Market Comment - 6th August 2021

Posted by Stuart PritchardAugust 6, 2021

Good morning,

Yesterday we had Super Thursday in the UK with a host of economic data coming out.....and it all came in line with economists expectations, so barely caused a ripple in the Pounds strength. The good news is that Sterling continues to hold it's gains over most of the majors.

Outside of a global news story it's unlikely that the trend (which is your friend until the bend in the end) will change. Recent moves have been in line with traders views on the global pandemic story. Whilst this has been going on for the last 18 months, and I guess we're all a little jaded with talking about the pandemics effect on the markets, it's still the main driver of movements. No reason why this should change in a hurry.

The big story today is the Non Farm Payrolls number in the States this afternoon. Ever the bellwether statistic for Forex traders around the globe. Analysts are expecting a gain of 870,000 jobs so let's see if they're right. Here's a quote from Investopedia to explain what the Non Farm Payroll is:

"Nonfarm payrolls is the measure of the number of workers in the U.S. excluding farm workers and workers in a handful of other job classifications. This is measured by the Bureau of Labour Statistics, which surveys private and government entities throughout the U.S. about their payrolls. The BLS reports the nonfarm payroll numbers to the public on a monthly basis through the closely followed “Employment Situation” report. In addition to farm workers, nonfarm payrolls data also excludes some government workers, private households" proprietors, and non-profit employees."

If there's a big shift outside of the expected numbers we will alert you with a newsflash.

As ever we look forward to keeping you in the loop and look out for our next update.

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Today's Economic Calendar

US: 13:30 Non Farm Payrolls

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