The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
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.
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).