Don’t waste your time – keep track of how NFP affects the US dollar!
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The US PMI will be released on May 1 at 17:00 MT.
Instruments to trade: EUR/USD, USD/JPY, USD/CHF, AUD/USD, USD/CNH, USD/CAD
The US Manufacturing PMI reveals the survey of 400 purchasing managers, who rate current business conditions. If the PMI is above 50.0, it will indicate the industry expansion, below – the industry contraction. It’s clear that PMI will plummet amid the national lockdown. Analysts forecast the US PMI to drop to 37 in April and that would not be the bottom. However, the US dollar is not supposed to be sensitive to this drop as it plays a role of a safe-haven currency these days. That’s why USD won’t fall so deep as the US PMI.
If PMI is greater than it was expected, USD will typically increase, otherwise – decrease.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
The Federal Open Market Committee (a department of the Federal Reserve) will post its statement and an update on the interest rate on January 27 at 21:00 MT time
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
The Federal Open Market Committee (a department of the Federal Reserve) will post its statement and an update on the interest rate on January 27 at 21:00 MT time
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
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