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Why is the NFP and why should you care? NFP is the US nonfarm payrolls data and has historically been the single most market moving report. The data release will be announced this Friday (August 5) at 8:30 am New York time.
July’s NFP report showed that the American economy added 372,000 payrolls in June, significantly higher than the average analyst forecast of 268,000, although it was slightly lower than the previous month’s reading of 384,000. The services sector added the most payrolls, including enterprise management, systems design and related services, leisure and hospitality and healthcare.
Know the US labour market expectations
The expectation for the July reading (to be announced on August 5) stands at 260,000. The US will also announce its unemployment rate on the same day. The unemployment rate remained unchanged at 3.6% in June, which was the lowest since February 2020 and in-line with market expectations. The rate is widely expected to be unchanged this time as well.
How does the NFP impact the financial markets?
An upbeat NFP report tends to lend significant upside to the USDX (US dollar index) and the 3 major US indices, the DJ30, SP 500 and NAS100. In fact, better-than-expected NFP data boosts investor sentiment worldwide and could drive the European, Chinese and Japanese indices higher too.
The most exciting trading opportunities are typically presented half an hour before and after the data release. Get ready to seize these trading opportunities with our Raw ECN account with spreads from 0.0 pips.
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Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares.
With more than 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 staff across more than 30 global offices.
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