The non-farm payroll (NFP) report is a key economic indicator for the United States. It is intended to represent the total number of paid workers in the U.S. minus farm employees, government employees, private household employees and employees of nonprofit organizations.
It is published the first Friday of the month at 8:30AM Eastern time by the U.S. Bureau of labor statistics. The data release actually includes a number of statistics, and not just the NFP(which is the change in the number of employees in the country, not including farm, government, private and non- profit employees.). Another metric included in the data release is the unemployment rate.
As one of the most anticipated economic news events of the months, MGI Trading focus mainly on currency pairs(especially those involving the U.S. Dollar like GBP/USD) and typically see big price movements in the minutes and hours after the data is released. This makes it a great opportunity for our traders with a sound strategy to take advantage of the volatility.