Fundamental analysis plays a significant role in forex trading, especially for scalpers and day traders. fundamental analysis gives direction while technical analysis tells you when to buy.
Today, Thursday 1 st June 2023 there was major news released during the new york session. The news showed how the US economy is performing poorly, which led to a massive down surge in USD.
ADP EMPLOYMENT CHANGE 278k previous 291k
CHALLENGER JOB CUTS 8ok previous 66k
INITIAL JOBLESS CLAIM 232K previous 230k
CONTINUOUS JOBLESS CLAIM 1795k previous 1781k
NON-FARM PRODUCTIVITY -2.1% previous 1.6%
USD has been on a downtrend for the whole of this week . Economic news expedited the bearish pressure on USD.
From the chart, all currencies paired with USD have gained market clout.
Personal analysis: From my point of view, USD will continue to plummet until intervention is done.
