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.
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
The news is essential if you want to trade. Don't miss our digest, where we'll tell you about the most interesting events, happening right now.
A new trading week is coming…
News is always important part of the market. What do we expect today?