The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
It’s NFP day!
NFP will be out on Friday at 15:30 MT time! Are you ready?
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
The last NFP report showed that 661 000 people found news jobs in September of 2020, which was below market expectations of 850 000. Still, the labor market is recovering from the coronavirus slump but the pace is slower than anticipated. More than 22 million jobs were lost amid the coronavirus outbreak, but only half has been yet recovered. Anyway, the market reaction will depend on whether actual numbers exceed market estimates or not. Pay attention that NFP comes out in combination with average hourly earnings m/m and unemployment rate.
- If all the three indicators come out better than the forecasts, the USD will rise.
- If all the indicators are worse than the forecasts, the USD will drop.
- If NFP comes better, but earnings – worse, the USD will spike at first, but it will fall with the second wave.
The Bank of England will deliver monetary policy and rate reports on Thursday at 09:00 MT time…
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Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.