The volatile Oil prices, deteriorating inflationary concern & global monetary tightening measures made the equity markets very impulsive. The recent FOMC Minutes showed a possible interest rate hike of 75bps in the next meeting. On positive side, the China began easing down of lockdown restrictions in few of its cities which may revive the manufacturing & industrial activities as earlier. The traders will be monitoring an outcome of U.S Non-farm payroll which to be issued on July 08, 6.00pm IST, Friday & will show a change in the number of employed people during the previous month, i.e. June, excluding the farming industry.
The report expects a rise in employment figure by just 260K lower than previous reading of 390K while Unemployment Rate may remain steady.
Below is the Graph showing the changes in Employment data since last three months.
Above graph shows not so major progress in employment sector in last three months.
If NFP data comes out to be stronger, then the possible effect can be – strong US Dollar Index, soft precious metals & stronger global indices. Other way round, if data shows downbeat results, then downside in indices & buying bias in Gold can be noticed.
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