💲 USD weakens ahead of NFP release

1:41 PM 7 January 2022

📆 USD drops and US futures gain slightly ahead of key US jobs report

NFP report for December will be released today at 1:30 pm GMT. Market consensus points to a jobs gain slightly exceeding 400k. However, those expectations are likely higher following the stellar ADP report on Wednesday (+807k). FOMC minutes showed that Fed's policy may tighten even quicker than expected amid concerns that high inflation may be here to stay for longer. Because of that investors may pay greater attention to wage growth data rather than employment data today. High wages would mean that inflationary pressures remain, what may support US yields, weaken gold and boost uncertainty among stock investors.

US500 bounced off the 50-session moving average yesterday. It was a key support in the past. On the other hand, sellers seem to be in control as 4,715 pts resistance holds firm. Source: xStation5

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