Trading Market Commentary June 2, 2017

Commentary

US markets went for the most part higher throughout the course of the trading session on Friday, due to the fact traders shrugged off lower than anticipated jobs data. With all the upside move on Friday, the main Indices soared to all new record closing levels. NFP (Non-Farm Payroll) showed 138,000 jobs, well below the anticipated number of 181,000 as the previous report has also been adjusted lower.

The US Indices all finished in the positive zone. However, the tech-heavy NASDAQ outperformed its cousins. As the NASDAQ jumped 58.97 points (0.9 %) to 6,305.8, the S&P  accelerated 9.01 points (0.4 %) to 2,439.07, and the Dow rose 62.11 points or (0.3 %) to 21,206.29.

The Euro markets were also on the upside Friday. The DAX30 Index has leaped 1.3 %. Also, has hit its all-time high early part on Friday. The continuing resilience of the Euro Dollar is definitely weighing on the DAX30. However, the latest consolidation eliminated the overbought situation; therefore more upside is entirely possible at this time. The 13,000 range level could be on target for a few days, at the same time essential support level remains to be 12,500.

The FTSE100 Index advanced by 0.1 %, as well as the CAC40 Index,  rose by 0.5 %, in spite of this, the market has been pushed lower following the release of US Employment data.

The Asian markets migrated, for the most part, higher throughout trading on Friday. The Nikkei 225 Index leaped to fresh highs over the 20,000 range closing 1.6 % higher. Whereas HK's Hang Seng Index rose by 0.4 %.

The yellow metal is one of the most prevalent recipients of the Friday’s developments, as the Gold reach the 5-week high trading nearby the $1280 level. The Euro, the Swissy, and Yen were all up in comparison to the US Dollar, as the Aussie Dollar also reclaimed a part of its latest losses, in spite of the sharp decline of crude oil on Friday. Industrial commodities ended up likewise lower along with crude oil. However, the Chinese market was relatively robust overnight. 

The Cryptocurrencies ended up mainly lower Friday. However, the losses were limited with merely Ripple shedding well over 5% following Thursday’s lift. Ethereum continuously is consolidating under its latest highs, at the same time Bitcoin was trading above $2400 level as it approaching to challenge the $2600 short-term resistance.  

The US Dollar was prone to significant losses on Friday following May’s very fragile Non-Farm Payroll report. Even though jobless rate surprisingly decreased to 4.3% in addition to hourly earnings ended up consistent with estimations at 0.2%. The general Non-Farm Payroll report was discouraging. With the Bears definitely applying the down-side big surprise to attack the US Dollar, with further Dollar weakness is a probability in the next several days.

The sentiment around the US economy, as well as US Dollar, has taken a severe hit from May’s Non-Farm Payroll report with presumptions of the Fed's rising interest rates. The unfavorable Non-Farm Payroll report could force the Fed towards a lot more solid rate-hike plan other than June. Coming from a technical point of view, the US Dollar Index is showing a bearish pattern on the charts.

Together with a political lack of stability in Washington currently capping upside advances, the diminishing positive outlook over the Fed's following through beyond June might bring in more sellers to drive the US Dollar on the way to 96.00 level. 


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