This Important?

The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction, and goods companies. It does not include farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.

The U.S. dollar rose against the euro this week, helped by upbeat U.S. economic data, and as the common currency remained under pressure following the hottest euro zone inflation on record that raised worries about the region growth outlook.

On the other hand, Expectations started to grow that U.S. inflation showed signs of peaking amid the Federal Reserve aggressive policy tightening, suggesting the U.S. central bank could pause its cycle of interest rate hikes after two more increases in June and July.

On Thursday, the ADP National Employment Report showed U.S. payrolls rising at a slower-than-expected pace last month.

We will closely watch the US Jobs Report today. US Nonfarm Payrolls are expected to rise 320,000 jobs in May, slowing from 428,000 in April. While still firm it would represent the smallest jobs growth in around a year. The Unemployment Rate is expected to moved down to 3.5%.

As long as the EURUSD pair trades above 1.0654, on a four-hourly basis, the main resistance level can be found in 1.0784. On the other hand , if the price drops below 1.0654, the support level can be seen at 1.0576.

Support: 1.0654 - 1.0576 - 1.0496

Resistance: 1.0784

GBP/USD: As long as the GBPUSD pair stays above 1.2574, on a four hourly basis, we will see the key resistance level at 1.2710. Otherwise, if the price moves down below 1.2574, the next level will be at 1.2380.

Support: 1.2574 - 1.2380

Resistance: 1.2710 - 1.2823

EUR/GBP: Focus on the 0.8535 main support level in the EURGBP pair. As long as the pair stays above 0.8535 on a daily basis, we will see the resistance levels at 0.8626 and 0.8664. On the other hand, if the price drops below 0.8535, the next support level will be at 0.8488.

Support:  0.8535 - 0.8488

Resistance: 0.8626 - 0.8664 - 0.8703

GOLD: As long as the GOLD price stays above 1854 on a four-hourly basis, we will see the resistance level at 1873. On the downside, if the price breaks down below 1854, the next support level will be at 1829

Support: 1854 - 1829 - 1805

Resistance: 1873

03 Jun 22 (Fri)

03:37 am