Will U.S Jobs Data Make or Break Dollar Next Week?

Wednesday, 6 March, 15:15 – ADP Nonfarm Employment Change (Feb)

In January, private payroll growth decelerated to 107,000, falling short of expectations and reflecting a decrease from the downwardly revised figure of 158,000 in December. While this data implies a prudent commencement in the private sector labor market, it is noteworthy that overall economic growth continues to demonstrate resilience. Market observers could anticipate an improvement in the ensuing month.

Wednesday, 6 March, 16.45 – BoC Interest Rate Decision

The Bank of Canada maintained the benchmark interest rate at 5% during its latest update in January. This decision followed three consecutive instances of keeping the rate unchanged throughout 2023. Against the backdrop of recent inflation report from Statistics Canada, market participants and experts are expressing a high degree of confidence in the likelihood of yet another forthcoming rate hold.

Thursday, March 7, 15:15 – ECB Interest Rate Decision (Mar)

The resolution of the European Central Bank in January 2024 to maintain the status quo – preserving the main refinancing rate at 4.50% and sustaining the rates for the marginal lending facility and deposit facility at 4.75% and 4.00%, respectively – delivers a clear message to the business sector. The prevailing emphasis is on stability, prioritizing it over adaptability for the time being. There is heightened anticipation in the market that the central bank will persist in maintaining its existing stance, especially given recent expressions of policy views by the ECB’s Vice President Guindos.

Friday, 8 March 2024, 15:30, 17:00 – U.S Nonfarm Payrolls (Feb)

The US economy created 353,000 nonfarm payroll jobs in January, surpassing the expectation of 185,000 by economists. Given the robust U.S economy and steady job growth, the market labor market remains resilient and bullish, reflecting ongoing recovery across various sectors.

Step into the world of trading with confidence today. Open a free PU Prime live CFD trading account now to experience real-time market action, or refine your strategies risk-free with our demo account.

Disclaimer

This content is for educational and informational purposes only and should not be considered investment advice, a personal recommendation, or an offer to buy or sell any financial instruments.

This material has been prepared without considering any individual investment objectives, financial situations. Any references to past performance of a financial instrument, index, or investment product are not indicative of future results.

PU Prime makes no representation as to the accuracy or completeness of this content and accepts no liability for any loss or damage arising from reliance on the information provided. Trading involves risk, and you should carefully consider your investment objectives and risk tolerance before making any trading decisions. Never invest more than you can afford to lose.