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America’s Roundup: Dollar gains after better-than-expected unemployment data,Wall Street end higher ,Gold falls over 2%, Oil climbs 5% on U.S. jobless drop, OPEC+ meeting hopes-June 6th,2020

Market Roundup

• US May Private Nonfarm Payrolls 3,094K,-7,500K forecast, -19,557K previous    
• US May Nonfarm Payrolls 2,509K, -8,000K forecast,  -20,537K previous    

• US May Manufacturing Payrolls 225K, -440K forecast, -1,330K previous    

• US May Government Payrolls-585.0K, -980.0K previous    

• Canada May Full Employment Change 219.4K,-1,472.0K previous

• Canada May Part Time Employment Change 70.3K,-521.9K previous

• US May Average Hourly Earnings (MoM)  -1.0%,1.0% forecast, 4.7% previous

• US May Unemployment Rate 13.7%, 15.0% forecast, 13.0% previous

• US May Participation Rate 61.4%, 59.8% previous

• US May Average Weekly Hours 34.7, 34.3 forecast, 34.2 previous

• US May Unemployment Rate  13.3%,19.7% forecast, 14.7% previous

• US May Participation Rate 60.8%, 60.2% previous

• US May Average Hourly Earnings (YoY) (YoY) 6.7%, 8.5% forecast, 7.9% previous

• US May U6 Unemployment Rate 21.2% , 22.8% previous

• Russia May CPI (MoM) 0.3%, 0.3% forecast, 0.8% previous

• Russia May CPI CPI (YoY) 3.0%, 3.0%,3.1% previous

• Brazil Auto Production (MoM) 2,232.4%,-99.0% previous

• Brazil Auto Sales (MoM) 11.6%,-67.7% previous

• Canada May Ivey PMI 39.1, 22.8 previous

• Canada May Ivey PMI n.s.a 42.1, 23.6 previous

• US April Consumer Credit -68.78B, -20.00B forecast, -12.04B previous

Looking Ahead Economic Data

• No economic data ahead

Looking Ahead - Events, Other Releases (GMT)

• No significant events

Currencies summaries

EUR/USD: The euro dipped against dollar on Friday as an unexpected jump in U.S. employment sent dollar higher. U.S. nonfarm payrolls rose by 2.509 million jobs last month after a record plunge of 20.687 million in April. Economists polled   had forecast the unemployment rate jumping to 19.8% in May and payrolls falling by 8 million jobs. The dollar index made a tepid recovery, rising 0.08% to 96.84, but remained on track for its third consecutive week of losses and close to its lowest in nearly three months. Immediate resistance can be seen at 1.1381 (June 4th high), an upside break can trigger rise towards 1.1400 (Psychological level).On the downside, immediate support is seen at 1.1240  (5 DMA), a break below could take the pair towards 1.1172 (23.6% fib).

GBP/USD: The pound rose above $1.27 and was set for its biggest weekly gain against the dollar since the end of March on Friday, even though European Union and British negotiators said there had been little progress in Brexit trade talks. Britain left the EU in January and there are just weeks left to extend a year-end deadline to reach a trade deal. The pound, which has gained more than 3 cents in a week, rose as high as $1.2705, its strongest since March 12.Immediate resistance can be seen at 1.2728 (61.8% fib), an upside break can trigger rise towards 1.2800 (Psychological level).On the downside, immediate support is seen at 1.2578 (5 DMA), a break below could take the pair towards 1.2500 (Psychological level).

USD/CAD: The Canadian dollar strengthened to a three-month high against the greenback on Friday and was on track to gain more than 2% for the week after data showing a surprise rebound in domestic and U.S. jobs supported investor optimism about economic recovery. Canada's economy gained 290,000 jobs in May, largely in full-time work, after a record-breaking jobs loss of nearly 2 million in April, data from Statistics Canada showed. Analysts had expected the economy to lose 500,000 jobs in May. Immediate resistance can be seen at 1.3509 (5 DMA), an upside break can trigger rise towards 1.3606 (9DMA ).On the downside, immediate support is seen at 1.3397 (21 DMA), a break below could take the pair towards 1.3334 (Lower BB).

USD/JPY: The dollar edged higher against the Japanese yen on Friday after data showed the U.S. labor market unexpectedly improved in May, but the currency ended the week lower, for a third consecutive week, as uncertainty about the U.S. economy capped gains. The Labor Department’s employment report showed the jobless rate fell to 13.3% last month from 14.7% in April, which was a post-World War Two high. It came on the heel of surveys showing consumer confidence, manufacturing and services industries stabilizing. Strong resistance can be seen at 109.88 (Daily high), an upside break can trigger rise towards 110.00 (Psychological level).On the downside, immediate support is seen at 108.60(5 DMA), a break below could take the pair towards 107.80 (38.2 % fib).

Equities Recap

European stocks are back to being favourites as the absence of a major second wave of coronavirus infections has helped ramp up re-opening plans, a boost to the region’s economically sensitive cyclical sectors.

UK's benchmark FTSE 100 closed up by  2.25 percent, Germany's Dax ended up by 3.36 percent, France’s CAC finished the day up by 3.71 percent.        

Wall Street surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the U.S. economy is headed for a quicker-than-anticipated recovery.

Dow Jones closed up by 3.15%percent, S&P 500 closed down by 2.62% percent, Nasdaq settled down by 2.06 % percent.

Treasuries Recap

U.S. Treasury yields spiked up on Friday after a Labor Department report showed a much lower than expected May unemployment rate.

The benchmark 10-year yield was up 10.5 basis points at 0.9252%, its first time above 0.9% since March 20 and continuing a steady march higher in recent days as investors sold government bonds and took on riskier assets.
Commodities Recap

Gold prices dipped more than 2% on Friday as investors’ hopes of a rebound in the global economy got a boost from stronger-than-expected U.S. non-farm payrolls data,
reducing demand for safe havens.

Spot gold slid 2% to $1,675.70 per ounce at 11:08 a.m. ET (1508 GMT). U.S. gold futures fell 2.8% to $1,678.40.

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts.

Brent crude  futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate (WTI) crude  futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week.
 

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