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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: The US non-farm data hidden crisis in June! The US dollar index rebounded and fell back." Hope it will be helpful to you! The original content is as follows:
Earlier on Friday, the market remained relatively calm, with the US dollar (USD) index falling after two consecutive days of gains. The Eurozone May Producer Price Index (PPI) will be the only data in the European Economic Calendar. U.S. financial markets will continue to close during the July 4 holiday, paving the way for moderate action over the weekend.
The U.S. Bureau of Labor Statistics released data on Thursday showed that the number of non-farm employment (NFP) in June increased by 147,000. This figure is better than the market expectations of 110,000 people. During this period, the unemployment rate fell from 4.2% to 4.1%. The dollar responded immediately to optimistic employment data, and the dollar index climbed to a six-day high above 97.40. Earlier on Friday, the index corrected lower and remained in the negative area below 97.00.
Later Thursday, the U.S. House of Representatives approved U.S. President Donald Trump’s tax cuts and spending bill and sent it back to him to sign into law. Meanwhile, Trump noted that he would send letters on trade tariffs starting Friday. He added that “more agreements” are expected to be signed, noting that countries will start paying tariffs from August 1. Wall Street's major indexes recorded a strong gain on Thursday.
At the Asian Conference on Friday, the Ministry of www.edoyoko.commerce of China stated in a statement that China and the United States are stepping up their efforts to implement the results of the London framework. The Australian dollar/USD did not respond to the title, and the last time that day remained flat around 0.6570.
Euro/USD fell more than 0.3% on Thursday, but successfully gained a foothold in early Friday. The pair last rose slightly to 1.1780 on the day. European CentralECB President Christine Lagarde reiterated earlier on Friday that they will do everything they can to achieve their inflation targets.
After a sharp decline caused by a British political tension on Wednesday, the pound/dollar slid on Thursday, ignoring the widespread strength of the dollar. In early Friday, the pair held their positions and traded above 1.3650.
The US dollar/JPY continues to face bearish pressure, falling to 144.00 after rising nearly 1% on Thursday.
Gold/USD held its position in the early trading Friday and rebounded to above $3,340.
Euro: Despite a rebound today, the euro/dollar remains below 1.1829. Intraday bias remains neutral and more consolidation may occur. A deeper retracement cannot be ruled out, but the downside space should be turned into support by the 1.1630 resistance level to bring another rebound. On the plus side, breaking through 1.1829 will target the 61.8% forecast of 1.0176 to 1.1572, from 1.1064 to 1.1927.
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