
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
The United States will publish the ISM Non-Manufacturing PMI on Thursday, January 6, at 17:00 GMT+2 (MetaTrader time).
The index shows how managers estimate business conditions in the services industry. It’s better when this indicator is increasing. In addition, there is another thing to consider. Look at the indicator’s value: if it’s above 50, the services industry is expanding, and all is well. The industry is contracting if the ISM Non-Manufacturing index shows a reading below 50.0. The relation between the indicator and the US dollar is straightforward. The higher the ISM Non-Manufacturing index is, the better for the USD.
On December 3, the ISM Non-Manufacturing index came out much higher than expected. The number was 69.1 versus the forecast of 64.9. As a result, USD/CAD rose from 1.2780 to 1.2840 during the several hours after the release.
Open the economic calendar a few days before the US Initial Jobless Claims release. How high is the forecast? Notice that the recent readings have been very high. As a result, it won’t be easy for the indicator to outmatch forecasts.
Instruments to trade: all the major pairs and XAU/USD
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
We prepared an outlook of major events of this week. Check it and be ready!
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!