Don’t waste your time – keep track of how NFP affects the US dollar!

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Coronavirus impact on US labor market: latest news

Coronavirus impact on US labor market: latest news

Information is not investment advice

The 1st of April came with some good news that only 27,000 people became unemployed in private sector. Yes, the Covid-19 virus has turned the world upside down, and we are just happy that the numbers haven’t been as bad as expected(i.e. 150,000).

This report is called ADP and it provides an early look at the employment data , generally 2 days before the release of the government report “Non-Farm Employment Change”, which is more reliable.

It’s important to highlight, the ADP is based on data from March 1 to March 12, what means that it’s not fully reveal the damage caused by coronavirus.

Another report was published today, which is called “Unemployment claims”. It said that 6,648,000 people filed for unemployment insurance for the first time during the past week. Nobody could have imagined that! The forecast was 3.6 million. Although the US dollar status is considered as a safe-heaven currency, it could come under pressure and drop.

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Moreover, tomorrow we will see a broader picture of the current situation as non-farm payrolls, unemployment rates and average hourly earnings will be published.

Read the article “Employment data may make the USD volatile” and join our webinar “NFP Live : trade with analyst’s help” to know how to act to make more profit.

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Main market movements on July 31

The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.

Main market movements on July 30

The market sentiment switched to risk-off after the Fed’s Powell statement. The USD edged higher, while risker assets started falling after reaching quite high levels. Let’s have a closer look.

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Big day for USD

The US NFP will be published on August 7 at 15:30 MT time.

All eyes on AUD

The RBA will make a rate statement on August 4 at 7:30 MT time.

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