How is the Current Movement of the Market Ahead of the NFP? - Kakiforex.com - Financial Market Media No. 1 in the World How is the Current Movement of the Market Ahead of the NFP? How is the Current Movement of the Market Ahead of the NFP?
InstaForex

June 4, 2021

How is the Current Movement of the Market Ahead of the NFP?

 The US dollar traded steady as the market awaited the release of the US NFP jobs report tonight.


During the European session, the dollar index, which measures the strength of the greenback against a group of major currencies, traded strong around 90.54.


The currency giant had previously gained strength following readings of ADP data and encouraging unemployment claims and pushed positive expectations for the NFP jobs report.


In addition to the NFP, investors will also be shown a reading of employment data from Canada for May tonight.



Meanwhile, against the euro, the greenback traded 0.2% higher and also recorded a surge against commodity -linked currencies.


The Canadian dollar continued to depreciate from a six -year high against the strengthening US dollar, although at the same time world crude oil trade soared on expectations of a stronger demand recovery.


In addition, the Aussie dollar continued to weaken around a seven -week low, and the New Zealand dollar traded lower at a three -week low against the greenback.


In addition, the pound traded below 1.42000 against the USD, weighed down by concerns over India's Delta Covid-19 variant that may delay plans to reopen the UK on June 21.