U.S. Non-Farm Employment Figures on Tap Today
June 5th, 2009 Posted in Daily Forex News
Today is the most important economic news event of the month, the U.S. Non-Farm Employment Change figures. Traders should take note that the results of this indicator usually creates great volatility in the forex market
8:30 GMT- GBP PPI Input
• This indicator reflects the change in the price of raw materials purchased by manufacturers.
• This data release is forecasted to improve from the previous month’s result.
• The results typically create volatile market conditions.
• Higher than forecasted results could send the GBP/USD pair above the 1.6150 mark.
12:30 GMT- U.S Non-Farm Employment Change
• This indicator reflects the change in the number of employed people during the previous month, excluding the US farming industry.
• The indicator typically creates a volatile trading environment, affecting not only the USD crosses but also the value of Crude Oil and Gold.
• Disappointing results could send the EUR/USD pair above the 1.4400 resistance level.
• Traders may find good opportunities to enter the market following this vital and probably the most important announcement of the month.
Tips on Crude Oil
• Crude Oil rose significantly yesterday as the price is currently trading around the $69 level.
• The release of the U.S. Unemployment Rate data on Friday may put some strain on Oil prices as the rate is expected to rise.
• However, as optimism seems to be the leading force in the market, rising equities and a weakening Dollar may prove to have a greater affect on Oil prices than the results of the unemployment indicator.
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Tags: Daily Tip, forex Daily Tips, Non-Farm Employment Figures. Crude Oil
