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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

DAILY MARKET REPORT

Monday, June 06, 2022

The data published by the US Bureau of Labor Statistics showed on Friday that Nonfarm Payrolls in the US rose by 390,000 in May, compared to the market expectation of 325,000. Unemployment was stable at 3.6%, where it has been for three months, 0.1% higher than at the start of the lockdowns and the lowest level since December 1969. The immediate market reaction has been for the US dollar to strengthen as a result of the stronger headline NFP number. The week ahead finds central bank meetings unfolding in the eurozone, Australia, India and Thailand while a series of inflation data will be in focus, particularly US CPI and consumer confidence figures. China will also release services PMI and inflation data alongside trade numbers for May, which will be closely scrutinised as the virus situation showed early signs of improvements.

EURUSD

EUR/USD has lost its traction and retreated toward 1.0700 ahead of the American session. The market mood remains upbeat with US stock index futures posting strong gains and helps the pair stay afloat in positive territory. Confirmation for the downside movement can be if the price breaks the support at 1.07052. Key resistance is set at the price of 1.07652.


GBPUSD

GBP/USD has gathered bullish momentum early Monday after having lost more than 100 pips last week. On the upside, 1.2584 aligns as first resistance. In case the pair turns south, it could aim for 1.2480 and 1.2456 afterwards. Investors are gearing up for the confidence vote in British Prime Minister Boris Johnson later in the day.


WTI

WTI crude oil prices recede from a three-month high, snapping a two-day uptrend around $118.35 during Monday. WTI cleared resistance levels to make a 2-month high today. Resistance might be at 121.81 and 123.80. On the downside, support could be at the prior lows of 115.38 and 113.40.


 

*The information presented above is intended for informative and educational purposes, should not be considered as investment advice, or an offer or solicitation for a transaction in any financial instrument and thus should not be treated as such. Past performance is not a reliable indicator of future results.

 

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