Get ready for the NFP excitement

Get ready for the NFP excitement

There are many economic indicators. Some can be ignored, some can be traded and some are so well-known among traders that they should be definitely taken into account no matter what you plan to do.

US Nonfarm Payrolls or NFP for short is one of such indicators. The secret of its high market impact is that it’s very difficult to forecast, so the actual reading usually significantly differs from the forecast level. Traders often get surprised with NFP, and the US dollar comes in motion.

NFP will be released at 15:30 MT time on July 6. Notice that it is not the only release that will come out at this time. It will be accompanied by the publication of Average Hourly Earnings and Unemployment Rate. As for average earnings, the higher is its growth, the better for the USD. The situation is opposite to the unemployment rate. The USD strengthens when the unemployment rate declines.

• If the data is better than the forecast, the USD will go up.

• If the data is worse than the forecast, the USD will go down. 

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The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.

Latest news

USD starts the week with gains
USD starts the week with gains

Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.

ECB report is in focus
ECB report is in focus

The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time. 

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

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