Much Anticipated Nonfarm Payrolls Data to be Unveiled Today

Much Anticipated Nonfarm Payrolls Data to be Unveiled Today

The market analysts and participants will be closely observing the changes in the readings of the Nonfarm Payrolls, which will be released on Friday at 12:30 GMT. The latest viewpoints about the interest rate outlook of the Federal Reserve will also be eagerly monitored by keeping updated about this labour market statistics. Moreover, the release of the Nonfarm payroll data will also have a short-term effect on the values of the US dollar quotes. The crucial indicator associated with the labour sector of the market will be disclosed by the Bureau of Labor Statistics. 

Economists are estimating that 176000 new jobs will be created in March, in all non-agricultural sectors of the US. When the indicator was published on 8th Mar 2024 at 13:30 GMT, it stood at 275000 in place of the expected figure of 220000. Meanwhile, January's figure was substantially down, with 229,000 jobs added rather than 353,000 as first reported.

So far, strong employment data in 2024 have strengthened Fed Chair Powell's stance on delaying interest rate decreases, highlighting the robustness of the US economy and the central bank's policy decision-making criteria.

The Retail Sales of the Eurozone to be Announced

Eurostat will be announcing the Retail Sales of the Eurozone on Friday at 09:00 GMT. As Retail Sales is often called the consumer spending indicator, the market participants who are related to the consumer sector of the market and those trading in the euro quotes are suggested to be alert during the release of the indicator. If there is an increase in the readings of Retail Sales, it will have a positive effect on the euro quotes. Furthermore, with the release of the indicator, the inflation in the euro area could be assessed. 

Fed Governor will be Giving a Speech

Based on the sources from the Board of Governors of the Federal Reserve System, Michelle W. Bowman will be delivering the speech on Friday at 16:30 GMT. Since the statements of the governor will have a moment impact on the market, the market participants who are trading in the American currency are recommended to watch the speech. It is the Fed Board of Governors, who develops and implements the monetary policy of the country. Moreover, the speech will impact the value of the US dollar quotes, based on speech rhetoric. A positive impact will be experienced when the speech is deemed as an intention to raise the rates at the next FOMC meeting.