The big surprise indicated by the ADP payrolls data didn’t materialise. The number of new jobs for May was confirmed at 559K (vs +675K expected). This rallied the risky assets and helped the major counterparts rally against the dollar. Stocks rally as investors believe this eases the pressure on the Fed to start tapering. The unemployment rate dropped to 5.8% from 6.1%. The drop in the unemployment rate would be welcomed news if it wasn’t because of decreasing labour force participation. At the time of writing this, AUD and NZD together with CHF have had the biggest positive reactions against the USD. JPY has been a laggard among the major currencies. The price of gold is reacting positively to the numbers and continues bouncing higher from the support area we identified in yesterday’s analysis video.
Chief Market Analyst
Open a VIP Black account now at www.TIOmarkets.com. We want you to be able to exploit trading opportunities in financial markets with 0 commission and tight spreads. Take advantage of the best trading account in the industry: Tiomarkets VIP Black. For more details on this truly exceptional offering see here. For more analysis and commentary, visit our YouTube channel where you can find market commentary videos to support your learning and growth as a trader.
DISCLAIMER TIOmarkets offers exclusively consultancy-free service. The views expressed in this blog are our opinions only and made available purely for educational and marketing purposes and do NOT constitute advice or investment recommendation (and should not be considered as such) and do not in any way constitute an invitation to acquire any financial instrument or product. TIOmarkets and its affiliates and consultants are not liable for any damages that may be caused by individual comments or statements by TIOmarkets analysis and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his/her investment decisions. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with any legal requirements for financial analyzes and must, therefore, be viewed by the reader as marketing information. TIOmarkets prohibits duplication or publication without explicit approval. FX and CFDs are leveraged products. They are not suitable for every investor, as they carry a high risk of losing your capital. Please ensure you fully understand the risks involved. All the prices in this report are CFD prices based on price charts provided by TIOmarkets unless otherwise stated.
Best pair to trade today Best stocks to trade right now Best time to trade Best time to enter a trad