What events to follow and how to trade during the week of July 2-6?
Time to trade on NFP
US nonfarm payrolls (NFP) will be released at 15:30 MT time on September 7.
Billions of traders wait for the release of NFP every month. The indicator will show how many jobs were created in the US in August. The US Department of Labor will also publish unemployment rate and average hourly earnings. The Federal Reserve is closely monitoring these figures while making its monetary policy decisions. As a result, the release has a great impact on the US dollar in all currency pairs.
The last time, NFP came out at 157K versus the forecast of 191K but average earnings showed good growth of 0.3% and the unemployment rate declined from 4% to 3.9%. Traders focused on NFP, and the USD declined against the JPY, the GBP, the AUD, and other currencies.
• If the NFP indicator is bigger than expected, the USD will gain.
• If the NFP indicator is smaller than expected, the USD will fall.
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!