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Get Ready to Trade today’s NFP Numbers. Also, Canada ADDED Jobs!
By Sean Hyman | May 8, 2009
Don’t forget that Non-Farm Payrolls comes out this morning at 8:30am EST. Previously, the numbers came in at -663,000 and it’s expected to improve to -600,000 this time.
Unemployment, however, is expected to rise from 8.5% to 8.9% this time.
Also worthy of noting…Canada just ADDED jobs as their report came out this morning…and their unemployment held steady with no increase.
Only one other country has ADDED jobs recently and that’s Australia.
So chalk one up for the “Commodity Currencies”.
Remember, the retail speculator feels the “need” to be the first one into the NFP trade. However, the pro waits 30 minutes to an hour or so and actually reads the report. Then they place their trades once they make their assessment and the huge volumes return to the market by then.
This is when big reversals can occur to the original move and sometimes be even larger than the initial spike move. So keep that in mind.
Get your free demo here and get ready to trade today’s NFP report: http://www.fxedu.com/practice-forex-account
Sean Hyman
www.forextradingblog.com
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