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US ISM Non-Manufacturing & RBA from freemexy's blog

US ISM Non-Manufacturing & RBA| KOL Analysis•Fanny Arianti Arief


The US dollar strengthened other major world currencies on Friday, after mixed US employment data. Basically, a better-than-expected US Non-Farm Payrolls report makes the dollar a bearish factor because it reduces its appeal as a safe-haven asset. However, unemployment data claimed to be bullish and encouraged investors to look again at the dollar as a safe haven. The US dollar rose on Thursday Thursday traders began to doubt whether non-farm payroll growth could last long amid claims for a continually rising benefit and a surge in coronavirus cases. In other words, NFP represents the past, and unemployment claims are forward-looking. Investors ignore the economy in June, they want to know where they are going in July. The dollar index edged higher Friday at 97,289, but still recorded a weekly decline.To get more news about WikiFX, you can visit wikifx news official website.
  Sterling reported its first weekly increase in four weeks over the dollar, but there has been no progress in the Brexit post between the United Kingdom and the European Union (EU). EU Negotiator Chair Michael Barnier said there were still many differences about Britain and the EU last week. Earlier this month, sterling strengthened 1.2% after falling 2.7% in June.

  The price of gold rose to the highest level of 8.5 years ago with gold in the US past the psychology area of $ 1800. The price of gold rose after the testimony of Fed chairman Jerome Powell and Treasury Secretary Steven Mnuchin, who still needed the current stimulus. Gold is solved because of profit taking. Refusing release, solid macroeconomic data that drives risk sentiment. However, gold was again supported, despite rising US employment data.
Oil prices recovered the highest level four months ago, supported by trimming and US solider employment data released beyond expectations. Oil prices also rose after the Energy, Administration Information (EIA) report that said US oil reserves were up to 7.2 million barrels. Oil sentiment was also lifted after a Bloomberg survey showed OPEC oil production rose to the lowest level in the last three rounds to 22.69 million bpd, thanks to Saudi Arabia's commitment to meet additional production cuts of 1 million bpd, according to the OPEC + agreement. However, it now starts Friday after the number of viruses in the world, especially in the US. On Thursday, the US reported the number of daily corona virus cases more than 55 thousand, increasing the fact that a surge in infection could increase oil recovery.
  Asian stocks held near 4-month highs today as investors needed monetary and fiscal stimulus to support finance, even a compilation of corona infection, which led to a delay in the US economy. The MSCI Asia-Pacific Index outside Japan gained 0.05%. The Nikkei index strengthened 0.4% and the US S&P 500 Index rose by 0.3%.
  Focus this Week: US ISM Non-Manufacturing & RBA
  Some macroeconomic data will be present again describing the movement of financial markets this week. These data include; US Non-Manufacturing ISM, which is expected to be repaired in June. Other US data are unemployment claims, as well as PPI. From Canada there are employment and construction data for the British PMI. While the event that will be attended is the meeting of the Australian Central Bank (RBA).


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By freemexy
Added Jul 8 '20

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