1. NFP Preview: Will The U.S. Jobs Report Cause Another Dollar Uptrend?
The U.S. job growth is likely to have accelerated in May as warmer weather boosted hiring at construction sites, but wage gains are expected to have remained marginal. Analysts forecast suggest that Nonfarm payrolls have increased by approximately 188,000 jobs last month. It should be noted that the U.S. economy added 135,000 and 164,000 jobs in March and April, respectively. A stronger than expected Nonfarm Payroll report could cause another USD rally.*
2. Euro On Course For Weekly Gain
The euro is poised for its first weekly gain in the past two months in early Friday morning as worries over Italy’s political crisis have eased. Italy’s efforts to form a coalition government are officially back on track as the nation’s two anti-establishment parties have agreed on their pick for the economy ministry after their initial, euroskeptic candidate had been rejected by the head of state. On other news, Pedro Sanchez is almost certain to become Spain’s new Prime Minister after his socialist party secured enough votes to topple Mariano Rajoy in a confidence vote scheduled on Friday over a corruption case.**
3. Gold Wobbles On Strong USD And Trade War Fears
Gold prices edged higher on Friday as concerns over a global trade war increased. Specifically, the U.S. imposed tariffs on steel and aluminum imports from Canada, Mexico and the European Union. Unsurprisingly, the dollar edged higher against its major rivals causing the dollar denominated metal to edge lower. However, as uncertainty prevailed in the markets, safe haven assets remained somewhat supported. Gold prices were seen trading at weekly highs on Thursday but have since then to last trade at $1298.10 as of 6:45 GMT, Friday morning.***
You can find and trade all of the above mentioned assets on BDSwiss Forex/CFD platforms.
*Source: Reuters
**Source: CNBC
***Source: Investing
