The markets are swinging amid upcoming U.S Non-farm Payroll data which will show a change in the number of employed people during the previous month, i.e. June, excluding the farming industry; which is to be scheduled on Friday July 02, 2021.
This event overshadowed earlier gains seen in equities & commodities in the midst of global recovery & Fed’s cautious approach towards rate hike. The traders & investors are really optimistic with the employment figures; however, the result is highly uncertain.
The U.S report expects a rise in employment figure by 700K & a drop-down in Unemployment Rate to 5.6% from 5.8% previously. The US Dollar Index may zoom up if results come out positive as expected.
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 June 30th, the number of employed people increased by 692K higher than forecast 555K which may contribute into upbeat 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.
Other way round, if data shows downbeat results, then downside in indices & buying bias in Gold can be noticed.
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