According to comprehensive news from WorldWay: On July 2, during the European market session, the United States announced that the ADP employment number for June increased by 281,000, significantly higher than the expected value of 200,000 and the previous value of 179,000, marking the best performance since November 2012, indicating that the U.S. economic recovery is on the right track.
After the data was released, the dollar index reversed its recent downward trend, quickly rising above the previously breached 80 integer mark.
At the same time, due to the strengthening of the dollar index, the spot gold price briefly fell by about 5 dollars, reporting at 1323.95 dollars/ounce; the spot silver price briefly fell to 20.97 dollars/ounce; U.S. Treasury prices dropped after the ADP employment number exceeded expectations; NYMEX August crude oil futures prices hit a daily low of 104.74 dollars/barrel; German bond futures fell to an intraday low of 146.82.
The strong ADP data not only drove the dollar index to rise in the short term but also suggests that tomorrow's important U.S. economic data may also perform strongly, leading the market to begin anticipating that the Federal Reserve (FED) may raise interest rates earlier.
From a technical perspective, since the dollar index fell below the 80 index mark, it has attempted to test the 80 resistance level twice but has been suppressed by bears each time. If the dollar index is to restart a bullish trend, tonight's speech by Yellen and tomorrow's U.S. data will be particularly important.
The Global Foreign Exchange Market Center shows that, as of 20:42 Beijing time, the dollar index is reported at 79.98.
Source: U.S. Indicators
WorldWay Editor
