The global equity markets are bolstering, digital assets are forming higher highs & Gold prices gained momentum despite worsening Covid-19 situation across the world. However, there are multiple factors which contribute this momentum such as growing optimism over economic recovery, accommodative monetary policy by almost all the banks & progressive distribution of Covid-19 vaccine doses.
The firmer greenback & soaring U.S bond yields remains vital as well. The traders & investors will be eyeing upcoming U.S Non-farm Payroll data which is to be issued on 7th May, 2021. The figure shows a change in the number of employed people during the previous month, i.e. April, excluding the farming industry.
The U.S report expects a rise in employment figure by 990K almost same as previous figure & a drop-down in Unemployment Ratex to 5.8% from 6.0%. Easing down of lockdown restrictions resulted into this prediction as it may revive the job opportunities. Bulls may be further extended in indices if results are out as per the expectations.
Below is the Graph showing the changes in Employment data since last three months.
For the data release of U.S ADP Non-farm Employment Change on May 5th, the number of employed people increased by just 742K lower than forecast which may contribute to mixed results of NFP data.
If NFP data comes out to be stronger as expected on Friday, then the possible effect can be – strong US Dollar Index, soft precious metals & stronger global indices. The other way round, if data shows downbeat results, then downside in indices & buying bias in Gold can be noticed with the possible levels above $1800.
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