On Friday, the Non-farm payrolls data came out to be much better than expected where the U.S. economy managed to add 195,000 jobs last month against the expected number of 163,000. Whereas, the unemployment level remains at 7.6% as it was the previous month, hence boosting up the investor confidence in the U.S. dollar that resulted all the major pairs and as well as gold to fall sharply where euro made a low of 1.2802, pound 1.4860, and gold 1208.
Canadian Unemployment Remains Unchanged
The Canadian unemployment rate remained the same at 7.1% while the employment change level remains unsatisfactory for investors. The Canadian economy is still lagging in bringing down its unemployment level, but numbers remain way too far from the desired targets.
Japanese Exporters Struggle, as the Current Account Balance Falls
Followed by the quantitative easing measures started in early April, the Japanese exporters immediately made the most of the situation where the Current Account balance went to 0.85 trillion in April this year. However, a slight downturn was witnessed in exports in the month of May as the Current Account balance fell to 0.62 trillion. No such volatility was seen in the market based on this news, as the data came out to be the same as expected. Usd/Jpy has tested 101.51 in early hours of the Asian session today, while Eur/Jpy is moving at 129.65 after making a fresh high of 130.16.
Decisive Day for Greece as the EuroGroup Meetings Continues
The German trade balance data is due before the start of the European session today, followed by the German Industrial Production data where both of these could have a notable impact on the Eur/Usd pair. On the other hand, the Eurogroup meetings would be held all day long where it is expected that the Greek government may come to an agreement with the creditors regarding the continuation of bailout, which if happens, could certainly result in a positive movement in the EUR/USD pair. However, if gold gains against the U..S dollar on this news, even then it would remain bearish as the investors would take every fresh new high of gold as a selling opportunity.
What would Mario Testify
The ECB President Mario Draghi is due to speak regarding the European economic situations in Brussels, where a hint towards lowering interest rates could seriously damage the currency’s worth as it already has lost nearly 500 points in the last 2 weeks.