Market Roundup
• US June U6 Unemployment Rate 7.4%, 7.4% previous
• Canada June Employment Change -1.4K, 27.3K forecast, 26.7K previous
• US June Average Hourly Earnings (YoY) 3.9%, 3.9% forecast, 4.1% previous
• US June Participation Rate 62.6%, 62.6% forecast, 62.5% previous
• US June Unemployment Rate 4.1%, 4.0% forecast, 4.0% previous
• US June Manufacturing Payrolls -8K, 6K forecast, 8K previous
• US June Average Weekly Hours 34.3, 34.3 forecast, 34.3 previous
• Canada June Unemployment Rate 6.4%, 6.3% forecast, 6.2% previous
• Canada June June Avg Hourly Wages Permanent Employee 5.6%, 5.2% previous
• US June Government Payrolls 70.0K, 43.0K previous
• US June Private Nonfarm Payrolls 136K, 160K forecast, 229K previous
• US June Nonfarm Payrolls 206K, 191K forecast, 272K previous
• US June Average Hourly Earnings (MoM) 0.3%, 0.3% forecast, 0.4% previous
• Canada June Full Employment Change -3.4K, -35.6K previous
• Canada June Part Time Employment Change 1.9K, 62.4K previous
• Canada June Participation Rate 65.3%, 65.4% previous
• Canada June Ivey PMI n.s.a 62.4, 59.1 previous
• Canada June Ivey PMI 62.5, 53.0 forecast, 52.0 previous
• U.S. Baker Hughes Oil Rig Count 479, 479 previous
• U.S. Baker Hughes Total Rig Count 585, 581 previous
Looking Ahead Economic Data(GMT)
•No Data Ahead
Looking Ahead Events And Other Releses(GMT)
•No Events Ahead
Currency Summaries
EUR/USD: The euro strengthened against dollar on Friday after data showed U.S. job growth slowed marginally in June. Data showed U.S. non-farm payrolls grew by 206,000 jobs in June, slightly higher than the 190,000 new jobs estimated by economists polled .Meanwhile, estimated job growth for May was revised down to 218,000 new jobs from 272,000, while April's job growth was revised down to 108,000 new jobs from a previous 165,000. The unemployment rate rose to 4.1%, slightly higher than the estimated 4.0%. The euro was last up 0.23% at $1.0835 and on track for its biggest weekly gain of the year against the dollar .Immediate resistance can be seen at 1.0839 (23.6% fib), an upside break can trigger rise towards 1.0850 (July12th high).On the downside, immediate support is seen at 1.0809(38.2% fib), a break below could take the pair towards 1.0783(50% fib).
GBP/USD: The pound rose against dollar on Friday after the centre-left Labour Party swept to power in the country's election. Britain's centrist Liberal Democrats, right-wing Reform UK, Greens and other smaller parties won more than 40% of the votes in Thursday's election, but secured just 18% of the seats in parliament due to the country's first-past-the-post system.The Labour Party will form the next government after winning 63% of seats with 34% of all votes cast, according to near-complete results, more than doubling its number of seats with fewer votes than it received in the last election in 2019. Sterling strengthened 0.45% at $1.2815 and the euro was up 0.25% at $1.0837. Immediate resistance can be seen at 1.2793(38.2%fib), an upside break can trigger rise towards 1.2838(23.6%fib On the downside, immediate support is seen at 1.2757 (38.2%fib), a break below could take the pair towards 1.2758(61.8% fib).
USD/CAD: The Canadian dollar weakened against its U.S. counterpart on Friday as fears that the country might enter a recession overshadowed lackluster U.S. and Canada jobs data that advanced and firmed rate cut hopes . Canada's unemployment rate rose to a 29-month high of 6.4%, data showed on Friday, highlighting that people might be losing jobs as the labor market struggles to absorb a rapidly swelling population. U.S. job growth slowed to a still-healthy pace in June, with unemployment rising to 4.1%, indicating that the Fed could begin cutting rates as inflation slows.The loonie was trading 0.1% lower at C$1.3628 to the greenback, or 73.38 U.S. cents, after trading in a range of 1.3603 to 1.3653.Immediate resistance can be seen at 1.3651 (38.2% fib), an upside break can trigger rise towards 1.3705 (23.6% fib).On the downside, immediate support is seen at 1.3602 (50% fib), a break below could take the pair towards 1.3561 (61.8% fib).
USD/JPY: The dollar dipped against the Yen on Friday after data showed U.S. job growth slowed marginally in June while the unemployment rate rose, underscoring the view the Federal Reserve could begin cutting interest rates in September. Nonfarm U.S. payrolls increased by 206,000 jobs last month, the Labor Department report showed. Data for May was revised sharply down to show 218,000 jobs added instead of the previously reported 272,000. The unemployment rate rose to 4.1%, slightly higher than the estimated 4.0%.Investors have been watching the labor market and inflation data closely as they try to gauge when the Fed could begin cutting rates from nearly two-decade highs. The dollar weakened 0.34% to 160.73 against the Japanese yen .Strong resistance can be seen at 161.33(23.6%fib), an upside break can trigger rise towards 162.38(Higher BB%fib).On the downside, immediate support is seen at 160.38 (38.2% fib), a break below could take the pair towards 158.49(50%fib).
Equities Recap
European shares fell on Friday, weighed down by losses in banks and energy stocks as investors became more cautious ahead of the second round of voting in French parliamentary elections.
UK's benchmark FTSE 100 closed down by 0.45 percent, Germany's Dax ended up by 0.06 percent, France’s CAC finished the day down by 0.26 percent.
Wall Street's main indexes US stocks rose on Friday after highly anticipated jobs data boosted market expectations of a Federal Reserve interest-rate cut..
Dow Jones closed up by 0.17 %percent, S&P 500 closed up by 0.54% percent, Nasdaq settled up by 0.90 % percent.
Commodities Recap
Oil prices settled lower on Friday as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes.
Brent crude futures settled down 89 cents, or 1.02% lower, to $86.54 a barrel, after reaching their highest since April earlier in the session. U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 a barrel, down 72 cents, or 0.9%.For the week, Brent rose 0.4%, while WTI futures posted a 2.1% rise.
Gold prices extended gains on Friday to their highest level in over a month following key U.S. jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September.
Spot gold was up 1.3% at $2,385.63 per ounce as of 2:10 p.m. (1810 GMT). Bullion is up more than 2% for the week so far.U.S. gold futures settled 1.2% higher to $2,397.7.
