Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
It’s NFP day!
NFP will be out on Friday at 15:30 MT time! Are you ready?
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
The last NFP report showed that 661 000 people found news jobs in September of 2020, which was below market expectations of 850 000. Still, the labor market is recovering from the coronavirus slump but the pace is slower than anticipated. More than 22 million jobs were lost amid the coronavirus outbreak, but only half has been yet recovered. Anyway, the market reaction will depend on whether actual numbers exceed market estimates or not. Pay attention that NFP comes out in combination with average hourly earnings m/m and unemployment rate.
- If all the three indicators come out better than the forecasts, the USD will rise.
- If all the indicators are worse than the forecasts, the USD will drop.
- If NFP comes better, but earnings – worse, the USD will spike at first, but it will fall with the second wave.
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.