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The dollar is grappling with relatively positive NFP (non-farm payroll) gains, and it is sliding considerably during the US session. Stocks haven’t been very fired up, as DOW futures stays up only 0.2 percent at the time of writing. Nonetheless, the greenback is more likely to end the week as the top currency, trailed by the yen. The Canadian Dollar is coming back. However, the Australian and New Zealand Dollars continue to be the worst performers.
The number of people employed in the NFP (non-farm payroll) of the United States in June increased by 850 thousand, which is much higher than expectations of 675 thousand people. The indicator of the previous month was also revised upward from 559 thousand to 583 thousand. Total employment rose 15.6% since April 2020, but is down -6.5 million, or -4.4%, from the pre-pandemic level in February 2020.
BLS, Bureau of Labor Statistics also reported that “notable job growth has occurred in the leisure and hospitality industry, public and private education, professional and business services, retail, and other services.”
The unemployment rate rose to 5.9% from 5.8%, above expectations of 5.6%. But the number of unemployed remained practically unchanged and amounted to 9.5 million. People. The labor force participation rate remained unchanged at 61.6%. Average hourly earnings rose 0.3% MoM, versus 0.4% MoM expectations.
Post NFP, GBP/USD Rises Beyond 1.3750 Despite Virus Fears
GBP/USD is currently trading over 1.3750, which is higher than pre-Nonfarm Payrolls levels. While the US jobs numbers exceeded expectations, the event sparked a drop in the dollar following an initial increase. Sterling is under pressure due to concerns about the Delta virus type.
As the four-hour chart shows, the pound/dollar is trading around the levels observed in mid-April, clinging near the lows. This has pushed the Relative Strength Index (RSI) close to 30, indicating that the market is approaching oversold territory and a potential bounce. However, the pair is still trading below the 50, 100, and 200 simple moving averages, indicating that momentum is still to the downside.
The recent low of 1.3743 provides immediate support, followed by 1.3720, a swing low from April. The key level to keep an eye on is 1.3670, which was a double bottom in April and is also the lowest since February.
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