Dollar dumps after NFP miss

“The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller

FOREX

GBP/USD fails to recover 1.4200, holds onto important daily gains

The GBP/USD rose further during the American session and peaked at 1.4200. Like Thursday, it was unable to break the 1.4200 area and pulled back. The pound recovered sharply after falling before the NFP to 1.4082, the lowest level in almost three weeks. From the lows it bounced to the upside, boosted by the decline of the US dollar after the US employment report that came in below expectations.

GOLD

Gold rebounds as U.S. non-farm payrolls fall short of expectations

Gold rebounded from a more than two-week low on Friday after U.S. nonfarm payrolls did not rise as much as expected, although bullion was still on course to register its biggest weekly decline since March.

STOCKS

Canada's TSX ends above 20,000 for first time as resource shares rally

Canada’s main stock market index closed above 20,000 on Friday for the first time, extending a sharp rebound from its low last year during the COVID-19 crisis as higher commodity prices bolstered the shares of resource companies.

AMC, meme stocks could spark more heat in the week ahead as investors await inflation news

Inflation data is a highlight of the week ahead, as investors focus on economic news in the void between earnings season and the next Fed meeting. Equities were higher in the past week, but the meme stocks were far hotter. AMC Entertainment gained another 83% for the week, even after declines at the end of the week.

CRYPTO

President of El Salvador Says He’s Submitting Bill to Make Bitcoin Legal Tender

El Salvador is developing a bill to recognize Bitcoin as legal tender, according to President Nayib Bukele. In a videotaped announcement shown Saturday, he said he will submit the bill next week. The bill’s approval would likely make El Salvador the first nation to adopt a bitcoin standard. 

MORE HEADLINES

•    G-7 nations reach historic deal on global tax reform
•    Amazon and Facebook to fall under new G7 tax rules - Yellen
•    El Salvador looks to become the world’s first country to adopt bitcoin as legal tender
•    Too soon to say if English lockdown will end June 21, Hancock says
•    Bitcoin is ‘impossible to shut down’, says Ark’s Cathie Wood
•    Trump teases another presidential run in 2024

ANALYSIS

Soft NFP to take some of the wind out of the USD's sails – TDS

“The data will likely reinforce the view of most Fed officials that progress has not been ‘substantial’ enough for them to start signalling tapering. 

“The USD is likely to unwind a good portion — if not all — of its recent gains against the G10 complex. The official report has its bright spots, but we think the FX market will struggle to overlook the headline shortfall.”

“We note that EUR/USD has pushed back above the 1.2133 threshold. A weekly close above that mark should help cement expectations of a return to familiar territory until fresh catalysts emerge. On that front, we think investor attention will soon pivot to next week's ECB meeting as the next major item on the market's agenda.” 

CHART

Nasdaq 100 – Daily Candlesticks

  
Source: GKFX Metatrader 4 

NAS 100 made its highest close in 2 months after twice testing rising trendline support in mid-May. The breakout suggests a re-test of the record high near 14,000 could be next.  - Prepared by Trading Writers*

CALENDAR

*Times in GMT

 
Source: FX Street Economic Calendar

Source

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/soft-nfp-to-take-some-of-the-wind-out-of-the-usds-sails-tds-202106041425
https://www.reuters.com/business/yellen-urges-g7-nations-pursue-sustainable-growth-2021-06-05/
https://www.cnbc.com/2021/06/05/g-7-nations-reach-historic-deal-on-global-tax-reform.html
https://www.cnbc.com/2021/06/05/el-salvador-becomes-the-first-country-to-adopt-bitcoin-as-legal-tender-.html
https://www.cnbc.com/2021/06/04/amc-meme-stocks-could-spark-more-heat-in-the-week-ahead-as-investors-await-inflation-news.html
https://www.reuters.com/article/canada-markets-tsx/update-1-canadas-tsx-ends-above-20000-for-first-time-as-resource-shares-rally-idUSL2N2NM2F6
https://www.fnlondon.com/articles/bitcoin-is-impossible-to-shut-down-says-arks-cathie-wood-20210528
https://www.cnbc.com/2021/06/04/gold-markets-dollar-us-economy-bond-yields.html