The Organization of Petroleum Exporting Countries will hold a meeting on June 2.
The US Payrolls Bring New Hope for Gold
What will happen?
The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3). Millions of eyes watch these data closely because it shows us the overall economic health. Average hourly earnings are the earliest data related to labor inflation. NFP and unemployment rate help understand overall economic health and give clues on what future Fed readings result.
Why is it important?
All three readings are worth traders’ attention. As they are released monthly, they provide accurate info on the current state of the economy. Last month’s they brought big swings in the price of related assets. Gold, as it has an inverse correlation with the USD, is ausually affected by this data. It moved lower by 1500 points and then soared by 1780 points. Trading one lot on this swing would have brought you $1790.
How to trade on the NFP data?
This data may significantly impact different assets, including gold and USD-related pairs. We expect this reading to bring volatility to the XAUUSD.
- If the actual NFP data exceeds expectations, XAU will fall.
- Otherwise, it rise.
Check the Economic Calendar.
Instruments to trade: XAU/USD, EUR/USD, USD/CAD.
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