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USD moves higher ahead of the US jobs report

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Forex news for North American trading on July 1, 2021

Taking a look around the markets as the day comes so close shows:

Spot gold up $6.87 or 0.39% at $1776.90.
Spot silver is down $0.10 or -0.41% $26.01
WTI crude oil futures trading up $1.42 or 1.94% at $74.92
Bitcoin is trading down $1595 or -4.55% at $33,441.29

The US stock market closed higher across the board with the S&P index leading the way today. It was also the six trading day in a row that the S&P has closed at a record high. The NASDAQ index lagged as interest rates moved higher.

In Europe, the major indices closed higher led by the Spain’s Ibex, and UK FTSE 100 (each rose around 1.25%).

In the US debt market today, yields waffled up and down. With the 10 year note trading with a low yield of 1.438% and a high yield of 1.485%. It is trading near 1.4646% up 2.1 basis points.

In the forex, the USD is ending as the strongest of the majors ahead of the US jobs report on Friday. Higher yields also helped to push the greenback higher. The weakest currency is the GBP.

The USD is ending as the strongest of the major currencies.

The US is expected to add 700,000 new jobs in June which is up for 559,000 in May. The unemployment rate is expected to fall to 5.7% from 5.8% last month. Wages are expected to rise 0.4% versus 0.5% last month. For a preview of the employment number click here.

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