Jump in to know the key market events and trading ideas for this week!
US Nonfarm Payrolls
|Nonfarm payrolls or NFP is a monthly change in the number of employed people. It is the significant indicator of business health and, as a result, the whole economic activity in the United States. That is why traders pay high attention to it. The US dollar needs additional rate hikes this year, so a positive reading of the indicator will increase chances of the Federal Reserve raising interest rates. Look at an economic calendar at 15:30 MT time on May 4. If the data is positive, the US dollar will rise.|
USD’s rally takes a pause, while riskier assets are modestly rising.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!