Bullet Report: Top 5 Things Happening In The Market Today – Friday, July 7

Top 5 Things to Know Before You Start Trading

This morning the main anticipated event is the Nonfarm Payroll (NFP) report. We also see movement in silver and a global equity sell-off. Finally tension flares between Saudi and Qatar. 

1 – NFP Report Out Today

The main focus today is the US NFP report for June. Expectations are that 180,000 jobs were created, however, yesterday’s ADP jobs report put some downside risks to this forecast. Today the Fed is due to release the monetary policy report ahead of Janet Yellen’s testimony to Congress next week. The big events continue today with the G20 summit beginning.

2 – ECB Minutes Offers Support to EUR/USD

EUR/USD found support after the minutes of the European Central Bank’s (ECB) June meeting on Thursday. The minutes showed that before deciding against easing bias from its latest monetary policy statement, the ECB discussed the possibility. EUR/USD touched a high of 1.1425. Next resistance is seen in the 1.15 area.

3 – Overnight Flash Crash on Silver

Flash Crash on silver overnight. Silver prices briefly tumbled early in Friday’s Asian trading session with futures plunging nearly 10%, likely due to a trading error, before quickly reversing most of that decline. The huge drop also dragged gold prices down to $1218 before rebounding to $1222.

4 – Equity Prices Plummet

The global equity selloff that started in Europe continued in the US with end-of-day losses of the S&P 500 at -0.94%. Asian equities are also losing ground, but the losses are moderate given yesterday’s correction on Wall Street.

5 – Oil Prices See Losses Due to Qatar and Saudi Tension

The four-nation Saudi bloc pledged it will take new political, economic and legal measures against Qatar after the latter rejected the demand list of the bloc that followed a closing of the ties between Qatar and Iran. Oil suffered losses once again, bottoming at 44.62 from 46.50.