The hay-way in world markets amid uncertain FOMC approach towards monetary policy in its next meet & mixed chances of tapering down talk widely supported the US Dollar Index.
However, the investors are eyeing a significant data release of U.S Non-farm Payroll data which will show a change in the number of employed people during the previous month, i.e. May, excluding the farming industry.
The data is to be released on June 04, 2021, at 6.00 PM IST. The traders remain optimistic with the current forecast outweighing the previous disappointing figure amid progressive roll-out of Covid-19 vaccine doses & improvement in the global recovery.
The U.S report expects a rise in employment figures by 645K & a drop-down in Unemployment Rate to 5.9% from 6.1%. The market sentiments may be boosted considerably higher if data comes out to be positive.
Below is the Graph showing the changes in Employment data since last three months.
Above is the Graph showing the changes in Employment data since the last three months.
For the data release of U.S ADP Non-farm Employment Change on June 3rd, the number of employed people increased by 978K much higher than forecast 645K which may contribute to the 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.
Another way round, if data shows downbeat results, then downside in indices & buying bias in Gold can be noticed.
XFlow Markets is one of the leading brokerage firm in the trading industry with vast number of clientele followers. We are ranked as the top most firm with 9 years of experience along with top-notch trading services. We widely trade in Forex, Indices, and Commodities.
Volatile Commodity Market as Nickel Zooms 60% and Oil Surges to $126 Nickel had pared some gains to trade 66% higher at $80,000 a ton before the suspension. Other metals Continue reading