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Dollar keeps steadier so far on the session, payrolls in focus

Dollar keeps steadier so far on the session, payrolls in focus

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAU/USD: Gold still struggling to move higher and remains above 23.6% retracement area.

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US Market View

U.S. stocks are set to open marginally lower Friday, consolidating ahead of the highly-anticipated May official jobs report. The major economies are starting to emerge from the ravages of the Covid-19 pandemic, and one of the consequences has been a surge in the number of merger & acquisition deals.

Euro zone retail sales fell more than expected in April, dragged down by a decline in sales of non-food products, but were still much higher than 12 months earlier when most countries were under strict pandemic lockdowns, data showed on Friday. The European Union's statistics office Eurostat said retail sales in the 19 countries sharing the euro fell 3.1% month-on-month in April but were 23.9% higher than a year earlier.

 China is likely to lean on incremental steps to slow the yuan's gains to deter speculators and help its exporters, shunning drastic measures that could undermine its goal to liberalise the currency and boost the yuan's global clout, policy sources said.

The U.S. labor market appears to be picking up steam with Thursday’s jobless claims and private job gains data coming in ahead of expectations, but now the attention turns to May’s NFP report for confirmation. Expectations at the start of the week were for 650,000 jobs to have been added last month, but after Thursday’s strong numbers these have started to climb.Still, the conditions are conducive for a strong number. The success of the country’s vaccination program has resulted in millions of fully-vaccinated adults eager to resume their lives, fewer pandemic restrictions, reopened schools and offices equipped to welcome back workers.

Crude oil prices pushed higher Friday, continuing the recent rally to multi-year highs amid optimism that global demand for fuel was recovering from the depths of the pandemic. Confidence is flooding into the oil market that demand will surge in the second half of the year as the U.S., China and Europe lead a robust recovery from the pandemic, despite a Covid-19 comeback in parts of Asia.

U.S. crude stockpiles fell more than expected on Thursday in another bullish sign for the market, with data from the U.S. energy information administration  showing a draw of just over 5 million barrels last week, bigger than the expected  2.4-million-barrel draw.

 

 

USA Key Point

  • Eurozone April retail sales -3.1% vs -1.5% m/m expecte
  • UK May construction PMI 64.2 vs 62.0 expecte
  • Germany May construction PMI 44.5 vs 46.2 prio
  • Heads up: Key central bankers to speak later in the da
  • European equities little changed at the open toda
  • US jobs report to prove to be litmus test for the dolla
  • AUD/USD trades with modest gains, upside seems limited ahead of NFP.
  • EUR/USD looks depressed and approaches 1.2100, looks to Lagarde.
  • Silver Price Analysis: XAG/USD consolidates in a range below mid-$27.00s.

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