Good morning all and heres to a busy Friday afternoon ahead!
At 13:30pm we see the release of non farm payroll data for the U.S and this can be a large market mover, not only for the Dollar but also for many other currencies too.
Non Farm Payroll data covers the amount of U.S citizens in Non Agricultural employment, it is Non Agriculural due to the farming sector employment being seasonal which would effect the figures quite dramatically.
The data can be a large mover because of the following:
Predictions in advance can be a long way out and with the market moving on rumour as well as fact they do move on initial prediction and then correct themselves following the release, so you can see large swings for the Dollar following this.
The data also affects investors attitude towards risk and investing in perceived ‘riskier’ currencies and therefore having an effect on most of the major rates (GBP, EUR, CHF, AUD, NZD, ZAR,CAD), especially in the current market where I don’t feel anyone really knows exactly where to invest their funds and rates are bouncing around all over the place.
If you have a transfer to carry out in the near term, it may be prudent to seriously consider your options ahead of the release, be it a limit or stop order, or indeed a forward contract.
I can help you with all of the above, whilst saving you money on the exchange rate – contact me [email protected] or fill in our enquiry formand I will be happy to explain the options available to you in simple terms.