Friday has come and it promises to be very wild
indeed. We have Non Farm payrolls and unemployment rate from United States at 12:30
GMT, as well as net change in employment and unemployment rate from Canada at
exactly the same time. This data usually creates very volatile moves in the
markets. I expect today will not be an exception to the rule. I hope you saw
what happened yesterday when both UK and ECB released interest rate decisions
with the comments that followed. Traders lost their heads by trying to short
British Pound and Euro. Swiss Franc collapsed like a rock into the water.
Remember most European currencies usually move in unison. Franc seems to be the
weakest ‘guy’.
What about other currencies. I assume that US dollar
and Canadian dollar will move in unison today too. That’s what usually happens.
Either both fall on the news or they both rise. Have this in mind when you
place your trades. Gold in most cases falls when Non Farm payrolls comes out. I
do not know why, but that is my experience. So, choose appropriate level to
enter a short order in gold and if market goes down, so will you. Do not forget
to set your stop and take profit orders though. So, a few hours left till the
news. Let’s see what happens.
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