Forex Update: How Will Today’s NFP Report Affect USD Pairs?

Google+ Pinterest LinkedIn Tumblr +

1. Forex Update: How Will Today’s NFP Report Affect USD Pairs?
The trading week will wrap up today with the most important monthly release out of the US, the Nonfarm Payroll report due at 12:30 GMT. US jobs data is forecast to show wage growth at near a decade high which is expected to have a significant impact on the forex markets. According to forecasts, the US economy added 190k positions in October, above September’s 134k which was the lowest in a year, after the significant blow of Hurricane Florence. The unemployment rate is projected to remain at the near five-decade low of 3.7% and overall the report is expected to come in quite robust, which could help bolster USD pairs.*

Don’t miss BDSwiss’ Live NFP Trading Webinar at 12:15 GMT.  Register here.

 

2. Positive Developments In US-China Talks Bolster The Markets
Shares in Europe are poised to open higher on Friday on hopes of a trade agreement between China and the United States. Specifically, sentiment was buoyed by news of a phone call between U.S. President Donald Trump and Chinese President Xi Jinping. Investors hope this could signal an easing in U.S.-China trade tensions. Meanwhile, strong earnings report have caused some shares to rally. Thomas Cook (TCG) added 8.7% yesterday, BTGroup PLC (BT) touched a 6-month high, while DowDuPont Inc (DWDP) closed +8 percent higher in early morning hours today. In the forex market, the pound continued to stand tall after the Bank of England kept interest rates steady on Thursday and hinted at slightly faster future rate rises if Brexit goes smoothly.**

 

3. Oil Prices Dip On Surging Output
Oil prices dipped on Friday on surging output by the world’s three largest producers. Specifically, Brent crude futures (CL_BRENT) were last seen trading at $72.59 per barrel at 8:30 GMT on Friday, down 30 cents, while U.S. West Texas Intermediate (USOIL) crude futures were down 24 cents, or 0.4 percent, at $63.45 a barrel. It is important to note that the Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to 33.31 million barrels per day (bpd), up 390,000 bpd from September and the highest by OPEC since December 2016.***

You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.

*Source: Investing Nov 2, 2018 12:22 AM ET
**Source: Marketwatch Nov 2, 2018 1:38 AM ET
***Source: Reuters Nov 2, 2018 / 4:51 AM ET

START TRADING NOW

Your capital is at risk. T&Cs apply

Share.
Risk Warning: Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. General Risk Disclosure