U.S. Non-Farm Employment Change on Tap

Name: Dan Eduard

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Today’s U.S. Non-Farm Employment Change data release is set to dominate the trading between the Dollar and its major currency pairs. A number of other factors are also likely to impact the forex market today, such as the EUR Minimum Bid Rate at 11:45 GMT. The results of today’s data are likely to determine the USD’s trend going into next week’s trading.

11:45 GMT: EUR Minimum Bid Rate

• Forecasts show that EUR Minimum Bid Rate is expected to stay at 1.00%
• Market events like this one tend to create either big changes to current trends or push current trends even further.
• However, the overall impact of the Interest Rate decision may in fact strengthen the European currency in the long run.
• Traders should focus their attention on this release, as it is expected to be one of the highlights of the week for forex market.

12:30 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 data release.

Tips on Crude Oil

• Oil plummeted $2.50 a barrel yesterday on mixed U.S. economic news.
• Oil also slid on increasing pessimism that the world economic recovery may be delayed.
• Traders are advised to open positions in Crude Oil as the commodity is set to remain volatile in the short-medium term.