{"id":19840,"date":"2024-06-06T12:49:29","date_gmt":"2024-06-06T20:49:29","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19840"},"modified":"2024-06-06T12:49:29","modified_gmt":"2024-06-06T20:49:29","slug":"nfp-tomorrow-non-farm-payrolls-levels-for-june-7th-futures","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/nfp-tomorrow-non-farm-payrolls-levels-for-june-7th-futures\/","title":{"rendered":"NFP Tomorrow, non-farm payrolls + Levels for June 7th Futures"},"content":{"rendered":"
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NFP tomorrow, FOMC Next Week:<\/p>\n

By Mark O’Brien, Senior Broker<\/p>\n

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Tomorrow is the first Friday of the month and for traders it marks the release of the Labor Department\u2019s\u00a0monthly Non-farm payrolls report.\u202f The report is widely considered to be one of the most important and influential measures of the U.S. economy.\u00a0 It\u2019s released at 7:30 A.M., Central Time.<\/p>\n

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To review, the Labor Dept.\u2019s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.\u202f The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.\u202f The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.<\/p>\n

Economists are expecting May job growth of 180,000 payrolls and for the unemployment rate to hold tight at 3.9%<\/p>\n

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If the jobless rate comes in below 4.0 percent as expected, it would mark the 28th consecutive month of sub-4% unemployment, which would be the longest streak in more than 70 years going back to the early 1950\u2019s.<\/p>\n

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General, Part 2:<\/p>\n

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In what could be the turning point in the international fight against inflation, the Canadian central bank cut its interest rate a quarter-point from 5.0% to 4.75%.\u00a0 It\u2019s that country\u2019s first reduction in four years, making them the first G-7 nation to lower borrowing costs\/interest rates following its post-pandemic surge.\u00a0 Like the U.S., Canada has a 2% target for inflation.<\/p>\n

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Certainly planned well before Canada announced its rate cut, on Thursday the European Central Bank lowered interest rates for the first time in nearly five years which applies across all twenty countries that use the Euro.\u00a0 The bank\u2019s benchmark deposit rate was lowered from 4% \u2013 the highest in the bank\u2019s 26-year history and where the rate had been set since September \u2013 down to 3.75%.<\/p>\n

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Last month Sweden\u2019s central bank cut its key interest rate to 3.75% from 4.00% and in what was characterized as a surprise move in March, the Swiss National Bank lowered its main policy rate by 0.25 percentage points to 1.5%.<\/p>\n

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Meanwhile, back in the U.S., there is more reluctance to ease.\u00a0 Officials at the Federal Reserve are waiting to be more confident that a recent run of stubborn inflation readings will end. The Federal Reserve is not expected to cut rates at either of its next two meetings \u2013 including next week\u2019s \u2013 and there is debate about whether it will plan to cut rates at all this year.<\/p>\n

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Stock Indexes:<\/p>\n

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Major stock index futures climbed to new all-time highs yesterday as traders continued their buying into the excitement surrounding artificial-intelligence technology.<\/p>\n

The June E-mini S&P 500 jumped 1.2% Wednesday to beat its record set two weeks ago. The E-mini Nasdaq rallied even more – 2% – to set its own all-time high.<\/p>\n

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Energies:<\/p>\n

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Crude oil futures rose for the second straight day today, bouncing back from four-month lows after the decision by OPEC+ to increase production triggered a selloff this week.<\/p>\n

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If you are a day trader,<\/strong>\u00a0below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.<\/p>\n

Questions? We are happy to help!<\/a><\/p>\n

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Daily Levels for June 7th, 2024<\/h3>\n

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Economic Reports<\/strong><\/div>\n
provided by:\u00a0<\/a>ForexFactory.com<\/a><\/div>\n
All times are Eastern Time ( New York)<\/div>\n
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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel Listen to our Market Recap Podcasts on Apple Podcasts       NFP tomorrow, FOMC Next Week: By Mark O’Brien, Senior Broker   Tomorrow is the first Friday of the month and for traders it marks the release of […]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19840","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=19840"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19840\/revisions"}],"predecessor-version":[{"id":19841,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19840\/revisions\/19841"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}