News

USD Falls Sharply After Disappointing Payroll Report

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USD

On Friday, the U.S. dollar failed to maintain its gains and dipped on weaker than expected non-farm payroll, as job creation fell sharply in May with just 138k vs. 185k, while the unemployment rate dipped to 4.3% vs. 4.4%.

  • The U.S. dollar index (DXY), which measures the Greenback against a basket of currencies, dipped as much as 1% to 96.60 pips, lowest level since last November.

Gold

Gold prices hit one month high after disappointing US non-farm payrolls data weighed on the Greenback and lowered expectations for more US interest rate hikes this year. The precious metal settled at $1,280 in anticipation of important releases and news, which are ECB interest rate decision and United Kingdom general election.

EUR

Euro hit $1,280 at the end of last week’s trading session. Technically, it could trade sideways due to German holiday.

Oil

Oil prices failed to pare its losses amid fears of more US drilling after climate deal withdrawal. The U.S. crude fell to $47.70.

The most important economic events:

  • USD ISM Services/Non-Manufacturing Composite (MAY): (GMT 14:00) – Important – Forecast (57.1) – Previous (57.5).
  • GBP BRC Sales Like-For-Like (YoY) (MAY): (GMT 14:00) – Medium – Previous (-0.5%) – Forecast (5.6%).

Disclaimer
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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