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USD is strengthening against EUR and JPY but weakening against GBP. USD is supported by positive May data from the national labor market. Instead of the expected reduction of 8,000 million jobs, Nonfarm Payrolls increased by 2,509 million, which is the most significant growth since 1939. At the same time, instead of increasing from 14.7% to 19.8%, the unemployment rate decreased to 13.3%. The first comments of experts after the publication of the data are positive: they hope that the US economy has bottomed out and turned towards recovery.
At 16:00 (GMT+2) in Canada, data on Ivey PMI for May will be published. The indicator reflects the state of business activity in the national manufacturing industry and is calculated on the basis of a survey of purchasing and supply managers of leading national enterprises in all industries. The attitude of managers to the current economic situation and prospects for future development is evaluated. The indicator may grow from 22.8 to 25.0 points. If the forecast proves correct, it can support CAD.
The data on the unemployment rate in the USA for May is due at 14:30 (GMT+2). The Unemployment Rate measures the percentage of the total workforce that is unemployed and actively seeking employment during the previous month. Only registered unemployed are counted. The indicator is expected to grow from 14.7% to 19.8% which may put pressure on USD.
The data on the employment change in Canada for May is due at 14:30 (GMT+2). This indicator captures the change in the number of employed citizens in the country. The level of employment is expected to reduce by another 500K people. The realization of the forecast can put pressure on CAD.
At 14:30 (GMT+2), data on Nonfarm Payrolls in the USA for May will be published. The number of employed citizens is expected to decrease again, but by only 8.0 million people, not as dramatically as a month earlier. However, data may turn out to be better than forecasts, since the leading indicator of Nonfarm Payrolls from ADP in May was positive. If the forecast proves to be true, this may render support to the US dollar.
This week, the pair had ambiguous dynamics.
The cryptocurrency market has been trying to grow this week. Currently, Bitcoin is trading at 9800.00 (+3.3%), Ethereum is at 241.00 (+3.2%), Tether is at 0.9999 (+0.06%). The Ripple coin became the only one of the top five currencies that lost position by the end of the week; it is trading around 0.2025 (–1.8%). Bitcoin Cash quotes are in the area of 260.00 (+6.8%). The total market capitalization increased from $265B to $277B. The share of Bitcoin fluctuated around 65%.