Big day today in forex trading: the monthly circus of Non Farm Payrolls dominates trading today – but it’s not the only important figure.
Price action has been quite wild in the last 24 hours of trading – the British pound, Canadian dollar, New Zealand dollar and Australian dollar strengthened against the dollar, while the Euro and the Japanese Yen weakened against the dollar.
Economic figures for today
Manufacturing Production in Britain fell by 2.2%, worse than expectations, and stopped the rally of GBP/USD. The good PPI Input stabilized it, showing a rise of 1.5%. Also in Britain, some complementary data: Industrial Production fell by 1.7% and PPI Output rose by 0.1%.
In Europe, German Industrial Production is expected to fall by 2.4%, less than last month’s dive of 3.1%.
It’s a bid day also in Canada: Unemployment Rate is expected to rise to 6.8%, and Employment Change is predicted to fall by 40,000. Watch for some price action on the USD/CAD at 12:00 GMT.
And of course, the big prize of today, Non-Farm Employment Change or NFP. Similar to last month’s drop of 524,000, it is expected to be at 530,000. I have a feeling, but only a feeling, that it will be better than expected…
The complementary data for NFP is the Unemployment Rate, fore casted to rise to 7.5% and Average Hourly Earnings – predicted to rise by 0.2%.
All these figures, will be published at 13:30 GMT. Let the games begin…