On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
Trading plan for March 8
Markets are waiting for the NFP release (15:30 MT time). The forecast is weak. As a result, the USD has been suffering ahead of the event. However, the situation may differ if the actual data is greater than the forecast. It's not a secret that the American jobs release will cause high volatility on markets. Be careful!
Canadian jobs data is also in the economic calendar. The time of the release is similar to the American one. Not a good idea to trade USD/CAD but you can consider other currency pairs such as CAD/JPY.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The higher prices seen today are generally related to the pandemic, that’s no doubt. US consumer prices jumped in October at the fastest pace in three decades putting the Biden administration on the defensive and increasing prospects that the Federal Reserve will raise interest rates next year. Jerome Powell says Fed will discuss speeding up bond-buying taper at the December meeting. What does it mean for markets?
Although the last week was intense, this one may be more dynamic and volatile. After the FOMC meeting and controversial decisions from the Bank of England, we saw a historical pound decrease, and the gold plunge. And there’s even more for you.
After the US CPI last week came out above the forecast, traders started expecting a 75-basis point rate hike…
In this video, we will talk about the potential change of a trend in the euro, another stock rally amid a global downtrend, gold prospects, and news that shakes the world right now. It’ll be a helpful video you don’t want to miss.