
The British monthly GDP is announced on Friday at 09:00 MT time.
Non-Farm Payrolls data will be released on Friday at 15:30 MT time.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
It is hard to expect any good news on the coming NFP with almost 25mln people having filed for jobless benefits in the US since March. That doesn’t mean, however, that the market will be necessarily downed by it and the USD will lose value. The previous NFP brought the March unemployment rate to 4.4%, which was a very significant surge and notably higher than the market expectation. Nevertheless, the USD reacted to that in a very moderate manner. That may partly be ascribed to the state of shock that financial observers still were in and which did not ease its grip on the market at that time. This time, there will be already much more data, more plans prepared, and more clarity on the past and present economic disposition in the US. Hence, the effect on the market should be more logically shaped and defined by the nature of the labor market data we are about to receive.
The British monthly GDP is announced on Friday at 09:00 MT time.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
The US unemployment claims are out on Thursday at 15:30 MT time.
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.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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