The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
The US labor market is in focus again
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
Once a week, the US Department of Labor publishes how many people filed for unemployment insurance. This is the most recent update on the employment data in the United States. Despite quite optimistic NFP last week when the indicator increased by 4 800K (vs. the forecast of 3 037K), the weekly unemployment claims for July 2 reached a higher level than expected. While analysts anticipated it to increase by 1 350K, the actual figures showed a rise of 1 427K.
- If the actual level of unemployment claims is lower, the USD will rise;
- If the actual level of unemployment claims is higher, the USD will fall.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).