NFP surprises to the upside but worrying signs persist
The NFP print surprised to the upside. However, there are still some worrying signs.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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The NFP print surprised to the upside. However, there are still some worrying signs.
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Today's claims data shows degradation in the jobs market.
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Weekly cryptocurrency webinar for 06 July 2022
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The Nasdaq is a growth index. This classification is notable because rising interest rates hit the growth side of the market hardest. So whether or not we have seen most of the move in yields is an important question? For example, a base will suggest possible value. However, this is not yet the case; technically speaking, the Nasdaq is in a very precarious position.
Last week saw quarterly GDP contracts and PCE show signs of moderation. Moreover, manufacturing missed its forecast. All of a sudden, the narrative focuses on recession. Nik and Russ discuss if the Fed's focus will change in Q3. The RBA looks to deliver further hikes, and Wednesday sees the release of the FOMC's minutes from its June meeting.
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