Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Will the NFP push the USD again?
Non-Farm Payrolls data will be released on Thursday at 15:30 MT time.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
The last release of the NFP was far greater than what one could have thought. 2.5mln jobs were created against a loss of 8mln expected by the market. Fundamentally, it is hilarious. For a trader, though, it is a conundrum. As the last release was unexpectedly high, the question is: will the American labor market be able to hold on to this tremendous resilience in the coming release? Because if it doesn’t, we are in for another blow to the USD. The preliminary data shows, though, that the workforce is being added into the market, so there is a high probability that the NFP will bring positive figures beating the expectations.
- If the data is better-than-thought, the USD will rise.
- Otherwise, it will fall.
Oil dropped to the lows unseen since late May. Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
Moderna rocketed after an announcement that it is going to join the S&P 500 index. The New Zealand dollar surged after the nation’s inflation surpassed the central bank’s target level.
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
PMI reports from the EU, the UK, and the USA will be released during the day!