The U.S. non-farm payrolls report is one of the most important data scheduled for release later today. The consensus is for an increase of 3 million non-farm payroll jobs, and for the unemployment rate to decrease to 12.3%. NFP measures employment levels in the United States that does not include farm workers, private household employees, or non-profits. In last month US NFP rise by 2.54 million rather than losing 8 million, the Unemployment rate fell to 13.3% from 14.7%, much better than -19.8% predictions. Unemployment in May dropped to 13.3%, down from April’s 14.7% print.
Asian markets climbed higher on Thursday boosted by news about positive results of the COVID-19 vaccine from Pfizer and BioNTech. The Japanese Nikkei 225 benchmark rose 0.65%, Australia’s S&P ASX 200 index has climbed 1.49% and Hong Kong’s Hang Seng Index has advanced 1.59%.
Crude oil prices rose trading steady on Thursday after EIA data reported the largest weekly decline in US crude inventories in six months.
The US dollar is trading bearish against the major currencies and slipped to fresh week low after hitting a two-week high on Tuesday and the US dollar further direction will depend on NFP figures which will release later today.
Gold price slips lower on Wednesday, easing from a near eight-year peak hit in the last session, as solid U.S. economic data and positive results from a coronavirus vaccine trial.
On the data front, on Wednesday, The ISM manufacturing report showed that economic activity in the manufacturing sector grew in June, June’s PMI registered 52.6, rising 9.5 percentage points from May’s reading of 43.1 and firmly overthrowing consensus at 49.5. While private-sector employment increased by 2,369,000 jobs in June, according to the ADP National Employment Report.
Moving ahead today, the important events to watch:
US employment report - 12.30 GMT
US weekly jobless claims - 12.30 GMT
The number of people infected with the coronavirus across the world rose towards 10.7 million, of which around 516 thousand have died. With more than 52,000 new COVID-19 cases in the United States alone in the past 24 hours, according to a Johns Hopkins University tally. Brazil has overtaken the United States as the country with the highest Covid-19 death tool, recording nearly 800,000 deaths.
XAU/USD: The yellow metal trading steady above $1770 on Thursday after it dropped to $1760 during the previous session.
The important levels to watch for today: Support- 1760 and 1753 Resistance- 1778 and 1792.
GBP/USD: The British Pound was among the best-performer currency pair during this week and the pair trading above steady above 1.2500 during the European session.
The important levels to watch for today: Support- 1.2490 and 1.2430 Resistance- 1.2540 and 1.2600.
Quote of the day: Sometimes by losing a battle you find a new way to win the war- Donald Trump.
Read more- https://gulfbrokers.com/en/daily-market-report-118