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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn Official Website]: The employment market is gradually weakening, and the market is waiting for non-agricultural employment data." Hope it will be helpful to you! The original content is as follows:
Finance markets remained relatively calm early on Friday as investors turned to a wait-and-see ahead of the highly anticipated U.S. employment report, which will include non-farm employment, unemployment rate and wage inflation data. Earlier in the day, the European Economic Calendar will revise the first quarter gross domestic product (GDP) and employment changes data, as well as retail sales data for April.
The European Central Bank (ECB) announced Thursday that, as expected, it cut key interest rates by 25 basis points after its June policy meeting. In a post-conference press conference, ECB President Christine Lagarde reiterated that they are confident that inflation will stabilize at the target level and pointed out that they are approaching the end of the current monetary policy cycle. The euro/dollar gained traction in an immediate response to Lagarde's remarks and reached its highest level since late April around 1.1500. Although the pair corrected lower later in the U.S. session, it closed in the upside for the second consecutive day later in the U.S. session, as President Donald Trump and Tesla CEO Elon Musk fell into heated debate, the market began to avoid risks. Trump says the easiest way to save money on budgetThe law is to terminate Musk's government subsidies and contracts. In response, Musk said SpaceX will immediately retire its Dragon spacecraft used to transport crews to and from the space station. When a user asked him if he thought Trump should be impeached, Musk replied: "Yes. After this development, Tesla shares fell nearly 15%, with the Nasdaq www.avaforexcn.composite, dominated by tech, closing down 0.8% on the day. Earlier on Friday, U.S. stock futures rose slightly on the day, with the U.S. dollar stabilizing just below 99.00. U.S. non-farm employment is expected to increase by 130,000. Domain.
The U.S. dollar (USD) faces selling pressure again after disappointing unemployment benefits data on Thursday, which shows that first-time unemployment benefits have been filed from 2 39,000 people rose to 247,000. Meanwhile, U.S. President Donald Trump spoke on phone with Chinese President Xi Jinping to discuss trade news that helped risk sentiment improve and limit the dollar's losses.
Basic Forex Market Market:
Euro/USD traded in a narrow channel below 1.1450 in early Friday.
The USD/Canadian fell to a new 2025 low below 1.3650 on Thursday, and then closed flat. In early European trading on Friday, the pair stabilized above 1.3670. Statistics Canada will be expected to be later that day
The GBP/USD lost its traction after reaching its highest level since February 2022 above 1.3600 on Thursday. As of press time, the pair traded in the negative territory around 1.3550.
The USD/JPY continues to rise, trading around 144.00 after a slight increase on Thursday.
Bulk market fundamentals:
Gold prices remain positively biased in the first half of the European session, although bulls seem reluctant to make radical bets and choose to wait for US non-farm jobs ( NFP) report release.
Major Currency Trend Analysis:
Euro: Euro/USD rebound from 1.1064 is underway, and intraday bias remains a moderate upward trend. At least on the first attempt, a strong resistance level of 1.1572 can be seen to limit the upside space. Downside, downside, breaking through 1.1356 support will indicate that the correction mode of 1.1572 has begun the third round and aiming at the 1.1209 support level. Nevertheless, a decisive breakthrough of 1.1572 will confirm a larger uptrend recovery.
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