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.

Trade Safe!

Janne Muta
Chief Market Analyst
TIOmarkets.com

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