SHANGHAI, Jul. 7 (SMM) –Market will eye US June seasonally adjusted non-farm payrolls, jobless rate, labor participation rate and average hourly wage growth on Friday.
US seasonally adjusted non-farm payrolls are expected to increase 177,000 in June, while jobless rate will remain at 4.3%. US labor participation rate will hold stable at 62.7% in June, and average hourly wage growth may pick up slightly. Concerns over US labor market will grow if non-farm payrolls miss forecast. Rising wages will hint at potential rise in inflation, which will speed up rate hike process and lift US dollar.
The annual rate of China’s actual foreign direct investment had been falling for two consecutive months since February this year, but rose in May. Judging from recently released PMI, Chinese economy may grow in June. So, foreign investment will increase, which will allow annual rate of China’s actual foreign direct investment to rise in June.
The monthly and yearly rate of industrial output in the UK rose in May. Market is optimistic over UK economy in Q2.
Investors will also closely watch the US Fed’s half-year monetary policy report, which might offer clues as to views over future US economy. Fed Chair Yellen will make testimony next Wednesday. The US Fed explains the reason why the half-year monetary policy report and testimony occurs separately is because members of the Congress and the public could have time to inspect the report before the testimony.
See SMM price forecast, please click: SMM Price Outlook for Base Metals on SHFE (Jul. 7, 2017)
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