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Tradeview’s Daily Digest – 2nd July

Another record Non-farm payrolls number

After yesterday’s private sector payrolls, markets were anticipating a strong NFP release.

Today Non-farm payrolls increased by 4.8 million jobs in June. Which beat the previous record by over 2 million. Payrolls in May were 2.69 million.

Many  had forecasted payrolls would increase by 3 million jobs in June, so today’s number was a major boost for the U.S. economy. The result of which see’s the unemployment rate now stand at 11.1%.

Jobs day overshadowed by further increases in virus cases

Thursday has been a tale of two halves. 

Firstly a record number of jobs boosted equities, with the NASDAQ printing new highs. Then uncertainty crept in as it was revealed that COVID-19 cases continue to spike in the U.S.

Shortly after the NFP release, it was reported that Florida had more than 10,000 new cases of the coronavirus.

 This being the biggest one-day increase in the state since the pandemic started.

Demand for Oil to reach pre-pandemic level next year

Today Goldman Sachs analysts estimated global oil demand would not reach pre-pandemic levels for another 2 years. 

They stated that they expected a decline by 8% for the remainder of 2020, followed by a rebound of6% in 2021 and a “full recovery” to pre-coronavirus levels by 2022. 

Biggest Bull

Gold: After the initial NFP release XAUUSD fell to as low as $1,759, however it immediately rallied to as high as $1,779, in a sharp turnaround.

Source: Tradeview MT4

Biggest Bear

Bitcoin: Yesterday’s bull, today’s bear seems to be relevant today, as Bitcoin today falls to a low of  $8,925 after trading at a high of $9,300 yesterday.

Source: Tradeview MT4

Quote of the day: “Trading is very competitive and you have to be able to handle getting your butt kicked.”

Paul Tudor Jones

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