NFP forecast for March
|The equity & currency markets edges higher since last few weeks as optimism looms over ongoing peace talks between Russia & Ukraine; after Russia invaded of Ukraine on February 24th, 2022.
Most recently, the former agreed to cut down its military operations in Ukrainian city of Kyiv & in return the Ukraine proposed to adopt neutral status. The first sign towards resolving the conflicts boosted traders & investors sentiments.
Besides this, the soaring down of Oil prices amid mounting Chinese Covid-19 cases further pushed up the equity markets.
However, the hawkish U.S FOMC’s stance towards future interest rate hikes led a downfall in US bond yields which may lead to recession in an economy; proving to be vital factor for financial markets.
Now, the traders will be eying an outcome of U.S Non-farm payroll will be issued on April 01, 6.00pm IST, Friday & will show a change in the number of employed people during the previous month, i.e. March, excluding the farming industry.
The result may impact Fed’s future interest rate decision with a concern over economic growth.
The report expects a rise in employment figure by just 492K lower than previous reading of 678K while Unemployment Rate may lower down to 3.7% from 3.8% previously.
Below is the Graph showing the changes in Employment data since last three months.
If NFP data comes out to be stronger, then the possible effect can be – strong US Dollar Index, soft precious metals & stronger global indices.
Other way round, if data shows downbeat results, then downside in indices & buying bias in Gold can be noticed.
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US Non-Farm Payroll Data Forecast For the Month Of March 2023 The strong global cues have widely turned bullish for U.S & other major equity markets throughout the month. Majorly, Continue reading