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Currency Market Analysis

Jul 03, 2020 | Currency Market Analysis

Global Themes

Greenback helped higher as US jobs jump

A much stronger than expected US employment number pushed equity markets higher overnight but some late selling dulled the gains.

The US dollar was also lifted by the better news but eases before the end of the session.

The all-important US non-farm employment report found 4.8m jobs were created in June – well above the 3.0m forecast.

The unemployment rate also fell more than expected, dropping from 13.3% to 11.1%.

Higher

The stronger US dollar saw the euro ease recent gains.

The Japanese yen saw small gains.

The Aussie was stronger as commodities climbed and copper hit the highest level since January,

Retail sales

The main release today comes from the local economy with retail sales due at 9.30am.

The markets expected a massive 16.3% increase in retail sales in May after a big drop in April.

Later, Chinese services PMI, due at 9.45am, remains key as markets look to track China’s economic recovery.


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