Welcome to Friday’s, 7 April Daily Market Review. All the focus today is on the employment data from Canada and the US. Learn from our major pairs analysis ahead NFP data today.
7 April, HYCM – We have summarised the activity on the key currency pairs, whilst created an overview of the most important news releases of today. Watch the video market review below and prepare for NFP day.
HYCM Daily Market Review: Major pairs analysis ahead NFP
- US companies added 263,000 workers in March, the most since December 2014 suggesting further tightening of the labour market.
- The JPY lost ground in the Wednesday session as the US ADP Employment change soared to 263,000 crushing the 184,000 forecast.
- The GBPUSD is re-testing the previously broken intraday bullish trend line which now turns into resistance at 1.2495.
- The price of silver is hovering around the 18.3 level while the stochastic reaches the oversold levels.
- The AUDUSD pair shows some slight bullish bias while the stochastic gradually loses its positive momentum to support the chances of resuming the bearish bias.
- The EURUSD pair remain in a tight range. The Speculative Sentiment Index remains almost perfectly balanced.
What is expected for NFP data of Canada and US?
The day’s events include two pieces of important employment data from Canada and the US. Canada created 15,000 jobs in February, pushing the unemployment rate to a near ten-year low of 6.6%. The positive data is in line with an upbeat trend and overall improvement in the Canadian economy. Economists are expecting Canadian job creation of 5,700 and a rise to 6.7% in the unemployment rate.
US Nonfarm Payrolls release beat expectations in February showing a job creation of 235,000. March data is expected to show a job gain of 174,000 while the unemployment rate is expected to remain unchanged at 4.7%. That sums up Friday’s market outlook. Be sure to log onto www.hycm.com for all your training needs. May we wish you a productive trading day!
The 7 April HYCM daily market review should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. Any indication of past performance or simulated past performance included in this document is not a reliable indicator of future results.