
The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2. This release is considerable for Crude (XTI/USD), Brent (XBR/USD), and CAD movement. The loonie (Canadian dollar) is on the list because Canada has a sizable energy sector, and oil is still the most used energy source in the world. The release tells about changes in the number of barrels of crude oil held in inventory by commercial firms during the past week.
One of the last releases on January 26 turned out to be bigger than expected. Usually, it is a bearish sign for oil because of the oversupply. After the release, the uptrend in XTI/USD stopped, and crude oil lost around 2% of the price, sliding from $87.50 to $85.90 per barrel.
If the tendency remains, high inventories numbers will press on US oil prices. And in the case of a massive plunge, $85.00 per barrel is the most robust support level.
Higher-than-expected numbers will press on the XBR and XTI. Moreover, USD/CAD may fall due to the major role of Canada in energy production.
Check the economic calendar
Instruments to trade: XBR/USD, XTI/USD, CAD/USD
The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!