06/04/2021 01:01

Release： 06/04/2021 01:01

Update： 06/04/2021 01:03

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【2021.6.4】Yesterday's market recap and today's reflections

[FX]

Yesterday's US ADP employment report was released, coming in at +970,000 versus the expected +650,000, a quite strong figure.

Following this release, the timing of tapering is more likely to be accelerated, and dollar buying advanced. In AUDUSD, USDJPY, and EURUSD, the daily charts have broken out of a triangular consolidation.

Today, the Non-Farm Payrolls (NFP) will be released.

With the strong ADP numbers driving a large dollar rally, if the NFP shows a strong figure, there is potential for further dollar buying and possible short-covering/learnings; alternatively, if the NFP is weak, there could be dollar selling. Either way, today is likely to see big moves, so it might be wise to wait and observe.

Additionally, if the NFP is weak, there could be dollar selling. In any case, today is prone to large moves, so waiting to see how it unfolds may be prudent.

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