Optimism over dovish Fed future monetary stance made the equity markets & major currencies to trade at higher levels as compared to the first half of the last year.
On contrary, ongoing Middle-East tension over Oil supplies & weak Chinese economic outlook remains suppressive factor for overall market instruments.
The traders & investors will be looking forward to the result of U.S Non-farm payroll data release which to be issued on January 05, 7.00pm IST, Friday & will show a change in the number of employed people during the previous month, i.e., December, excluding the farming industry.
The higher the employment figure, the higher the inflation rate; resulting into interest rate hike chances & vice-versa.
The report expects a rise in employment figure by 168K lower than previous reading of 199K & an Unemployment Rate may remain be increased to 3.8% from 3.7%.
Below is the Graph showing the changes in Employment data since last three months.
Above graph shows a progress in employment sector in last three months.
On Thursday, the U.S ADP Employment Change estimates rose to 164K against the expectation 120K & the Jobless Claims fell to 202K from 220K in the previous week which indicates an improvement in labor sector for the previous month.
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.
|Prepare yourself for NFP release on
|January 05 at 8:30am New York time
XFlow Markets is one of the leading brokerage firm in the trading industry with vast number of clientele followers. We are ranked as the top most firm with 9 years of experience along with top-notch trading services. We widely trade in Forex, Indices, and Commodities.
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