Major News Events Ahead: NFP & ECB Interest Decision This Week

Significant events to watch:

-EU (EUR): Eurozone Interest Rate Decision

-US (USD): U.S. Nonfarm Payrolls

-US (USD): U.S. Unemployment Rate

EU (EUR): Eurozone Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.

A higher than expected rate is positive/bullish for the EUR, while a lower than expected rate is negative/bearish for the EUR.

The previous reading was 4.50 %, in line with the expectations. The next report is due on March 07, 2024 at 13:15 GMT. Its forecast also stands at 4.50%.

US (USD): U.S. Nonfarm Payrolls – Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

The previous reading was 353K better than the expected 187K. The upcoming report is due on March 08, 2024 at 13:30 GMT. Its forecast stands at 190K.

US (USD): U.S. Unemployment Rate – The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.

A higher than expected reading should be taken as negative/bearish for the USD, while a lower than expected reading should be taken as positive/bullish for the USD.

The previous actual data was 3.7% better than the forecast of 3.8% The upcoming report is due on March 08, 2024 at 13:30 GMT and its forecast figure stands at 3.7%.

Risers and Fallers

-Nasdaq 100 (+1.85%)

-Advanced Micro Devices (+13.3%)

-PepsiCo (-2.79%)

-Natural Gas (+7.88%)

Nasdaq 100 Index– The index demonstrated a positive performance last week, gaining nearly 1.85% in value. Overall, the Nasdaq 100 has shown a remarkable bullish trajectory over the last 1 year, accumulating almost 48.7% gains.

AMD – The stock climbed by 13.3% in the last 5 days. Moreover, Advanced Micro Devices has displayed an uptick performance these past 6 months, adding over 82% in value.

PepsiCo – PepsiCo’s stock declined previous week, shedding almost 2.79% in value. It has also exhibited a negative performance during the previous 6 months, losing nearly 5.49% gains.

Natural Gas – Natural Gas price surged 7.8% in the past 5 days. The commodity is now trading at 1.89 USD.  

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