For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
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.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.