On contrary, the probability of rate hike in upcoming ECB meeting remains bearish factor for USD.
Besides this, the commodities are ranging on lower levels amid slowdown in consumption demand & poor Chinese economic conditions.
The market will be monitoring an outcome of U.S Non-farm payroll which to be issued on September 02, 6.00pm IST, Friday & will show a change in the number of employed people during the previous month, i.e. August, excluding the farming industry.
The report expects a drop-down in employment figure by 295K lower than previous reading of 528K while Unemployment Rate may remain steady at 3.5%.
Above graph shows mild progress in employment sector in last three months; however the recent forecast may drag down the curve.
On Wednesday, the result of ADP Employment Change data showed a fall in number by 132K lower than expectation which raises the chances of poor outcome of today’s NFP estimates.
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|
|September 2. 2022. at 6.00pm IST, Friday|
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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
Nonfarm payroll (NFP) is a report released by the U.S. Bureau of Labor Statistics (BLS) on the first Friday of every month, which provides data on the total number of Continue reading
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