Jump in to know the key market events and trading ideas for this week!
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.
USD’s rally takes a pause, while riskier assets are modestly rising.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
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.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!