The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Potential interest rate hikes in the US continue to play out in the markets, resulting in a decline. Investors did not even look at recent economic data, even though ADP released better-than-expected employment report in the US.
Reportedly, jobs in the private sector increased to 497,000, significantly higher than the expected 228,000. It also surpassed May's data of 267,000, indicating that the US labor market continues to feel quite well.
Markets debated last year how aggressively the Fed would raise rates, believing that a strong labor market would allow the regulator to more actively combat inflation. However, investors now fear that the Fed may decide to maintain its tight monetary policy, which will negatively impact risky assets.
The downward momentum will most likely continue if the Department of Labor reports an employment data that exceeds the forecast of 225,000. But if the figure turns out to be slightly weaker than expected, markets may calm down a bit and begin to recover, as expectations of a rate hike will weaken.
On this wave, the rise in Treasury yields may also pause, while dollar will not change significantly.
Forecasts for today:
USD/CAD
The pair may rise if employment data in the US exceeds expectations. This could lead to a breakout of 1.3380 and a sharp increase to 1.3465.
XAU/USD
The pair may consolidate in the range of 1900.00-1931.10 and find support only in the case of weak employment report in the US. It may rise to 1955.00 next week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
