Non-Farm Payroll: The US Job Market Is Recovering Massively, Will The Dollar Index Gain Continue?
In 2023, the outlook on the US labor force has shown an impressive wave of recovery and massive job growth in this 1st quarter. Job growth soars high across the hardest hit sectors such as Food industries, Travel and Hospitality, Agriculture, Banking and finance, and the educational sector.
Currently, the US economy remains resilient and the dollar is experiencing a huge recovery from the downside.
The US Dollar index has shown huge gains, indicating a series of successive multi-day highs at 105.3 index at the time of writing this article. The upside move began from a low of 100.00 index level before breaking the previous resistance zone of 104.00, and a further move above the region. The EUR/USD and GBP/USD were not left out of the market effect as the US dollar (USD) was seen appreciating against the Euro(EUR) and the Pound sterling(GBP).
The US Dollar Index Chart.
This market move is driven solely by the positive US economic data releases.
Lately, a report from Bloomberg relayed that job hiring edged higher, and industries like Construction, Retail trade, and Health are inclusive. Also, in the report, the number of job openings climbed to 11 million, the largest since July 2021.
The US preliminary GDP (Gross Domestic Product) sits at 2.7% and the unemployment rate remains at 3.4% low.
Nevertheless, Traders should brace themselves up for a period of high volatility as an increase in Non-farm Payroll will strengthen the USD while a decrease will weaken the USD.
In response to the news release, trade the financial market with the following trading instruments on the ACT Markets platform(actmarkets.com), as they are mostly affected by the data release; EURUSD, GBPUSD, XAUUSD, XAGUSD, USDJPY, USDCAD, USDCHF, AUDUSD, NZDUSD, US30, US100, USOIL, US Oil, Facebook, Amazon, Tesla, etc.
Time Schedule for next NFP release:
Date: Friday 10th March 2023
Time: 2:30 pm (GM + 1)
Author: Amogo Solomon
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