Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
The NFP Release: One More Punch for USD?
What will happen?
The United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on August 5, 15:30 GMT+3. It’s the primary indicator of economic health.
What does it mean for traders?
All three readings are worth attention because they’re released monthly and therefore reflect the current state of the economy. The markets often react to the release, making it a good chance to catch a price swing.
In June, analysts expected the reading to be relatively low, but the actual data outperformed expectations (372K vs. 260K forecast). Gold was volatile and made a plunge of 1700-point right after the release. If you caught the moment and traded one lot, your potential profit could have been $1700.
How to trade on the US NFP release?
- Higher-than-expected numbers are usually positive for USD and negative for gold (XAUUSD).
- If the actual NFP data exceeds expectations, XAU will fall.
- Otherwise, it rises.
Check the Economic Calendar.
Instruments to trade: XAUUSD, EURUSD, USDCAD.
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