EU Bullet Report | GOLD posts 1 year high, NFP Day is here

Posted On 04 Mar 2016

Tag: Crude Oil, Gold, US Non-Farm Payrolls, USD

NFP Day: Payrolls are expected to have increased 195,000 however the key will be wage growth, which if they moved higher, will give confidence to the FED that the economy in on the right track. NFP report is unlikely to change market’s view on the timing of Fed’s rate hike. A March hike is basically ruled out. The chance for a June hike is at a mere 33%.

OIL: Prices are trading higher today. Nigeria’s petroleum minister said there will be a ‘dramatic price movement’ adding that producers generally seek a recovery in the crude price to USD50/bl. Russia has confirmed its readiness to participate in the talks but the date of the meeting is still being discussed. Resistance levels: 35.60 36.30 36.70

USD: was generally lower yesterday and markets are still in wait and see mode ahead of NFP at 13:30 GMT. USD lost some ground after strong sessions over the past week. The USD also traded lower after ISM non-manufacturing was relatively weak in the details with the employment index dropping to 49.7, the lowest since February 2014. A generally weak payroll number may ease expectations for the next Fed move, which may lend support to risk sentiment and commodity prices.

GOLD: Gold’s 2016 rally gathered momentum on Thursday with the metal exchanging hands for $1,269.30 an ounce in late afternoon trade, up $27.50 or 2.2% from yesterday’s close to a one-year high. Resistance levels: 1268 1276 1284

Stocks: DJIA closed up 44.58 pts, or 0.26%, at 16943.9. S&P 500 closed up 6.95 pts, or 0.35% at 1993.4. Asian stocks are set to post their strongest week in 5 months as global investors returned to riskier assets after a string of positive U.S. economic data and a bounce in oil and commodity prices.

Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience a better user interface with news, Technical Analysis and charts – all in one page.

The post EU Bullet Report | GOLD posts 1 year high, NFP Day is here appeared first on Forex.Info.

Source:: EU Bullet Report | GOLD posts 1 year high, NFP Day is here

About the Author

With over a decade of trading expertise and 100,000 fulfilled clients in 160 countries worldwide, easyMarkets will tick all your boxes whether you are a new or experienced trader, affiliate or introducing broker. [space height="20"] Trade 300+ markets including currencies, commodities, metals, vanilla options and indices from one place without the jargon, complicated offers and confusing terms! [space height="20"] Welcome to the exciting world of trading. Welcome to easyMarkets.