A good chance to trade the USD

A good chance to trade the USD

The United States will release the level of Non-Farm Employment Change, also known as Nonfarm Payrolls or NFP, at 15:30 MT time on November 2.

The NFP is considered as the leading indicator of consumer spending, which represents the economic activity of the country. Last time the indicator came out lower than expected. As a result, US dollar significantly weakened. However, this month can lead to the different outcome.

• If the NFP is higher than expected, the USD will rise.

• If the NFP is lower than expected, the USD will fall.

Check the economic calendar

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The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.

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S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

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