Forex Signals Brief for June 4: US Jobs in Focus
The real story yesterday was the big jump in the USD thanks to a strong jobs result.
US Wrap
The real story yesterday was the big jump in the USD thanks to a strong jobs result.
As the attention turns to today’s non-farm payrolls, yesterday we saw both a better than expected ADP number and also jobless claims dropping under 400K for the first time since beginning of the China virus.
As the economy looks increasingly positive, the upward pressure on the USD would indicate there is some belief the FED could now start to ease off with the money printing at the very least.
The upward surge in the Greenback was bad news for the commodities, which fell away sharply across the board, with similar drops in the majors.
The Data Agenda
All the attention today will be on the latest non-farm payrolls data, with the expectation that 650K new jobs were created, while the jobless should fall to 5.9%.
That said, we were expecting nearly a million jobs last month and everything was looking good, until the final result missed by a massive margin.
Forex Signal Update
The FX Leaders Team had a strong session, closing four winners from four trades.
XRP – Active Signal
XRP has dropped under the $1.00 level but has bounced back after tagging $0.95.
ETH – Active Signal
The ETH price broke nicely to the upside yesterday but has quickly given that back this morning.
Cryptocurrency Update
Bitcoin is once again in focus as an Elon Musk Tweet has quickly dented sentiment. Musk tweeted that he was breaking up with Bitcoin, in a sign that perhaps Tesla is dumping its Bitcoin holdings.
BTC had previously been struggling to get above that $38,000 level, despite looking strong yesterday.
It should be a very interesting 24 hours following his latest Tweet.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals