NFP miss weakens US dollar

#OPINIONLEADER# #USDollarIndex#

ByScott Andrews

US index 07 06 2021

Key points from Friday’s data release:

• Average Hourly Earnings m/m (Actual 0.5%, Forecast: 0.2%, Previous: 0.7%)
• Non-Farm Employment Change (Actual: 559K, Forecast: 645K, Previous: 278K revised from 266K)
• Unemployment Rate (Actual: 5.8%, Forecast: 5.9%, Previous: 6.1%)

In focus was the NFP 559k miss on a forecast of 645k this saw the US dollar pull back rapidly back down to the 90.00 support level with a very weak bounce and now stability of price action. Core CPI month on month is released this Thursday at 20:30 GMT+8 with a forecast of 0.4% and previously for April it was 0.9%. The next high impact news out for the US dollar is tomorrow at 22:00 as the JOLT’s Job Openings month on month with last month came in at 8.123 and nothing significant today coming out. With the upcoming CPI data the bias here remains short term bullish as price action holds above the 90.00 support level.