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Key US non-farm payrolls and average hourly earnings data will be released today and could be a major driver of stock and Forex markets later ahead of tomorrow's 4th July holiday.
- The major data release of the week is happening today, unusually, on a Thursday: US Non-Farm Payrolls and Average Hourly Earnings data. Net new jobs created last month is expected to reach 111k while Average Hourly Earnings is expected to tick fractionally lower, increasing month-on-month by 0.3%. Stronger data will likely be positive for the USA and negative for stocks, while weaker data will probably impact inversely.
- Stock markets are continuing to look mostly bullish, especially in the wider US market, where although the tech-based NASDAQ 100 Index has not reached a new all-time high over the past day, the broader S&P 500 Index has and is outperforming tech. Trend and momentum traders will be interested in being long of these indices, and have a choice of CFDs, futures, or ETFs such as SPY and QQQ. Interestingly, tariff worries which may soon become realized do not seem to be weighing heavily on stocks, or at least, it is being overcome by fear of missing out.
- The US Dollar Index has continued its very weak recovery. Trend and momentum traders will be interested in considering whether to be long of the EUR/USD currency pair, which recently made a new long-term high above $1.1800 and is trading very close to that round number. The GBP/USD currency pair is also bullish, but the price seems to have failed twice at the key resistance level of $1.3769.
- Silver has continued to advance after bouncing up from a supportive area centered on $36.
- Swiss CPI (inflation) data ticket a fraction higher unexpectedly, showing a month-on-month increase of 0.2%.
- There will be a release of high-impact ISM Services PMI data in the USA later today.
- It will be a public holiday in the USA tomorrow (independence day) so US session liquidity will be low.