Forex Signals Brief for Jul 2: US Non-Farm Payrolls Ahead
US Wrap
Markets continued their upward momentum yesterday as the focus now turns to the all-important non-farm payrolls data.
We did see a stronger than expected jobless claim number that fell sharply under the 400K mark and that helped stoke the USD. The Greenback broke to the upside as we had been suggesting was on the cards. Of course, a strong jobs outlook fuels the fire for a rate rise.
Equities keep on grinding higher and a strong result tonight out of the US could make for a solid rally into the 4th of July weekend.
The Data Agenda
As suggested, the main focus is clearly on the latest US jobs data. At this stage, we are looking at 700K new jobs created last month and a slight drop in the jobless rate.
That said, we have seen some bad misses over the past few months, even when indicators such as the ADP number, have said otherwise.
Clearly, there is some downside risk today should we see another bad number.
Forex Signal Update
The FX Leaders Team have seven signals open, and we didn’t close anything out yesterday.
XRP – Active Signal
XRP has been grinding its way ower along with Bitcoin over the past 24 hours but there hasn’t been much damage done just yet.
EUR/USD – Active Signal
The EUR/USD has pulled under the 1.1850 level and is on the verge of another push lower.
Cryptocurrency Update
BTC was soft yesterday as the $35,000 level remains a tough resistance level to crack.
There is a lot of focus at the moment on the various stable coins and just how much backing they truly have. Noise is growing by the day and they clearly represent a big downside risk to not only the cryptos but most of the major exchanges.