Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
The most anticipated US jobs data is here again
The most anticipated US jobs data is here again!
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3.
What will happen?
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on October 8, 15:30 GMT+3. This is the most important and meaningful labor data, that shows the overall economic health. Nonfarm payroll employment is a compiled name for the employees of goods, construction, and manufacturing companies in the US. It does not include farm workers, private household employees, or non-profit organization employees.
Why is it important?
NFP data is important because it is released monthly, making it a very good indicator of the current state of the economy. Average hourly earnings is a leading indicator of consumer inflation – when businesses pay more for the labor the higher costs are usually passed on to the consumer. The number of unemployed people is an important signal as well because it shows the consumer spending expressed not in money, but in the labor force.
These three readings have created a sharp rise in gold in September 2021, soaring the price by 2100 points, because the weak figures pull the USD down and push gold up.
How to trade on the NFP data?
This data will make a great impact on different assets, including gold, USD-related pairs, and the stock market, especially S&P 500 index.
- If the actual NFP data will exceed expectations – XAU will fall.
- Otherwise, rise.
Check the economic calendar
Instruments to trade: XAU/USD, EUR/USD, USD/CAD.
S&P 500 and Nasdaq are still near all-time highs, supported by robust corporate earnings. Gold keeps moving inside the ascending channel.
What will happen? ECB will report its Monetary Policy statement at 14:45 MT (GMT+3) on Thursday, October 28…
What will happen? BOC will report its Monetary Policy statement at 17:00 MT (GMT+3) on Wednesday, October 27…