(By ATFX Analyst Team)
Key TakeawaysUS Economy Adds Jobs: The US May non-farm payrolls added 172,000 jobs, outperforming expectations, while the unemployment rate remained at 4.3% for the third month. Market Response: Following the news, the likelihood of a Federal Reserve rate hike in December rose to 68.4%, impacting US equities and gold. Upcoming Focus: This week, markets will watch key US inflation data including CPI and PPI, ECB and Bank of Canada rate decisions, and other economic indicators, which are likely to increase volatility. |
Global Market Review 08/06/2026
The US May Jobs report raised concerns about a hawkish shift by the Federal Reserve, leading to a sharp decline in US stock markets last Friday amid waning AI enthusiasm. US Treasury yields rose significantly, pushing the dollar to a nearly two-month high and sending the dollar on a weekly gain of 0.63%.
Spot Gold fell 3.24% to $4,328.80 per ounce, ending the week down about 4.56%. Crude Oil prices also dropped as traders remained cautious amid tensions in the Middle East.
Key Events Today:
- 07:50 JP GDP Annualized Final Q1 **
- 14:00 EU GERMANY Factory Orders MoM APR **
June 9th
- 14:00 EU GERMANY Industrial Production MoM APR **
- 20:30 US Balance of Trade APR **
- 22:00 US Existing Home Sales MAY **
Markets Analysis 08/06/2026
- Resistance: 1.1564 / 1.1576
- Support: 1.1509 / 1.1496
EUR/USD experienced a significant sell-off last Friday, marking its largest single-day drop since late March, falling to around 1.1520. Growth concerns in the Eurozone and strong US non-farm payrolls heightened expectations for a hawkish Federal Reserve.
Analysts View: After hitting a low since April 6, EUR/USD has opened lower but is attempting to rebound within the 1.1550–1.1500 range, with 1.1500 a critical support level.
Direction: Leaning lower in consolidation
- Resistance: 1.3357 / 1.3381
- Support: 1.3278 / 1.3253
Driven by a strong NFP-led US dollar rally, GBP/USD saw its largest decline since mid-May, hitting a multi-week low of around 1.3340. The pair opened lower today but is attempting a rebound.
Analysts View: GBP/USD declined last Friday and is now hovering near the key support level of 1.3300.
Bias: Leaning lower in consolidation
- Resistance: 160.42 / 160.85
- Support: 160.08 / 159.74
USD/JPY surged to its highest level since late April, surpassing 160, fueled by strong US jobs data. However, concerns over potential Japanese FX intervention limited further gains.
Analysts View: The pair will remain above 160, closely monitoring for any intervention, keeping it within a tight range.
Bias: Range-bound consolidation
- Resistance: 96.42 / 98.35
- Support: 90.18 / 88.23
Crude oil prices fell for a second day to a four-day low due to a fragile ceasefire between Israel and Lebanon, but are rebounding amid uncertainties surrounding the US-Iran ceasefire.
Analysts View: After the price declined below the 10-day moving average, it opened higher and is consolidating between the 10- and 20-day averages, with potential breakouts possible from upcoming news.
Bias: Range-bound consolidation
- Resistance: 4400/4427
- Support: 4312/4278
- Resistance: 70.84 / 73.59
- Support: 66.45 / 63.67
Non-farm payrolls data has reinforced the Federal Reserve’s hawkish stance, leading to a significant pullback in gold prices last Friday. In Monday’s early Asian session, gold hovered near its lowest levels since March 24, while spot silver fell below $70.
Analysts View: Gold price should hold above the $4,300 support to prevent further declines, with a key focus on the $4,312/$4,278 support levels.
Bias: Leaning lower in consolidation
- Resistance: 51150 / 51347
- Support: 50674 / 50518
After strong May non-farm payrolls growth, markets are betting on a year-end Federal Reserve rate hike. US equities fell, with the Dow retreating from record highs to close lower.
Analyst View: The Dow experienced its largest drop since late March and is testing the 10-day moving average. A break below could lead to a correction toward the 20-day, while holding could signal a rebound to recent highs.
Bias: Under pressure
- Resistance: 29407 / 29666
- Support: 28567 / 28312
The US May jobs report heightened expectations for a Fed rate hike. Last Friday, US semiconductor stocks fell sharply, losing $1.3 trillion in market value, with the Philadelphia Semiconductor Index experiencing its largest one-day decline in over six years, pulling the Nasdaq down to its lowest level since late May.
Analyst View: After Friday’s drop, the 10- and 20-day moving averages are now resistance. Nasdaq is testing below 29,000; a failure to reclaim this level could trigger further declines to 28,567/28,312.
Bias: Under pressure
- Resistance: 67606/69683
- Support: 60728/58042
Bitcoin climbed back above $61,000 on Sunday, recovering from its lowest levels of 2026 after a market sell-off that erased hundreds of billions of dollars from digital assets. It lost over 17% during the week.
Analyst View: BTC/USD ended a seven-day losing streak but remains in a lower range. Bitcoin needs to move above the 10-day moving average at 66,200 to gain momentum, as resistance may keep it range-bound.
Bias: Low-level consolidation
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