NFP: USD getting even stronger?

NFP: USD getting even stronger?

2021-03-05 • Updated

Last time

These were the figures released in the February NFP: 

  • Av. Hourly Earnings were 0.2% against the 0.3% expected
  • Employment Change was 49K against 85K expected
  • Unemployment Rate was 6.3% against the forecast of 6.7%

As the market was unimpressed with the data, the USD started losing value

In fact, it started depreciating before the release - the figures provided by the US Labor authorities just enhanced the effect. That's very visible on the chart below: EUR/USD rises in the marked period from 1.1980 to 1.2050 and keeps rising later on after a brief correction.

EURUSDM30.png

This time

Here is what observers expect: 

  • Av. Hourly Earnings to stay steady at 0.2% 
  • Employment to increase by 182K 
  • Unemployment Rate to stay steady at 6.3% 

Action plan

  1. Join our top analyst Nour El Deen Al-Hammoury to trade the NFP live
  2. If the Average Hourly Earnings and Employment are higher and Unemployment Rate lower than expected, the USD is likely to rise
  3. If the Average Hourly Earnings and Employment are lower and the jobless rate greater than expected, the USD will soften

Weak NFP data drives the USD down; better-than-thought figures makes the USD stronger

USD.jpg

NFP: USD getting even stronger?

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