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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: US payrolls growth expected to be “softest” since December 2020

US payrolls growth expected to be “softest” since December 2020

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Market Talk

Good news? US unemployment rate expected to increase

Screenshot 2023-05-05 093731 Chart 2 Source: Tradingview May 05 2023 6:19 UTC

The above chart illustrates the 12 month trend for US Job Openings and Labor Turnover Survey (JOLTs)

  • JOLTs data (see chart 1) printed a lower number for the second month in a row
  • The JOLTs data can be an indicator for forecasting future US employment trends
  • It could be “good” news for stock markets if today’s NFP indicates that less than 200,000 jobs were created in April, since a weaker US jobs report may support the Fed's rate pause

Employment situation in manufacturing and services sector

  • Services employment moved slightly lower recently
  • Manufacturing moved slightly higher recently

Screenshot 2023-05-05 103816

The economy and prospects for a “slowing” US jobs market

  • US jobs market remains solid, even if the jobs market weakens by 2% or 3% over the medium term, the economy can handle higher unemployment

Today’s economic calendar

Friday May 05 12:30 UTC: US Nonfarm payrolls (NFP)

  • Forecast to be the “softest” since 2020
  • Prospects for an increased market reaction if the forecast is proven correct
  • Potential for the unemployment rate to move slightly higher

Screenshot 2023-05-05 093829


Today’s trading bullets

SPX500 Index prospects for a move higher within the very short term (1-13 days)

SPX500 Index prospects for a move higher within the very short term (1-13 days)

  • SPX500 Index (30 min chart) current price $4,071 is above its 9 and 18 hour moving averages (bullish), MACD is above its signal line (bullish), relative strength above 50 (bullish), downside risk spotted near $3,953 (38.2% retracement from its 13 week low), key resistance at $4,133 which if price can clear above opens the prospects for an advance towards $4,350 in the very short term (1-13 days).

Screenshot 2023-05-05 093941

  • EUR/USD current price 1.1036 with 1.1130 in sight provided key resistance at 1.1095 can be overcome. Downside risk for the EUR/USD below 1.9040 could trigger a trend reversal.

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