Overnight Market Review (2022.8.5) The number of US jobless claims released on Thursday was lower than expected, and the market is currently waiting for the non-farm payrolls data to be released on Friday. However, traders are worried that the US non-farm payrolls data for July may also be Poor.
Before the US stock market opens on Friday (August 5), the US Department of Labor will release its July employment situation report. Markets expect the much-anticipated U.S. nonfarm payrolls to rise by 258,000 in July. If true, it would be the indicator’s lowest reading since December 2020.
In addition, the previous non-farm payroll report showed that the U.S. unemployment rate in June was 3.6%, which is already at a historically low level. With such a low unemployment rate, it means that its economic capacity has been fully mobilized.
In gold markets, gold futures settled up 1.7% at $1,806.90 an ounce. It hit a one-month high as the U.S. dollar and U.S. Treasury yields retreated as investors kept an eye on geopolitical tensions.
Trading strategy deployment: it is recommended to go short at high levels
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