It is U.S. jobs day and the May Nonfarm Payrolls report is considered the top event risk this week as it could generate big swings for the U.S. dollar. The greenback’s performance was only modestly affected by yesterday’s solid ADP report and a strong ISM manufacturing report, so traders hope for more profitable swings today. The expectation is for 180K jobs to have been added in May and while a rate hike at the Fed’s next meeting on June 13 and 14 is widely expected, investors will read between the lines to assess the economic environment in the U.S. The dollar has been weak throughout the month of May and dollar bulls need a good reason in order to reinvest into the dollar trade.
The first trading day of June has been a challenging one for sterling traders as the cable traded choppily sideways, triggering and eliminating pending orders easily. We hope for more profitable trading opportunities today.
The euro refrained from falling below the 1.12-mark and hold steadily above that threshold. In case of a dip below 1.1190 we will once again shift our focus to the 1.1160-support. Lower barriers are seen at 1.11/1.1080 and 1.10 whereas any upward movements above 1.1265 could be limited to a high of 1.1350.
The Payrolls report is scheduled for release at 12:30 UTC today.
We wish you good trades and a beautiful weekend.
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