📊 USD and stock indices trade muted ahead of NFP data release
Key US data release of the week - NFP report for May - will be released at 1:30 pm BST. Market expects the report to show an addition of 660k jobs. However, ADP data released yesterday showed a massive beat of 978k, compared to the 650k forecast. Nevertheless, traders should keep in mind that last month's NFP release turned out to be a huge disappointment.
Markets seem to be in a waiting mode with European stock indices and US equity futures trading flat. The US dollar also seems to be in a waiting mode as it is neither a leader, nor a laggard among G10 currencies.
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The US dollar index (USDIDX) delivered a strong upward move yesterday and broke above the 90.45 price zone. Index is trading just slightly higher today as investors wait for the release of US jobs data (1:30 pm BST). Near-term resistance can be found at 91.03 and is marked with the 50-session moving average and 38.2% retracement of a downward move started at the end of March 2021. Source: xStation5
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