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Forex Today: Stocks Higher on Strong US Jobs Data

By Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked with...

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Stronger than expected new jobs numbers in the USA helped boost global stock markets, with the German market looking especially bullish.

  1. Yesterday's release of the JOLTS job data in the USA came in considerably stronger than expected, showing that almost 7.4 million new jobs were created when only 7.11 million was expected. This demonstration of a resilient US economy boosted global stock markets, with German indices looking especially bullish. US indices are higher but the S&P 500 Index remains below an area of resistance confluent with a major round number at 6,000.
  2. The Bank of Canada is holding a policy meeting today, and is expected to leave rates unchanged at 2.75%.
  3. Australian GDP data released earlier was lower than expected, showing a quarterly growth of only 0.2% when analysts were expecting 0.4%. The Australian Dollar was little changed following the news.
  4. Bitcoin remains in focus after reaching a new record high two weeks ago at $112,00. However, the price seems to have rejected new resistance below $107,000 so the technical picture is looking somewhat bearish.
  5. The Asian session saw an extremely quiet Forex market.
  6. There will be a release today of US ISM Services PMI data.
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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