The market sentiment deteriorated amid fresh US-China tensions. Investors remain cautious as increasing virus cases may damage economic activity again.
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.
Risk-on is back on the market. Riskier currencies and stocks are in favor. Gold is rising too as investors try to hedge.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.