(By ATFX Analyst Team)
Key TakeawaysFed Chair Walsh emphasized the Fed’s commitment to the 2% inflation target, stating that those anticipating rate cuts will be “disappointed.” In June, U.S. manufacturing growth continued for the sixth month but slowed, and ADP employment increased by 98,000, below expectations. Today, the U.S. June Nonfarm Payrolls report will be released, with expectations of job growth at 110,000, down from 172,000, while unemployment is predicted to stay at 4.3%. This report could impact the Fed policy outlook and increase market volatility ahead of the Independence Day holiday. |
Global Market Review 02/07/2026
Equities: U.S. stocks closed lower on Wednesday, weighed by weakness in semiconductors. Meta Platforms surged after announcing plans to enter cloud computing by selling excess AI capacity. Dow ‑0.02%, S&P 500 ‑0.2%, Nasdaq ‑0.66%.
Fixed Income & FX: Treasury yields rose; the dollar edged higher.
Commodities: Spot gold gained 0.6% to $4,029.89/oz after intraday swings. WTI crude fell over 2%, hitting its lowest since March, as the U.S. reported progress in Qatar talks with Iran.
Key Events Today:
- 17:00 EU Unemployment Rate MAY **
- 20:30 US Non-Farm Payrolls JUN ***
- 20:30 US Unemployment Rate JUN ***
- 20:30 US Initial Jobless Claims ***
- 22:00 US Factory Orders MAY **
July 3 (GMT+8)
U.S. Holiday
- 07:00 AU Services & Composite PMI Final JUN **
- 08:30 JP Services & Composite PMI Final JUN **
- 15:55 EU GERMANY Services & Composite PMI Final JUN **
- 16:00 EU Services & Composite PMI Final JUN **
- 16:30 GB Services & Composite PMI Final JUN **
- 23:00 BoE Gov Bailey Speech ***
Markets Analysis 02/07/2026
- Resistance: 1.1439 / 1.1474
- Support: 1.1325 / 1.1291
Weak Eurozone inflation dampened expectations of ECB tightening, and the pair fell sharply yesterday before paring losses on softer U.S. data and Walsh’s remarks.
Analyst View: Having broken below the 10-day MA at 1.1400, bias turns bearish, with focus on whether tonight’s NFP tests last week’s lows.
Bias: Short‑term bearish
- Resistance: 1.3334 / 1.3358
- Support: 1.3224 / 1.3201
Sterling closed at its highest since June 18, supported by BoE Governor Bailey’s stance against rate cuts.
Analyst View: Price remains between the 10- and 20-day MAs, consolidating around 1.3230-1.3300 ahead of NFP.
Bias: Range‑bound
- Resistance: 162.79 / 162.89
- Support: 162.13 / 162.03
The pair edged closer to 163, marking fresh highs with cautious momentum. Intervention concerns linger, with NFP as the key driver for further upside.
Analyst View: USD/JPY extended its rally to new highs yesterday but lacked strong momentum. Failing to test 163.00, buyers are cautious ahead of tonight’s U.S. NFP data.
Bias: Consolidation
- Resistance: 69.55 / 70.18
- Support: 66.90 / 66.26
Oil prices extended losses, hovering near early-March lows as easing supply fears from continued U.S.-Iran talks over the Strait of Hormuz weighed on the market.
Analyst View: Oil extended declines, breaking below $70 as supply concerns eased amid U.S.–Iran talks. Technical bias remains weak, with focus on support at 66.90/66.26.
Bias: Low‑range consolidation
- Resistance: 4119/4161
- Support: 3983/3940
- Resistance: 62.97/64.14
- Support:56.43/55.24
Gold rebounded from a seven-month low but remains capped near $4,050. A decisive move hinges on NFP.
Analyst View: Gold breaking above the 10-day MA would signal a recovery, while failure to do so would keep prices in the lower range.
Bias: Awaiting breakout
- Resistance: 52,744 / 52,950
- Support: 52,076 / 51,866
The Dow edged lower yesterday as investors digested the latest U.S. labor market data and parsed Fed Chair Warsh’s first remarks since the central bank’s hawkish pivot last month.
Analyst View: The Dow dipped slightly after intraday highs above 52,700, retreating into its recent range. Tonight’s NFP will determine whether fresh highs can hold.
Bias: Watching at highs
- Resistance: 30,186 / 30,394
- Support: 29,550 / 29,288
Big Tech posted mixed results as investors booked profits in semiconductor stocks. However, Meta surged over 8% on plans to launch a cloud infrastructure business, cushioning Nasdaq’s decline.
Analyst View: Nasdaq narrowed its swings, holding above the confluence of the 10- and 20-day MAs. Further rebound potential exists, contingent on supportive NFP data.
Bias: Mildly bullish
- Resistance: 61255/62218
- Support: 58153/57174
Bitcoin rose nearly 4% on Wednesday, reclaiming $60,000 a day after deep quarterly declines as investors largely avoided cryptocurrencies amid growing expectations for higher U.S. interest rates.
Analyst View: BTC/USD surged nearly 4% yesterday, briefly topping the 10-day MA but failing to confirm a breakout. Further gains hinge on clearing this resistance and breaking out of the recent range.
Bias: Mild Recovery
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