expand/collapse risk warning

CFDs come with a high risk of losing money rapidly due to leverage. 71% of accounts lose money when trading CFDs with this provider. You should understand how CFDs work and consider if you can take the risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

71% of retail investor accounts lose money when trading CFDs with this provider.

Market Insights

Trading Insights: NFP data to support the “goldilocks” theme?

Copy of Blog Images - Skilling - 2023-08-04T114503.487

Screenshot 2023-08-04 114654
Chart 1

Chart 1 illustrates the relative percentage performance over the last 30 days of the US dollar, US stocks, Oil, Gold and US Government 10 year bonds.

Market Talk:

It remains a golden economic period

Screenshot 2023-08-04 114731
Source: Tradingview 4/8/2023 8:41 UTC

Much hype across the financial media around today’s US nonfarm payrolls (NFP)

Screenshot 2023-08-04 114802

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.

Screenshot 2023-08-04 114832
Chart 2

Chart 2 illustrates the relative percentage performance over the last 30 days of the US Dowjones 30, Japan 225, and EU Stocks 50 indices.


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

Screenshot 2023-08-04 114913
Source: TradingView / J. Knobel August 4 2023 7:15 AM UTC


Trading prospective:

Dowjones 30 - bullish conditions intact

Screenshot 2023-08-04 114938

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.

Experience Skilling's award-winning platform

Try out any of Skilling’s trading platforms on the device of your choice across web, android or iOS.

Sign up

Not investment advice. Past performance does not guarantee or predict future performance.