Facebook Live NFP commentary with Stuart from 12:25 GMT – Tomorrow!
HotForex - What's now?
HotForex has suspended that trading of Cryptocurrency pairs temporarily.
Do you live in South Africa? Then please go to HotForex ZA (South Africa) main introduction page.
Tomorrow Friday November 3rd is Non-Farm Payroll day and it could prove to be very interesting for both institution and retail investors.
Join Stuart LIVE from 12:25 GMT for his expert commentary!
The median forecast of economists polled by Reuters is for the Non-Farm Payroll to rise by 310,000, however, that was before the better than expected ADP number on Wednesday.
The range varies from 120,000 to 420,000.
What to expect from NFP this month?
The non-farm payroll (NFP) report is a major US economic indicator and market mover. Due to the volatility and price fluctuations it usually creates, many investors and traders watch its release closely.
October’s NFP and US unemployment rate are out on Friday November 3rd, at 12:30 GMT.
The ADP report that was released on Wednesday, November 1st, indicated that the US gained 235K jobs in October, better than the expected forecast of 202K.
The ADP report is often used to provide traders with insights about the NFP data release but it is not always a reliable predictor for NFP numbers.
Last month’s NFP report showed that 33k jobs were lost as a result of the hurricanes. Despite that, wages were increased by 0.5%. The consensus for
October’s NFP is that the US economy added approximately 311K jobs and that the unemployment rate remained stagnant at 4.2%.
As you brace for this Friday’s NFP, please bear in mind that:
- Volatility may be higher than any standard trading day especially for USD crosses.
- The sharp price movements that might be seen immediately after the data release may be followed by a consolidation period.