Lunchtime today sees the all important job number in the US. The Non Farm Payrolls. This is the number of full time jobs lost or gained in any given month removing seasonal fluctuations such as Christmas, or more traditionally, harvest time.
The prediction for today is 180,000 jobs gained in October. Last month smashed expectations and the FED Chair, Jerome Powell, recently referred to the buoyant job market in the States. So todays number will be closely watched by all traders of the Dollar.
And remember it could also have a knock on to other currencies as the flow of money can move from one currency to another just to either buy or sell the Dollar. Not necessarily because of any news related to the other side of the currency pair.
Reporting on yesterday it was a bit of a storm in a teacup. The UK interest rate came in at the expected 5.25% along with the vote count being 6 to 3. On the back of it there was a bit of volatility, but overall the Pound tracked sideways.
Beside the NFP there's also Eurozone and Canadian unemployment rates being reported along with services numbers from the US as we head into the weekend.
Business news centres on Sam Bankman-Fried, the founder of crypto exchange FTX, being found guilty of fraud. With billions of Dollars in play, the expectation is for decades behind bars at the sentencing next year.
EUR: 10:00 Unemployment Rate
US: 12:30 Non Farm Payrolls
CAN: 12:30 Unemployment Rate
US: 14:00 ISM Services PMI
As ever we look forward to looking after you and please keep an eye out for our next Insight.
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