Don’t waste your time – keep track of how NFP affects the US dollar!

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US Dollar steady ahead of payrolls later today

US Dollar steady ahead of payrolls later today

Information is not investment advice

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Ichimoku Kinko Hyo

NZD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAU/USD: Gold facing an appreciation before key NFP number that will show the strength of US economic recovery. Gold stands at 23.6% retracement area.

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US Market View

Economic optimism can be premature. Throughout the summer and fall it appeared that the US was on its way. More than half the lockdown job losses had been replaced by October, jobless claims had halved from July and pandemic cases were down everywhere in the country. Viral cases were soaring. California closed its economy. Payrolls had collapsed into losses in December and unemployment claims had climbed more than 200,000 by the first week of January. Nonfarm Payrolls are forecast to add 639,000 jobs in March, the highest total since last October. The unemployment rate is expected to fall to 6% from 6.2% in February. Average Hourly Earnings are predicted to gain 0.2% on the month and 4.5% on the year. Average Weekly Hours should rise 0.1 to 34.7. 

U.S. President Joe Biden's massive infrastructure proposal and the upcoming corporate earnings season could offer investors fresh insight on the sustainability of a rally that has taken stocks to all-time highs.

The S&P500 scaled 4,000 for the first time on Thursday and closed up 1.18% at 4,019.87, extending the benchmark index's gain to nearly 80% from lows in March 2020. The rally has been driven by unprecedented U.S. stimulus measures and expectations that widespread vaccinations against COVID-19 will spur an economic rebound.

 

USA Key Point

  • USD/CAD moves sideways around 1.2550 despite surging crude oil prices.
  • AUD/USD treads water above 0.7600.
  • Cable at crossroads, Nonfarm Payrolls serve as make-or-break moment.

 

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It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

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