The NFP figure came out at 224k exceeding the expectation of 160k. On the other hand, average earnings remained unchanged at +3.1% yoy, and unemployment increased to 3.7%. As a result,the USD registered substantial gains against many of its counterparts on Friday. Analysts are already discussing a possible shift of the Fed’s stance towards remaining on hold, however, this may be premature as the Fed is focused on the bigger picture.

OPEC output hit a new five-year low in June as media reported on Friday. According to analysts, Saudi supply was not able to offset losses in Iran and Venezuela caused by US sanctions.

Other economic highlights, today and early tomorrow

Today during the European session, we get Germany’s Industrial output growth rate and trade balance, both for May.

As for the rest of the week:

On Tuesday, no major financial releases are expected. On Wednesday, we get China’s CPI and PPI rates for June, UK’s GDP for May, from Canada BoC’s interest rate decision, and from the US the FOMC meeting minutes. On Thursday, we get from Germany and France the final HICP rate for June, ECB’s account of the last monetary policy and from the US the core and headline CPI rates for June. On Friday, we get from China’s trade data for June, Eurozone’s industrial production for May and the US PPI rate for June.

EUR/USD

WTI H4

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