US Non-Farm Payrolls

The pair failed to break out from a major resistance line, sending the pair lower towards a key support line. The US is due to report its Non-Farm Payrolls (NFP) report today, August 07. The report for July is expected to drop following the two (2) consecutive increase in the change of number employed. Expectations were at 1,600K compared to the previous increase in the report of 4,800K. Investors are worried that employees who are laid off during the pandemic might remain unemployed in the coming months. At the height of the pandemic in April, more than 20.5 million US employees became unemployed. Only 7,309K were able to find a new job from May to June. And the small projection in the change of number employed for July will cause a sell-off in the US dollar. Meanwhile, recent reports from the US neighbor, Mexico, suggests that its economy is recovering. Today’s CPI report is expected to increase by 0.65% compared to 0.55% in June.