Tomorrow on Friday 11-06-09 at 8:30 AM ET, the Bureau of Labor Statistics will release the monthly reports of the USD Non-Farm Employment Change and Unemployment Rate.
These will be released along with 4 other economic reports:
USD Change in Manufacturing Payrolls
USD Average Hourly Earnings (MoM)
USD Average Hourly Earnings (YoY)
USD Average Weekly Hours
These additional reports should not greatly affect the currency market.
I did a “follow up” post for last months release, click here for a review.
Here is how the reports are set up for this month:
USD Non-Farm Employment Change – Stats
Previous = -263K
Forecast = -173K
USD Unemployment Rate – Stats
Previous = 9.8%
Forecast = 9.9%
It appears that the economists believe that Employment is going to improve and that the Employment Rate is going to go up from last month, an obvious conflict.
It is difficult for me to say which report will have the greatest impact on the market, some say that the Employment Change is the report that has the most impact.
Last time both reports were bad for the US economy.
I am going to watch both very carefully, hopefully they will come out in the same direction – Employment Change will improve and Unemployment Rate will go down, or the reverse.
The currency pair I will set up to trade this time is the GBP/USD – last month this pair waited about 5 minutes before moving in the right direction, but when it did, it moved for about 49 minutes a total of 91 PIPS.
Click here to see what happened.
I did post a “follow up” report of the results, click here to see what happened.
The next release of these reports is scheduled for Friday, 12-04-09 at 8:30 AM ET, I will probably post a “preview” a day or two prior.
Stay tuned!
