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EUR/USD breakout after NFP miss



“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros





Weak U.S. jobs report spurs new arguments over big government spending - MSN


Biden’s promised economic comeback hardly stalled on Friday. But it seemed to sputter a bit with a report that found merely modest April job gains of 266,000 [versus 1M expectation] and complicated his new $4 trillion push for infrastructure, education and children.


President Joe Biden insists an unexpected slowdown in companies’ hiring is clear new proof the U.S. needs the multitrillion-dollar federal boost he’s pushing. Biden’s opponents say the legislation actually worsened problems in at least one way, with expanded unemployment benefits that gave the jobless a reason to stay at home instead of seeking work.


Dollar Tumbled Broadly, Stocks Hit Record, as Data Affirmed Fed’s Patient Approach – Action Forex


Dollar dropped broadly last week and ended sharply lower, as the huge non-farm payroll miss gave a strong nod to the Fed’s patient approach. The expectation that ultra-loose monetary policy is here to stay for longer boosted US stocks to new record high too.


Dogecoin price flops as Elon Musk hosts ‘Saturday Night Live’ – Market Watch


His backing of dogecoin has been a rallying point for the doge community, but dogecoin holders who had hoped his mention of the digital currency on national TV would boost its price toward $1 were left disappointed. After peaking around 70 cents just before “SNL” aired, dogecoin prices slumped to 47 cents when the show started.


Ethereum price closes in on $4K – Coin Telegraph


Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $3,958.


METALS-Copper hits record high on industry and speculative buying - Nasdaq


Copper burst higher on Friday to a record peak, fuelled by speculators and industrial buyers on the back of rosy economic data as Western economies recover from the pandemic. Benchmark copper on the London Metal Exchange (LME) CMCU3 broke above the previous record high of $10,190 set in 2011.


CFTC commitments of traders: The loonie longs increased by 10K in the current week – Forex Live


• The CAD longs increased by 10K as the loonie moves to new highs going back to 2017.  
• The EUR long position remains the largest of the positions.
• The JPY is the largest and only short but its position was trimmed by 8K this week. 




•    Ransomware attack forces shutdown of largest fuel pipeline in the U.S. 
•    Manchester United Loses Kit Sponsorship After Protests: Observer
•    France Threatens U.K. on Financial Services in Fisheries Dispute
•    Elon Musk Reveals He Has Asperger’s On ‘Saturday Night Live’
•    Bezos Sells $2.4 Billion of Amazon in Second Wave This Week
•    Johnson Rejects Scottish Referendum Calls - BNN




Focus Shifts to U.S. Prices After Jobs Disappointment: Eco Week - Bloomberg

What Bloomberg Economics Says:

“Concerns about inflationary pressures pushing the Fed’s hand sooner than anticipated should abate in light of the latest labor market data indicating significantly less progress toward pre-pandemic trends. A sharp acceleration in core inflation above 2% in the highly-watched CPI report for April will be discounted as a result of the much-touted base effects and a transient mix of demand-pull and cost-push factors.”




EUR/USD – Daily Candlesticks
Source: GKFX Prime Metatrader 4 

EUR/USD has broken above the April 30 peak as well as back above a declining trendline on the daily chart to form a new ‘higher high’, confirming a new uptrend is in place according to Dow Theory. - Prepared by Trading Writers*




*Times in GMT


Source: FX Street Economic Calendar





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