What impact does tonight's NFP report have on market expectations?

1. Possibility of interest rate reduction in March next year (currently over 60%);
2. If data is very bad, cut interest rate in January next year or cut interest rate by 50BP in March next year.
3. If the data is better than expected, gold prices could return to the $2,000 mark. But $2,000 is still a very important support level.

The first Friday of July is here! That means we are about to see a new NFP release at 15:30 MT (GMT+3) time! Why is everyone so excited about this data? The reason is great and simple – it makes the US dollar extremely volatile! 🤓

What is NFP? Non-farm payrolls (NFP) show how many people were employed in the previous month, excluding those who work in the farming industry. It comes out together with two important indicators: the unemployment rate and average hourly earnings.

Combined, they represent a powerful fuel for the American currency. Last month, the actual figures of NFP came out at +559K (below the estimates of +645K). It disappointed traders and weakened the US dollar against other currencies.

This time, as analysts expect non-farm payrolls to rise by 700K, we may see a completely different picture! Remember, if the actual data is better than the forecasts, the USD will surge! An alternative scenario will pull the greenback down. 😎

Learn what are Non-farm Payrolls

Gold on the h4 frame breaks the rising price channel, confirming the short-term downtrend
Next week we will watch the main selling
As for where to sell, see you tomorrow morning

Tet is coming soon. Try your best for the meat-filled banh chung 🥰

🥇 Forex Signals 🥇

📆 Signal Published ::::::: 9/7/2024

✅ Symbol ::::::: EURJPY

📈SELL AREA ➡️ 174.58

💠 Take Profit 1 : 174.20
💠 Take Profit 2 : 173.70
💠 Take Profit 3 : 172.85
💠 Take Profit 4 : 172.00
💠 Take Profit 5 : 170.90

✖️Stop Loss ➡️ 175.18 (60 PIPS)

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🏆Forex Signals 🏆