USA Unemployment Report Friday
This Friday the monthly NFP Non-Farm Payroll Report and the Unemployment Rate will be released at 8:30AM Eastern Standard time. The monthly USA unemployment reports are the most important economic data reports in the financial universe and you can profit from them with the big swings in price and volatility.
The combination of importance and early reporting in the USA trading day makes for strong market movements. As traders these reports are very important because job creation is an important leading indicator of consumer spending, which accounts for a majority of overall USA economic activity.
The USA unemployment rate will be reported at the same time. This report shows the number of unemployed people and is considered to be an important indicator of the overall USA economic health because of consumer disposable income and consumer spending is highly correlated with labor-market conditions.
Those two major economic reports always move the market fairly larger than normal and create a great opportunity for forex traders from all over the world to make potentially big profits by getting on the right side of the price move.
The Friday NFP economic report is expected to come in at 192,000. Any release above or below the 192K consensus expectation can cause the prices of the dollar denominated currency pairs to swing much larger than normal providing big profit opportunities.
The USA Unemployment Rate that will be reported at the same time and is expected to remain the same and to stand at 8.9%, and any release above or below 8.9% will be considered the same as the monthly non-farm payroll report . . . a chance to profit with the possible big change in the unemployment rate.
The chart below shows how it looked like after last months previous Non-farm payroll and unemployment rate reports. As you can see with the chart below the Euro jump up more than 60 pips in less than 30 minutes!, meaning that you could have been very easily deep in the money if you would have bought the EURUSD then.
EURUSD 30 Minute Chart March 04, 2011
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