In this July 5, 2024 Forex Market Opening Video, I take a technical look at the three major currency pairs – EURUSD, USDJPY, and GBPUSD.
Today, the US jobs report was mixed, with nonfarm payrolls in June coming in above expectations, but revisions for the previous two months offsetting those gains. The unemployment rate also rose to 4.1% from 4.0%. Average earnings came in as expected.
Government jobs were also a big contributor to the improvement in the data this month (+70,000 jobs). Private education and health services added another 82,000 jobs. Overall, the 152,000 jobs accounted for 74% of the gain during the month.
Looking at the private sector, jobs rose by 136,000, well below the 190,000 estimated. This is a particular problem in the public sector, which is struggling with huge deficits in the face of a stronger economy.
What does the price action say?
In this video, I take an updated look at the three major currency pairs – EURUSD, USDJPY and GBPUSD. What is the price action in relation to technical levels. What are the key barometers (where the bias turns from more bullish to more bearish and vice versa).