
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time. The last time, NFP fell short of analysts’ expectations: 49 000 jobs were added in January versus the forecasted 50 000. That was a small gain as the US economy still needs 10 million jobs to offset the pandemic losses. Apart from that, the NFP serves as a base for the future rate decision by the Fed. The high level of the indicator increases the possibility of more rate hikes in future (bullish for the USD), on the other hand, the decline in the NFP figures raises concerns about the economic slowdown and reduces the number of projected rate hikes by the Fed (bearish for the USD).
NFP can be named the most significant release for all traders as most of the time this indicator makes the market extremely volatile. Pay attention that NFP comes out in combination with average hourly earnings and unemployment rate.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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