USD/CAD: Dueling jobs report disappointments, bears may target 1.21 next
Traders are still weighing which of the two abysmal jobs reports was worse, but the technical picture is far clearer. Share:
It was a proverbial “shootout at the 49
th parallel” with both the US and Canada releasing their highly-anticipated monthly jobs reports this morning, but this time, both countries’ labor markets misfired.
As my colleague Joe Perry noted earlier today, the US Non-Farm Payrolls report showed disappointing jobs growth of only
266k jobs (vs. effectively 1M expected), and that was even before the
-78k net revisions to past two months’ jobs reports. Nonetheless, the Canadian labor market also saw a setback, with Canada reporting a
NFP recap: Whoa, big miss! What does this mean for the Fed?
Joe Perry May 7, 2021 2:58 PM
With the combination of the headline print and the revision, only 120,000 jobs were added to the economy in April Share:
US Non-Farm Payrolls were released earlier, and the employment print puts a big question mark over traders’ heads when deciding what the Fed will do next. The headline NFP print showed that the US economy added 266,000 jobs. That would be a good number if it was during “normal” times. However, with the pandemic recovery underway, the market was expecting +978,000 jobs. To make matters worse, the March print was revised down to +770,000 from +916,000. If you combine the headline print with the revision, only 120,000 jobs were added to the economy in April vs expectations of nearly +1,000,000! The unemployment r
Trading Forex at the News Release
2021-05-06 08:45:00
Richard Snow,
Markets Writer
Trading forex news releases requires a tremendous amount of composure, preparation and a well-defined strategy. Without these qualities, traders can easily get swept up in all the excitement of a fast-moving market to their detriment. This article provides useful strategies on how to trade forex news during a major news release.
Other articles in this series:
Initial Spike Fade strategy
News Straddle strategy
Each one provides a robust plan for traders to follow, depending on the market environment observed at the time of the release, and how best to approach that particular market.
May 6, 2021 - Written by John Cameron
The Pound to US Dollar (GBP/USD) exchange has been volatile today following the latest Bank of England (BoE) interest rate decision.
At the time of writing the GBP/USD pairing are trading at around $1.3897 as the US Dollar is supported by US jobless claims falling further than expected.
Pound Sterling (GBP) Exchange Rate Mixed on BoE Interest Rate Decision
The Pound has been mixed against the US Dollar for much of the day after the latest interest rate decision from the BoE.
The BoE chose to keep interest rates unchanged at 0.1%, however the bank chose to raise its growth forecasts for the UK, saying that the economy looks stronger than first expected in a report back in February.