US DOLLAR, GOLD PRICE, S&P 500 – MARKET REACTIONS TO JUNE 2020 NFP REPORT, WEEKLY JOBLESS CLAIMS DATA
- US Dollar[1] remains under pressure with the DXY Index trading about 0.25% lower immediately after the latest monthly nonfarm payrolls report and weekly jobless claims data release
- Gold price[2] action tumbled by about 0.5% in the run-up to the employment figures and is currently trading near session lows
- S&P 500[3] Index futures give back some gains but Wall Street[4] still looks set to open higher despite the mixed labor market figures and rising coronavirus second wave risk
Monthly nonfarm payrolls for June and weekly jobless claims for the week ended 27-June just crossed the wires and look to dominate market headlines for Thursday’s trading session. According to the DailyFX Economic Calendar, the headline net change in NFPs[5] was reported at 4.8-million jobs added, which topped the median economist estimate looking for 3.0-million and compares to the prior reading of 2.5-million.
Initial claims disappointed, however, with the actual reading missing the market consensus. Continuing claims continues to show nearly 20-million Americans still filing for unemployment insurance amid the lingering coronavirus pandemic.
DXY– US DOLLAR INDEX PRICE CHART: 5-MINUTE TIME FRAME (02 JULY 2020 INTRADAY)
Chart created by @RichDvorakFX[6] with TradingView[7]
XAU/USD – GOLD PRICE CHART: 5-MINUTE TIME FRAME (02 JULY 2020 INTRADAY)
Chart created by @RichDvorakFX[8] with TradingView[9]
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