US Core monthly retails sales will be announced on Friday at 15:30 MT time.
How will USD react to NFP amid coronavirus?
The US NFP will be reported on Friday, June 5, at 15:30 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
NFP is the essential indicator that depicts the US economic health. It is released shortly after the month ends. It’s a must-see for every trader as most times it has a huge impact on the market. There is a general rule that USD will rise, if NFP is better than expected. Nevertheless, the coronavirus reality breaks all rules. The market doesn’t react now as most expect it. The reason is USD has a safe-haven title and it goes up, when the market sentiment is risk-off. Last time on May 8, non-farm payrolls were better than forecasted, USD movements were mixed as firstly the greenback dropped on a risk-on sentiment after the report, but then climbed the next day. Anyway, the report is more likely to bring fresh volatility in the market and create great trading opportunities.
Catch the impulse after the report and join the market movement.
Stock significantly surged: S&P 500 and Nasdaq reached 6-week highs. The market sentiment may deteriorate today as Johnson & Johnson’s Covid-19 vaccine trails have been stopped because of the unexplained illness.
The Australian jobs data is announced on Thursday at 03:30 MT time.
The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
The uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.