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US Non-Farm Payrolls May Boost US Dollar
1/7/2011 1:00:00 AM
Following Wednesday's surprisingly bullish employment figures from the ADP report, the market witnessed some heavy volatility in favor of the US dollar. With today's Non-Farm Payroll ( NFP ) expected to show similar positive growth, we could see another rally in the greenback later today.
Here is a roundup of today's leading events:
- Prior to the release of the American employment change reports, Canada is due to release similar figures regarding the number of jobs gained over the previous month and the correlated national unemployment rate. Canada's employment change report is forecast to show growth in its job market, but the national unemployment rate is expected to increase.
- The most impactful employment report released each month is the US Non-Farm Payrolls ( NFP ) figures. This represents the number of jobs added or lost during the previous month and is a leading indicator of economic growth in the world's largest economy. As mentioned above, Wednesday's ADP report measuring employment change in the private sector showed significant growth well above forecasts. If today's release comes in line with ADP's bullish forecast then the USD could see significant growth later in the day.