Markets up ahead of US nonfarm payroll report

June 5, 2020

By IFCMarkets

Top daily news

Global stocks are rising today after a mixed session on Thursday ahead of US employment report expected to show nonfarm payrolls fell in May by 8 million jobs after a record 20.54 million plunge in April. Markets’ advance paused Thursday on US Labor department report showing over 43 million Americans have lost their jobs in the last eleven weeks.

Forex news

Currency Pair Change
EUR USD +0.1%
GBP USD +3.1%
USD JPY +1.48%
The Dollar weakening continues today ahead of May jobs report expected to show US unemployment rate jumped to 19.8% from 14.7% in April. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.5% Thursday after reports initial jobless claims jumped another 1.9 million last week while trade deficit widened nearly 17% in April to $49.4 billion. Both GBP/USD and EUR/USD continued climbing yesterday as the European Central Bank announced it would expand its Pandemic Emergency Purchase Program by €600 billion, or $674.5 billion and extend the program until June 2021. Both pairs are higher currently. Both AUD/USD and USD/JPY continued advancing yesterday with the dynamics intact for both pairs currently.

Stock Market news

Indices Change
Dow Jones Index +1.44%
Nikkei Index +1.55%
Hang Seng Index +1.56%
Australian Stock Index +0.71%
Futures on three main US stock indexes are in the black currently after a mixed performance Thursday. Stock indexes paused yesterday while Dow eked a marginal gain led by 6.4% jump in Boeing on signs of rebound in air travel : the three main US stock indexes recorded daily returns ranging from -0.7% to +0.04%. European stock indexes are retracing higher today after ending solidly lower Thursday led by auto stocks. Asian indexes are mostly higher today led by Nikkei while thousands in Hong Kong defy ban to mark Tiananmen anniversary.

Commodity Market news

Commodities Change
Brent Crude Oil +1.92%
WTI Crude +1.32%
Brent is extending gains today. Oil prices rose yesterday on reports the Organization of the Petroleum Exporting Countries and its major allies, including Russia, a group known as OPEC+, achieved a compliance of 89% with the output cut deal reached in April. They have yet to announce a new meeting date. The US oil benchmark West Texas Intermediate (WTI) futures ended higher yesterday: July WTI gained 0.3% and is higher currently. August Brent crude closed 0.5% higher at $39.99 a barrel on Thursday.

Gold Market News

Metals Change
Gold -0.3%
Gold prices are edging lower today . August rose 1.3% to $1727.40 an ounce on Thursday.

Market Analysis provided by IFCMarkets

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