Saturday, 6 July 2019

FXTM BREAKING MARKET COMMENTARY FOLLOWING THE US JOBS REPORT

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Lukman Otunuga,
FXTM Research Analyst

Appetite towards the Dollar sweetened on Friday afternoon as investors digested the mixed US jobs report for June.

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The Dollar appreciated against every single G10 currency as markets cheered the fact that the United States added an impressive 224,000 jobs to its economy last month.

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However, with the unemployment rate slightly up at 3.7% and average earnings disappointing by rising 0.2% in June, below the expected 0.3% - the jobs data is certainly a mixed bag. Today’s report is likely to complicate the Federal Reserve’s decision to cut interest rates this month, especially if economic conditions in the United States continue to stabilize leading up to the Fed policy meeting.

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This sentiment is reflected in the Dollar’s appreciation with further upside expected as investors start to re-evaluate whether the Fed will pull the rate cut trigger. Taking a look at the technical picture, the Dollar Index is trading marginally above 97.10 as of writing. A weekly close above 97.00 may inspire an incline towards 97.50.

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