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Dollar Rises on Strong U.S. Jobs Data

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Great news for USD, U.S. non-farm payrolls rose by 255k in July versus expectations for a gain of 180k, according to the Department of Labor.

On Friday, the U.S. stocks closed sharply higher with the Nasdaq and the S&P posting their strongest close ever, positively affected by strong U.S. job data. The U.S. dollar index pared its losses and settled down at 96.20.

Gold fell by 1.7% after a better-than-expected jobs report amid increased concerns that the Federal Reserve could hike interest rates this year. The yellow metal settled at $1,335 and could test the central resistance levels of $1,330, which may support gold in the medium term.

Euro fell to its lowest level in a week vs. USD, negatively affected by strong U.S. data and traded at $1.1080. From a technical point of view, the single currency could find support from $1.1050.

In the last week, GBP settled below $1.30 by 20 points of the psychological barrier, before paring losses below the key level $1.31.

Oil prices declined slightly on Friday, after receiving a support from short covering, which reduced the losses suffered earlier in the session due to the rise of the dollar. Oil prices ended last week at $42 and could remain under pressure in the next period.

The most important economic events:

  • EUR Euro-Zone Sentix Investor Confidence (AUG): (GMT 10:30) Medium – Forecast (3) – Previous (1.7).
  • CAD Building Permits (MoM) (JUN): (GMT 14:30) Medium – Forecast (1.5%) – Previous (-1.9%).

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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