Are you prepared for the US Non-Farm Payrolls Report? Trade on nonfarm payrolls with Fortrade.
Forex and stock traders are expectant ahead of Friday’s nonfarm payrolls (NFP) report for January, which is scheduled for 13:30 GMT, with a projected gain in nonfarm payrolls of 170,000 (following a prior reading of 156,000). Unemployment rate is expected to remain unchanged at 4.7%.
Keep an eye on these figures on Friday, as they will influence the strength of the EUR/USD (Euro to US dollar) and other dollar exchange rates, as well as US-based stock indices, gold and silver.
Why should traders pay notice to NFP?
Nonfarm payrolls and unemployment data represent the overall change in the number of employed people during the previous month, excluding the farming industry.
If the report comes in better than the forecast, it will have a positive effect on the US dollar (USD). Conversely, if the report comes in below the market forecast, it will have a negative effect on the USD.
*For general information only. Losses can exceed deposits. Not intended to provide trading or investment advice.