Technical Analysis Report on Forex, Stocks, Crypto and Commodity

03 Jun

Technical Analysis Report on Forex, Stocks, Crypto and Commodity – 03 June

/ CSFX Analytics

EMPLOYMENT MARKET CAN SLOWDOWN RATE HIKE??

Asia-Pacific stocks were mostly up on Friday morning. The Shanghai Composite is up 0.42% at 3,195.45. Overall, the Singapore MSCI is up 0.59% at 299.20. Over in Hong Kong, the Hang Seng Index is up 1.49% at 21,257. In Japan, the Nikkei 225 is up 1.09% at 27,760.00, while the Topix index is up 0.21% at 1932.00. South Korea’s Kospi is up 0.41% at 2669.91. Australia S&P/ASX 200 up 0.85% at 7237.10.

Top News of the Day:

On Thursday, the ADP National Employment Report showed U.S. payrolls rising at a slower-than-expected pace last month.

Investors are now looking to the U.S. Labor Department’s comprehensive jobs report, due later on Friday, for confirmation of a slowdown in the employment market, which could convince the Fed to go slow on interest rate hikes for the rest of the year.

Market Summary as per 02/06/2022:

European equities Thursday closing. The DAX futures contract in Germany traded up 1.01% at 14,485.17, CAC 40 futures up 1.27% at 6500.45 and the UK 100 futures contract in the U.K. down 0.98% at 7,532.96.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed up 1.33% at 33248.29. The S&P 500 up 1.84% at 4176.81 and the Nasdaq 100 up 2.75% at 12892.89, NYSE closes up 1.60% at 15960.52.

Top Market News Today:

In the Forex market, GBPUSD up 0.02% at 1.2576. The USDJPY up 0.02% at 129.857. The USDCHF up 0.04% at 0.9576. EURUSD up 0.09% at 1.0754, EUR/GBP up 0.12% at 0.8551. The USD/CNY down 0.01% at 6.6596 at the time of writing.

In the Commodity market U.S. Gold futures down 0.07% at $1,867.54. Elsewhere, Silver futures up 0.25% at $22.330 per ounce, Platinum down 0.05% at $1022.20 per ounce, and Palladium up 0.10% at $2055.50.

Crude Oil down on Friday; Brent crude oil down 0.74% at $117.19 per barrel while U.S. West Texas Intermediate (CLc1) down 0.99% at $114.79.

In the Cryptocurrency Markets, Bitcoin at 30540.00 up 0.83%, Ethereum down 0.80% at 1818.67, Litecoin at 64.16 down 0.34%, at the time of writing.

Top Market Segment to Watch Out Today:

WALMART: Walmart (NYSE:WMT) Inc announced plans on Thursday to open four new fulfilment centres in the United States over the next two years, creating 4,000 new jobs that will expand its delivery network and make workers’ jobs easier.

Economic News:

US: Russia’s service sector shrank for the third consecutive month in May, under pressure from the impact of Western sanctions and weak demand at home, the S&P Global (NYSE:SPGI) purchasing managers index (PMI) showed on Friday.

The index’s headline figure of business activity climbed to 48.5 in May from 44.5 in April, though remained below the 50 mark that separates expansion from contraction.

“The fall in output reflected weak domestic and foreign demand conditions, with total inflows of new work and new export business decreasing sharply,” S&P Global said in a statement.

Russia’s economy is under heavy pressure following the imposition of Western sanctions in response to Moscow’s move to send tens of thousands of troops into Ukraine on Feb. 24. Some economists are predicting the country could suffer its worst recession in more than two decades in 2022.

Eurozone: Russia’s service sector shrank for the third consecutive month in May, under pressure from the impact of Western sanctions and weak demand at home, the S&P Global (NYSE:SPGI) purchasing managers index (PMI) showed on Friday.

The index’s headline figure of business activity climbed to 48.5 in May from 44.5 in April, though remained below the 50 mark that separates expansion from contraction.

“The fall in output reflected weak domestic and foreign demand conditions, with total inflows of new work and new export business decreasing sharply,” S&P Global said in a statement.

Service companies cited reduced purchasing power among Russian consumers as one of the main drivers of the fall in business during the month.

Top Economic Releases Today:

GERMANY Trade Balance (Apr) today at 2:30 this time estimated 1.6B, previously which was 1.9B.
EURO ZONE Services PMI (May) today at 4:00 this time estimated 56.30, previously which was 56.30.
U.S. Nonfarm Payrolls (May) today at 8:30 this time estimated 325K, previously which was 428K.
CANADA Labour Productivity (QoQ) (Q1) today at 8:30 this time estimated -0.5%, previously which was -0.5%.
U.S. Unemployment Rate (May) today at 8:30 this time estimated 3.5%, previously which was 3.6%.