Record number of jobs added to U.S economy
History was made this Friday, as 2.5 million jobs were reported to be added to the U.S. economy in the month of May. The NFP report surprised all, as the unemployment rate fell to 13.3%, after being forecasted to come in at 19.7%.
May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history. Many expected that the number for May would show a loss of more than 8 million jobs, however the addition of over 2 million jobs created, means a surprise difference of 10 million jobs in the data as reported versus expectations.
GBPUSD went to as high as 1.2729, with Gold dropping as low as $1,670.
Nasdaq reaches record high
The Nasdaq today reached a new record high, after hitting 9,842. Prior to today’s Non-farm payroll numbers, many had already expected the Nasdaq would break its previous all-time high of 9752 set in February. However today’s numbers helped make these assumptions a reality.
U.S. markets were green across the board, with the Dow Jones index adding 1,000 points, and as a result hitting a level not seen since early March. While the S&P 500 continues its recent surge and is now less than 1% away from turning positive on the year.
OPEC + to meet tomorrow
After discussing extending output cuts of 9.7 million barrels per day till July, OPEC and its allies will meet tomorrow to discuss possible further extensions. It was reported that Saudi Arabia and Russia had agreed to extend the deeper cuts until the end of July but said Riyadh was also pushing to extend them through August.
WTI crude prices rose to a session high of $39.62 per barrel on the news.
NASDAQ: After reaching a new high, it only seems appropriate that the Nasdaq wins the title of “bull” of the day. The question now however could be, will this upward momentum continue?
Gold: XAUUSD today emphatically broke below the recent support point of $1,703. Bringing back the notion of Strong Dollar = Weak Havens.
“There is a time to go long, a time to go short and a time to go fishing.”Jesse Livermore