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US nonfarm payrolls are one of the most important economic indicators. A change in the number of employed people affects the consumer spending volume and as a result, expresses the economic health. That’s why the market always pays a high attention to this data.
The US labor market figure will be out at 15:30 MT time on August 3. Notice that it is not the only release that will come out at this time. It will be accompanied by the publication of Average Hourly Earnings and Unemployment Rate. As for average earnings, the higher is its growth, the better for the USD. The situation is opposite to the unemployment rate. The USD strengthens when the unemployment rate declines.
The feature of the indicator is that it’s very difficult to forecast the actual data. As a result, NFP always causes high volatility in the market.
• If the data is greater than the forecast, the USD will rise.
• If the data is weaker than the forecast, the USD will go down.
Check the economic calendar
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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