Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaNon-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time. The last time, NFP fell short of analysts’ expectations: 49 000 jobs were added in January versus the forecasted 50 000. That was a small gain as the US economy still needs 10 million jobs to offset the pandemic losses. Apart from that, the NFP serves as a base for the future rate decision by the Fed. The high level of the indicator increases the possibility of more rate hikes in future (bullish for the USD), on the other hand, the decline in the NFP figures raises concerns about the economic slowdown and reduces the number of projected rate hikes by the Fed (bearish for the USD).
NFP can be named the most significant release for all traders as most of the time this indicator makes the market extremely volatile. Pay attention that NFP comes out in combination with average hourly earnings and unemployment rate.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
