{"id":67540,"date":"2023-08-07T11:03:04","date_gmt":"2023-08-07T08:03:04","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=67540"},"modified":"2025-10-17T11:54:15","modified_gmt":"2025-10-17T08:54:15","slug":"us-employment-report-for-july-disappoints-traders","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/en\/us-employment-report-for-july-disappoints-traders\/","title":{"rendered":"US employment report for July disappoints traders"},"content":{"rendered":"\n<p>The USD tended to wobble and finally edged lower against its counterparts on Friday as the US employment report for July tended to disappoint traders. The report as such tended to send out mixed signals, as the NFP figure dropped more than expected, implying that the ability of the US employment market to create jobs eased, yet the unemployment rate ticked down highlighting the US employment market\u2019s tightness. Furthermore, the average earnings growth rate failed to slow down, in a sign that the US employment market may continue to feed inflationary pressures in the US economy.&nbsp; It\u2019s characteristic that both Atlanta Fed President Bostic and Chicago Fed President Goolsbee both noted the rebalancing of the US employment market, which could allow the Fed to remain on hold in the September meeting. On the other hand, Fed Board Governor Bowman stated over the weekend that more rate hikes would be required expressing a more hawkish approach within the Fed. We note the split within the Fed yet tend to expect the bank to take another breather at its September meeting to grasp the impact of its cumulative monetary policy tightening.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"US employment report for July disappoints traders\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/J_TsswvqYgU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>USD\/JPY edged higher during today\u2019s Asian session, reemerging above the 141.90 (S1) level. Yet the downward trendline incepted since the 3<sup>rd<\/sup> of August and for switching our bearish outlook we would require a clear break above it. Please note that the RSI indicator is implying some sort of stabilisation as it moves higher, aiming for the reading of 50. Should the bulls actually take over, we may see the pair breaking the prementioned downward trendline and aim if not breach the 143.35 (R1) resistance line. Should the bears regain control over the pair we may see USD\/JPY breaking the 141.90 (S1) support line once again and aiming if not breaching the 140.80 (S2) support level.&nbsp;&nbsp;&nbsp; &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>Today we note the release of&nbsp; Germany\u2019s industrial output for June, UK\u2019s Halifax House Prices for July and Eurozone\u2019s Sentix Index for August and on the monetary front, we note that Atlanta Fed President Bostic speaks. During tomorrow\u2019s Asian session, we note the release of Japan\u2019s All household spending, current account balance and trading balance all for June, Australia\u2019s Consumer Sentiment for August and Business conditions and confidence for July as well as China\u2019s trade data for July, while on the monetary front, RBAs\u2019 Schwarz is scheduled to speak and all could have an effect on the Aussie. Currently, AUD\/USD seems to show some signs of stabilisation between the 0.6620 (R1) and the 0.6515 (S1) levels. We note that the RSI indicator continues to run just below the reading of 50, which may imply that the bearish sentiment may have eased. Despite the downward trendline being present for a bearish outlook of the pair, we would require AUD\/USD to break the 0.6515 (S1) support line and aim for the 0.6400 (S2) support level. Should a buying interest be expressed by the market we may see AUD\/USD breaking the prementioned upward trendline in a first sign that the downward movement has been interrupted and continue higher to break the 0.6620 (R1) resistance line and aim for the 0.6725 (R2) resistance level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-for-the-rest-of-the-week\"><strong>As for the rest of the week&nbsp;&nbsp;<\/strong><\/h2>\n\n\n\n<p>On Tuesday we get from Japan the current account balance for June, China\u2019s trade data for July, Germany\u2019s final HICP rate for July and Canada\u2019s trade data for June. On Wednesday we note the release of China\u2019s inflation metrics, while on Thursday we get Japan\u2019s corporate goods prices, Norway\u2019s and the Czech Republic\u2019s CPI Rates yet the main release is expected to be the US CPI rates, all being for July. On Friday we note the release of the UK GDP rates, France\u2019s final HICP rates and from the US we get the preliminary University of Michigan consumer sentiment for August.&nbsp;&nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-h4-chart\"><strong>USD\/JPY H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/08\/image-31.png\" alt=\"support at one hundred and forty one point nine and resistance at one hundred and forty three point thirty five, direction downwards \" class=\"wp-image-67541\" title=\"usd-jpy-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 141.90 (S1), 140.80 (S2), 139.15 (S3)<\/p>\n\n\n\n<p>Resistance: 143.35 (R1), 145.10 (R2), 146.80 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-h4-chart\"><strong>AUD\/USD&nbsp; H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/08\/image-32.png\" alt=\"support at zero point six five one five and resistance at zero point six six two, direction downwards \" class=\"wp-image-67542\" title=\"aud-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6515 (S1), 0.6400 (S2), 0.6285 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6620 (R1), 0.6725 (R2), 0.6845 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"487\" src=\"\/wp-content\/uploads\/2023\/08\/image-33.png\" alt=\"\" class=\"wp-image-67543\" title=\"benchmark-07-08-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1054\" height=\"614\" src=\"\/wp-content\/uploads\/2023\/08\/image-36.png\" alt=\"\" class=\"wp-image-67546\" title=\"table-07-08-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"999\" src=\"\/wp-content\/uploads\/2023\/08\/image-34.png\" alt=\"\" class=\"wp-image-67544\" title=\"morning-releases-07-08-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"872\" src=\"\/wp-content\/uploads\/2023\/08\/image-35.png\" alt=\"\" class=\"wp-image-67545\" title=\"morning-releases-07-08-2023\"\/><\/figure>\n\n\n\n<p>If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:reseach_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD tended to wobble and finally edged lower against its counterparts on Friday as the US employment report for<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-67540","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>US employment report for July disappoints traders<\/title>\n<meta name=\"description\" content=\"The report as such tended to send out mixed signals, as the NFP figure dropped more than expected, implying that the ability of the US market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/en\/wp-json\/wp\/v2\/posts\/67540\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US employment report for July disappoints traders\" \/>\n<meta property=\"og:description\" content=\"The report as such tended to send out mixed signals, as the NFP figure dropped more than expected, implying that the ability of the US market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/en\/us-employment-report-for-july-disappoints-traders\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-07T08:03:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-17T08:54:15+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"US employment report for July disappoints traders\",\"datePublished\":\"2023-08-07T08:03:04+00:00\",\"dateModified\":\"2025-10-17T08:54:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/\"},\"wordCount\":761,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/\",\"name\":\"US employment report for July disappoints traders\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\"},\"datePublished\":\"2023-08-07T08:03:04+00:00\",\"dateModified\":\"2025-10-17T08:54:15+00:00\",\"description\":\"The report as such tended to send out mixed signals, as the NFP figure dropped more than expected, implying that the ability of the US market\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/us-employment-report-for-july-disappoints-traders\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"US employment report for July disappoints traders\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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