NFP Friday & What to Expect

NFP Friday & What to Expect

The US Bureau of Labor Statistics (BLS) will release the January jobs report on Friday, February 3 at 15:30 GMT+2.

Expectations are for a 185K rise in Nonfarm Payrolls following the 223K increase in December while the Unemployment Rate is expected to inch higher to 3.6% vs. 3.5% seen in December.

Friday’s Nonfarm Payrolls event will be a critical component of the US interest rate outlook and will drive sentiment in this regard. 

Keep an eye on the gold price today!

The US NFP is likely to bring higher volatility for the metal. A strong reading may trigger a sell-off for the gold price as the risk off rally pick up more strength, and a weak number could push the gold price higher as investors will run for safety. 

In terms of important price levels, investors and traders will be looking at the 1,900 as an essential level of support, and if the price drops beyond this point, we may see an intense sell-off in the coming days. As for the resistance, the number which could be tested today is 1950. Overall, the chances are that we may see the gold price recovering some losses today.

Friday 3rd February High Impact Events

The times below are GMT+2

  • 15.30 – US – Average Hourly Earnings m/m, Non-Farm Employment Change, Unemployment Rate

Potential instruments to Trade: USD Crosses. 

  • 17.00 – US – ISM Services PMI

Potential instruments to Trade: USD Crosses. 

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