NFP Thursday 02/07/2020. Are you ready to trade?

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What to expect from NFP release? Hello, Trader FX The U.S. Non-Farm Payrolls Report (NFP) coming out this Thursday, 02/07/2020, as Friday will be the day off in the United States in advance of Independence Day, which is celebrated on Saturday, July 4. The NFP will be in the spotlight of traders as the U.S. labor market slowly recovers from the gradual removal of restrictive measures in response to the COVID-19 pandemic. People are going to work, new vacancies are appearing, as evidenced by reports of the U.S. Department of Labor last month, statistics on NFP turned green and positive. Past NFP data showed a fact of 2509K, which suggests a gradual return to pre-crisis levels. This is certainly not 250K as it was before, but better than -20.687K in April. Go to Cabinet Non-Farm Payrolls Employment Last data: 2509K Consensus Forecast: 3000 K The number of jobs in the non-agricultural sector rose 2.5 million in May, while economic data released last Thursday showed a recovery in the US economy, with another slight decline in jobless claims and strong growth in orders for durable goods. On the NFP chart below, you can see a false breakout in trading. U.S. Average Hourly Earnings YoY Last data: 1.0% Consensus forecast: -0.7% This indicator shows the change in the average hourly wage level for major industries, except agriculture. Unemployment Rate Past data: 13.3% Consensus forecast: 12.3% Past unemployment data came out much better than consensus forecast which was 19.7%, the fact was - 13.3% is quite a big difference, but if you look globally at one of the most important fundamental factors for the U.S. economy, this indicator is at a relatively critical but stable level. The new data promises to be better than the previous one, which is positive for the US economy in general and which might influence further comments and actions by the Fed regarding monetary policy. To keep your open positions and survive during the time of market volatility due to news release, make sure you have enough funds in your account. Deposit Funds Keep in mind: During the NFP announcement, expect high volatility, especially across USD pairs. Market sentiment can really affect currency movements. What traders expect from the report has as much impact as the actual released data, if not greater. A higher figure than the one registered during the previous month signifies an improvement in employment numbers. This, as well as the release of a higher-than-expected figure, means an increase in the number of jobs created and are positive for both the U.S. economy and the dollar. A lower figure than the one registered during the previous month, as well as a lower-than-expected figure, usually have a negative impact on the dollar as they demonstrate a drop in employment numbers. Remember that the sudden spike observed across the charts of many currency pairs upon the release of the NFPs is usually followed by a period during which the market tries to recover and return to its initial price levels. Please do not hesitate to contact us  with any questions in livechat   or e-mail us at support@paxforex.com Risk Warning:Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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