The NFP report for May will be released on June 7th at 15:30 MT Time.
This is one of the most anticipated financial releases. NFP (NonFarm Payrolls) represents the change in the number of employed people during the previous month, excluding those who work in the farming industry. In general, it is used as a gauge of economic health in the United States.
Generally, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish).
FACTORS WHICH INFLUENCED THIS NFP READING
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The release of non-farm payrolls will be one of the most anticipated events this Friday. Last time the indicator outperformed the forecasts. It increased by 263 thousand jobs (vs. the 181 thousand expected).
As the trade war between the US and China escalates, analysts see the conflict as one of the main reasons behind the great rise of the employment figures in the US. According to them, about 2.6 million jobs have been added since Trump announced fresh tariffs on Chinese products.
As a result, we may see positive figures this time as well. If the NFP beats the estimates, it will be good for the USD. At the same time, it is recommended to pay attention to unemployment rate and average hourly earnings. Higher-than-expected level of earnings and lower-than-expected unemployment rate will be appreciated by the USD bulls.
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