Forex trading forecast and the U.S. dollar
One of the essential pieces of information that determines forex trading forecast is payroll data. U.S. data is expected to be released soon, and that means that the fate of the dollar — at least short term, is soon to be determined. Kathy Lien reports on the possibility of -700k jobs for March in FX360:
It is very realistic for job losses this month to have exceeded -700k. The current forecast is for a -660k decline. Unlike previous months, non-farm payrolls is more difficult to call because service sector ISM which is a leading indicator for payrolls is being released after NFP. The employment component of manufacturing ISM increased marginally in February but remains near record lows.
This is a rather large decline, and things could get ugly. It could mean another dollar rally, though, if it leads forex traders to go for a safe haven.
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