June’s highly anticipated Nonfarm Payrolls report – due on July 2 and ahead of a long weekend (4th July holiday) – could provide other currencies an opportunity to bring the greenback back to the ground.
The OPEC+ disagreement pushes oil prices higher while cryptocurrencies are losing ground. Concerns about the Delta variant persist.
Markets are relatively stable in typical pre-Nonfarm Payrolls trade. The dollar is holding onto most of its gains across the board, while benchmark 10-year Treasury yields hover above 1.46%.
Investors expect an increase of 690,000 jobs in June, above May’s 559,000. While ADP’s labour figures beat estimates, the employment component of the ISM Manufacturing Purchasing Managers’ Index dipped below 50, reflecting contraction.
USD/CAD is on a bullish consolidation pattern ahead of the highly anticipated NFP data. USD/CAD price movements will largely depend on the highly anticipated NFP data later in the day. Better-than-expected numbers may push the pair to last week’s high of 1.2487 and beyond at 1.2500.
The Delta variant of coronavirus continues spreading, potentially pushing cases up in Europe after a long decline in infections. Doubts about the ability of British tourists to travel to the continent persists. EUR/USD is trading below 1.1850, and GBP/USD at around 1.3750, both near the lowest levels since April.
Something to bear in mind with your trading today – There has been a tendency in 2021 by the dollar to show an asymmetrical reaction to payrolls, so that a miss generated more dollar downside compared to the upside generated by a stronger-than-expected release.
If you have any questions or require any assistance, please contact one of our support team members via our Live Chat or email [email protected].
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