The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
The market awaits NFP
The United States will release the level of Non-farm payrolls (NFP) or Non-farm employment change on March 8 at 15:30 MT time. The NFP is known as a change in the number of employed people. It is considered as one of the indicators of consumer spending, which represent the economic activity of the country. This indicator is known for its high correlation with the USD, which results in very high volatility of the American currency. The last time, on February 1, NFP increased by 304K jobs, beating the analysts’ expectations. However, the weaker release of the average hourly earnings and higher-than-expected unemployment rate resulted in mixed trading of the greenback. Let’s see how the NFP will affect the USD this time.
• If the NFP is greater than expected, the USD will go up.
• If the NFP is weaker than expected, the USD will go down.
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.