
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 US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on May 6, at 15:30 MT time. This data is published monthly, usually on the first Friday of the month. Average hourly earnings and nonfarm payrolls don’t include the farming industry due to its seasonality. The unemployment rate is a key indicator of overall economic health that helps analysts assess the US economic situation.
Despite worries about inflation and the Russian-Ukrainian conflict, US businesses are still hiring at full capacity. More people are returning to the labor market, including retired people, probably attracted by higher wages. In March, the central bank raised interest rates by a quarter of a percentage point for the first time since 2018 to curb high prices.
The previous release encouraged the growth of the USD in many pairs. For example, the GBPUSD lost almost 600 points. The unemployment rate was 3.7% vs. 3.6% expected, and nonfarm payroll was 431K VS. 492K. For the last six months, the forecast used to be quite different from the “actual,” so the results are always difficult to foresee.
If NFP is higher than expected, the USD will rise. If NFP is lower than expected, the USD will fall. The unemployment rate situation is the opposite: the lower the indicator, the better for the US currency.
Check the video from our analyst to learn more about a NFP trading strategy!
Check the Economic Calendar.
Instruments to trade: EURUSD, USDCAD, USDCHF.
Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:
Now traders follow the economic events with new vision as inflation in the US seems like decreasing. Let’s see what releases will influence the market due to that factor.
The week will have the biggest event in the US political process over the last two years. How will the elections affect the Forex market? We covered the most important news of this week in this report.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
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