BREAKING: NFP failed to confirm 'hot' ADP data; GBPUSD climbs to 15-month highs❗

5:50 PM 7 July 2023

The US dollar came under heavy downward pressure during this week's final trading session. The weakness of the world's reserve currency is mainly due to the surprising NFP data, which surprised for the first time in a long time with a reading well below expectations.

This data is unlikely to change the Fed's attitude. Nevertheless, wages are moving upwards, which is a slightly pro-inflationary factor. In line with the 2% target, wages should grow at around 3% on an annualised basis. The US dollar's sell-off in this case may be due to high expectations after yesterday's hot ADP reading.

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NFP report for June: 209k (expected: 230k; previous: 339k).

ADP reading for June: 497k (expected: 225k; previous: 278k).

The GBPUSD pair is currently in the zone of local peaks from mid-June this year. Source: xStation 5

EURUSUD is behaving similarly, attacking the 1.097 zone. source: xStation 5

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