A sharp rally can be seen in global markets in the year 2021 amid multiple cues like U.S new Presidency, stimulus package optimism, progressive rolling out of Covid-19 vaccine & recovery in economic conditions.
This widely boosted up the market sentiments on long run. Additionally, the investors will be looking forward to the result of first Non-Farm Employment Change data release of the year 2021 which is to be held on February 5th, 2021.
The figure shows a change in the number of employed people during the previous month, i.e. January, excluding the farming industry.
According to U.S report, a rise in employment figure is forecasted by 62K against the fall of 140K in the previous month & an Unemployment Rate is expected to remain steady at 6.7% same as prior reading.
Bulls may be further extended in indices if results are out as per the expectations.
Below is the Graph showing the changes in Employment data since last three months.
For the data release of U.S ADP Non-farm Employment Change on February 03, the number of employed people increased by 174K higher than the previous figure -78K which may contribute into expectation of positive results of NFP data.
If NFP data comes out to be weaker, then the possible effect can be – weak US Dollar Index, strong precious metals & softer global indices.
Other way round, if data shows upbeat results, then an upside in indices & selling pressure in Gold can be noticed.
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