The US GDP: What’s New?
The US will announce the advanced Gross Domestic Product (GDP) on July 28 at 15:30 MT time.
Crucial event for Forex: NFP
Information is not investment advice
Non-Farm payrolls will be out on Friday at 15:30 MT time! Are you ready?
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
Indeed, no event is more important for Forex than NFP. A few seconds after the release, charts usually start moving fast, creating huge swings. 1.371 million jobs were added in August, marking a decline from 1.734 million in the previous month. However, that rise hasn’t managed to offset 22 million jobs, which were lost in March and April. Therefore, the labor market is still well below pre-crisis levels. Nevertheless, the market’s reaction will depend on whether it beats estimates or not.
- As a rule, when NFP comes out better than the forecasts, the USD rises.
- When NFP is worse than the forecasts, the USD drops.
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