The U.S Non-Farm Payrolls will be released Friday, 06th March, 2020 13:30 GMT and is a key economic indicator that can cause volatility in the markets.
What to Expect this Month?
The heavy impact of coronavirus (COVID-19) continues to weigh on risks, Wall Street has jumped back into a red as do the Asian stocks during the morning session. USA is projected to report a healthy 175,000 jobs and yearly wage growth to decelerate from 3.1% to 3%, this decision could impact the upcoming Fed decision.
There are increasing global worries, that reflect in the markets numbers, about the well reported pandemic which keeps pushing traders off the commodities and currencies like the dollars of Australia and New Zealand. However, this doesn’t mean that the US dollar would recover from its two-month low. NZD/USD benefited from USD weakness as RBNZ is the only central bank left to announce a rate cut. USD/CHF shows the current risk aversion by declining to 24-month lows.
Gold is benefiting and has hit $1,680 and close to the seven-year highs at $1,689. The Japanese yen (safe-haven) is under demand, sending USD/JPY below 106 which is the lowest since September 2019 and expectations are that it could fall to 95.
Opportunities Around the NFP Reports:
Regardless of the results of the Non Farm Payrolls, the markets always experience moves immediately after the release which offer traders excellent short-term trading opportunities. Positive or negative reports will affect market sentiment which can create new trends and trading opportunities.
We are available on WhatsApp +447585424285, so feel free to add us, or email us back so we can find the perfect trading account for you!
Check out the range of trading tools avilable at Yadix STP Broker: https://www.yadix.com/forex-trading-community/forex-trading-tools/
No comments:
Post a Comment