The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
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.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…