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Payroll Growth Lowest in over Five-Year’s

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On Friday, Gold surged by 2% and touched the highest level in one day, thanks to poor U.S. job data. Weak U.S. job data could make it harder for the Federal Reserve to raise interest rates soon.

Nonfarm Payroll figures increased by only 38k jobs in May, the smallest gain since September 2010, the Labor Department said on Friday. In this context, employment gains were also limited through a month-long workers strike by the telecommunications company Verizon, which reduced jobs by 34k.

USD declined to its lowest level in three-month’s on Friday, negatively affected by weak U.S. job data. The U.S. dollar index fell by 160 pips, settling at 93.90, and could drop further during the course of the week.

Federal Reserve Chairwoman Janet Yellen will speak today before the World Affairs Council of Philadelphia.

Euro extended gains versus the U.S. dollar and traded at $1.1360 near to $1.1370. From a technical point of view, touching levels of $1.1370 could push the fiber down to $1.13 as the pair is awaiting Yellen’s speech.

GBP pared its losses last week and managed to trade above $1.45. The Cable could continue its volatility until the end of this month.

Dollar slumped to one-month low vs. JPY and traded at $106.50. From a technical perspective, JPY could face a limited correction at levels of 107. The pair is awaiting Yellen’s Key speech.

Oil settled at the end of last week’s trading session as OPEC failed to set a ceiling for its output. While current prices could bring back shale oil, which may put pressure on prices again.

The most important economic events:

  • USD Fed Chair Yellen to Speak in Philadelphia: (GMT 18:30) – Important 

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The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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