The Markets Are Awaiting Job Data and Unemployment Rates Today
Market News Summary
On the previous day, Apple unveiled its quarterly earnings report for the third fiscal quarter, concluding on June 30, 2023. The company surpassed expectations by recording higher profits and revenues, attributed to robust growth in service sales, which saw an impressive 8% year-on-year increase.
Amazon also reported its quarterly results for the second quarter of 2023, showing an 11% increase in e-commerce sales and issuing positive forecasts for accelerated sales growth in the third quarter.
A report by the Department of Labor indicated a slight increase in new unemployment claims last week, while layoffs reached their lowest level in 11 months in July.
Dollar Index (USDX)
The dollar index climbed to its highest level in four weeks, while the benchmark 10-year Treasury yields reached their highest since Wednesday. This came after private sector job data in the US showed an impressive increase of 324,000 jobs last month, surpassing Reuters’ forecast of 189,000 jobs.
Despite a slight rise in unemployment claims data and market anticipation for non-farm payroll, unemployment rate, and wage data, the dollar index managed to maintain stability near the $102.30 level.
Pivot point: 102.35
| Resistance level | Support level |
| 102.55 | 102.05 |
| 102.85 | 101.85 |
| 103.05 | 101.60 |
Spot Gold (XAUUSD)
Gold is heading for its worst weekly performance in six weeks as investors await the highly anticipated US jobs report. Strong economic data this week pushed US Treasury yields to their highest level in nine months.
Gold currently stands at $1,936.15 per ounce in the spot market, while US gold futures rose slightly by 0.2% to $1,971.70 per ounce.
Pivot point: 1934
| Resistance level | Support level |
| 1938 | 1929 |
| 1943 | 1924 |
| 1948 | 1919 |
Dow Jones Index (DJ30ft – US30)
The US indices closed with slight declines in yesterday’s Thursday session, weighed down by rising bond yields and amid anticipation of corporate earnings and various economic data.
The Dow Jones index dropped by 0.19%, equivalent to around 66 points, in Thursday’s session, marking its lowest close in two weeks.
Pivot point: 35345
| Resistance level | Support level |
| 35475 | 35195 |
| 35620 | 35065 |
| 35750 | 34920 |
US Crude (USOUSD)
Oil prices rose by approximately 2% yesterday, following two decisions announced by Saudi Arabia and Russia to cut supplies in the market until September and possibly beyond.
Brent crude futures increased by $1.94 or 2.3% to settle at $85.14 per barrel, while West Texas Intermediate (WTI) crude rose by $2.06 or 2.6% to reach $81.55 per barrel at the close.
Pivot point: 80.75
| Resistance level | Support level |
| 82.80 | 79.65 |
| 83.85 | 77.55 |
| 85.90 | 76.45 |
Risk Statement:
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