Market Analysis Summary: Strong Jobs, Higher Hikes
Author: Martin Lam
Date: June 8, 2026
Key Takeaways
- The US economy added 172,000 jobs in May, surpassing expectations, while the unemployment rate held steady at 4.3% for the third consecutive month.
- Following the jobs report, the probability of a Federal Reserve rate hike in December increased to 68.4%, influencing US equities and gold prices.
- This week, market participants are focused on key US inflation data, including CPI and PPI, as well as rate decisions from the ECB and Bank of Canada, which are expected to heighten market volatility.
Global Market Review
The May jobs report raised concerns about a potential hawkish shift from the Federal Reserve, leading to a notable decline in US stock markets. The US Treasury yields rose sharply, pushing the dollar to a nearly two-month high, resulting in a weekly gain of 0.63%.
Spot Gold prices fell by 3.24% to $4,328.80 per ounce, marking a weekly decline of approximately 4.56%. Crude oil prices also decreased as traders remained cautious amid ongoing tensions in the Middle East.
Key Events Today
- 07:50 JP GDP Annualized Final Q1
- 14:00 EU GERMANY Factory Orders MoM APR
- 14:00 EU GERMANY Industrial Production MoM APR
- 20:30 US Balance of Trade APR
- 22:00 US Existing Home Sales MAY
Market Analysis
EUR/USD
Resistance: 1.1564 / 1.1576 | Support: 1.1509 / 1.1496
EUR/USD experienced a significant sell-off, marking its largest single-day drop since late March, falling to around 1.1520. Analysts suggest a consolidation phase with a bias leaning lower.
GBP/USD
Resistance: 1.3357 / 1.3381 | Support: 1.3278 / 1.3253
GBP/USD saw its largest decline since mid-May, hitting a multi-week low of around 1.3340. The pair is attempting a rebound but remains under pressure.
USD/JPY
Resistance: 160.42 / 160.85 | Support: 160.08 / 159.74
USD/JPY surged to its highest level since late April, driven by strong US jobs data, but concerns over potential Japanese FX intervention limited further gains.
Crude Oil Futures
Resistance: 96.42 / 98.35 | Support: 90.18 / 88.23
Crude oil prices fell due to a fragile ceasefire in the Middle East but are rebounding amid uncertainties surrounding the US-Iran ceasefire.
Spot Gold
Resistance: 4400 / 4427 | Support: 4312 / 4278
Gold prices have pulled back significantly, hovering near their lowest levels since March 24, with a critical support level at $4,300.
Dow Jones Futures
Resistance: 51150 / 51347 | Support: 50674 / 50518
The Dow experienced its largest drop since late March, testing the 10-day moving average, with a potential correction if it breaks below this level.
NASDAQ 100
Resistance: 29407 / 29666 | Support: 28567 / 28312
The Nasdaq fell sharply, with semiconductor stocks losing significant market value, and is currently testing below the 29,000 level.
Bitcoin (BTC/USD)
Resistance: 67606 / 69683 | Support: 60728 / 58042
Bitcoin has recovered above $61,000 after a significant market sell-off, but remains in a lower range, needing to surpass the 10-day moving average to gain momentum.
Conclusion
The market is currently under pressure due to strong jobs data raising expectations for a Federal Reserve rate hike, alongside geopolitical tensions affecting commodities and equities. Investors are advised to monitor upcoming economic indicators closely.