Amid anticipation in the markets for the NFP data or employment in the non-agricultural sector from the American economy, which will be announced today, Friday, in the American session, the markets reacted strongly in the Asian session with the news that there were violent clashes near the Zaporizhia nuclear power plant and its exposure to bombing, as this station is considered the The largest of its kind in Europe, and consequently, the markets reacted strongly to the spread of this news of the nuclear threat, so that safe havens rose strongly in moments.
Even after subsequent reports announced that there was no immediate change in radiation levels in the region, the state of anxiety and tension is still high in the markets, accompanied by a state of uncertainty and a lack of risk appetite in the markets hours before the employment figures.
The Ukrainian Foreign Minister warned, according to Reuters, that if the Zaporizhia nuclear plant exploded, its impact would be 10 times greater than that of Chernobyl.
On the other hand, the US Department of Labor will announce its latest report on the US labor market in the non-farm sector NFP jobs for the month of February this evening, as expectations indicate the addition of 400 thousand jobs in February after adding 467 thousand jobs in January to reflect the continued recovery in the labor market.
Expectations also indicate a decline in the unemployment rate to 3.9%, while wages are expected to decline to 0.5%.
The yellow metal tested its highest levels during the week in the Asian session, stationed at 1949 dollars an ounce, before retreating after the news that contributed a little to allay fears, and it is now trading at levels of 1937 dollars an ounce.
On the other hand, all Asian stock markets lost during the session today, Friday (Japanese 2.4%, Chinese 0.9%, South Korea 1.2% and Hong Kong 2.5%) after these concerns, while the US stock futures markets declined in futures before the opening.
The general index of the US dollar is rising by about 0.20% and is trading at 97.90 levels, at its highest level since May of the year 2020, benefiting from its status as one of the most important safe havens.
The euro, in turn, is trading at its lowest level since May 2020 against the US dollar at 1.1029 levels, at a loss of about 40 points during today’s session.
05/11/2024
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