Exness – NFP 02 June 2023

Traders Den

Are you ready?

Non-farm payrolls are coming up on Friday. As a key economic indicator, it often leads to significant movements.

The NFP is always a highly anticipated release. It shows the change in the number of employed people in the US from month to month, not including the farming sector. It’s commonly regarded as an indicator of the health of the US economy, and that means it has an impact on the dollar and wider markets.

If the NFP is higher than expected, stocks and the dollar often make gains, while a lower figure can mean the opposite.

What to expect from this month’s NFP

  • This month’s NFP is again expected to be weaker but given the pattern in 2023 so far traders should be prepared for a surprise.
  • The Fed is widely expected to pause tightening this summer and possibly start cutting from November, so a significant positive surprise from the NFP might alter that view.
  • April’s monthly average hourly earnings at 0.5% growth was the highest since the peak of inflation last summer so focus remains on this figure.
  • M15’s ATR for gold last month peaked around $6.70. Volatility might be slightly lower this time since, for now, monetary policy has taken centre stage.

Previous NFP 253,000
Expected NFP 180,000
Previous unemployment 3.4%
Expected unemployment 3.5%

Are you ready to trade the NFP?
The response to the NFP can sometimes cause market volatility. We suggest you fund your account in advance of the release so you’re ready to trade any opportunities that arise.

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