Trading Insights: NFP data to support the “goldilocks” theme?
It remains a golden economic period
Source: Tradingview 4/8/2023 8:41 UTC
Much hype across the financial media around today’s US nonfarm payrolls (NFP)
Indeed, the monthly US jobs report is a key indicator and tends to set the tone for financial markets around the world, but with the US employment rate at near all time lows, even if the NFP report offers any big surprises the fact will remain, at least for now, that the employment situation is strong.
Meanwhile, the US Dowjones has been outperforming Asian and European broad based stock indices during the last 30 days.
Today’s economic calendar
It will need to take a big jump in the US unemployment rate to shift the current “goldilocks” job conditions
- US NFP consensus looking at 200,000 new jobs created during July
- The unemployment rate is expected to hold at 3.6%
- Average hourly earnings growth expected at 0.3%, which is slightly lower than the June 0.36% growth rate
Source: TradingView / J. Knobel August 4 2023 7:15 AM UTC
Dowjones 30 - bullish conditions intact
Technical commentary: Dowjones 30 current price $35,337 appears to have resumed the longer term uptrend after breaking out of the June - July trading range (see chart). Provided price can remain above the 34,500 support (weekly chart) the prospects for an extension move toward $37,315 can not be ruled out. Downside risk below 34,500 could expose the lower key support near the $32,170s.
Do you have an opinion on where financial markets are heading? Express your opinion and trade with CFDs.
Not investment advice. Past performance does not guarantee or predict future performance.
Chinese property giant Evergrande's default places additional pressure on stocks. Oil prices dip while US treasury yield...
Bank of Japan made the decision to keep rates in negative territory earlier today, bolstering the EUR/JPY and USD/JPY cu...