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5 August 2024,02:22
Trade Of The Day
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5 August 2024, 02:22
* NFP Flop: The euro surged against the dollar following the disappointing U.S. Nonfarm Payrolls (NFP) data. In July, NFP increased by 114,000, a decline from the revised 179,000 in June and below the forecast of 185,000, according to the Labor Department’s report on Friday. The Unemployment Rate also rose to 4.3%, the highest level since October 2021. The weaker-than-expected job growth and the uptick in unemployment have stoked concerns about a broader economic slowdown and increased expectations that the Federal Reserve might start cutting interest rates in September.
* Technical Breakout: EURUSD was traded higher while currently testing the resistance level 1.09200. MACD which illustrate bullish momentum signal suggest the pair to potentially further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.10180 after it breach above the level. Conversely, a potential reversal is also to be expected and the price could head back towards 1.08250.
Looking ahead, traders will monitor the HCOB Purchasing Managers Index (PMI) from Germany and the Eurozone, as well as the US ISM Services PMI, which is scheduled for release later on Monday.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and global data, central bank updates and any shifts in the GBP/USD’s strength by following PU Xtrader’s financial news page.
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