US NON-FARM PAYROLL (NFP)
The United States will release Non-Farm Payrolls (NFP), also known as Non-Farm Employment Change, today at 20:30 GMT+8. This indicator shows the change in the number of employed persons in the previous month, excluding agriculture. It is related to other main employment indicators: the unemployment rate and average hourly earnings.
While the launch of Nonfarm Payrolls Forex isn’t as exciting as in previous years, it still helps intraday traders make valuable trades. Last time the launch significantly exceeded expectations with an increase of 315,000 versus the forecast of 295,000. Average hourly wages and the unemployment rate also beat consensus. The data showed USD strength and gold weakness.
UNITED NATIONS CALL THE FED TO CUT RATES
The US Federal Reserve’s aggressive policy of tightening has pushed the US dollar to multi-decade highs and put pressure on currencies around the world. A United Nations agency has warned of the actions of the central bank create a high risk of plunging the global economy into recession. The UN is therefore calling on the international central banks to stop raising interest rates. As a result, markets are pulling back after the statement with the US500 up 5.40% week-to-date.
In a new report, the United Nations said tightening monetary policy to fight inflation could do more harm globally than the 2008 financial crisis and the impact of COVID-19 in 2020. The UN agency called the Federal Reserve’s actions “reckless play” with the lives of less fortunate people. If central banks don’t “correct course”, emerging markets could slide into debt crises and health and climate crises. Jerome Powell has repeatedly emphasized that the Fed only looks at macroeconomic data such as jobs and CPI numbers. Initial jobless claims fell to their lowest level in five months last week, according to the latest jobs data, a sign that the job market is recovering even as the Federal Reserve tries to slow things down.