NFP Week – Data Expected to Post Impressive Figures of 988k New Jobs

Posted by Adegbotolu Kehinde Erastus -
Scope Markets

Key points

  • It’s NFP week, and analysts expect April payrolls data to show improvement
  • Fed’s left interest rate unchanged the previous week
  • EURUSD and Dollar index (DXY) show inverse correlation on the daily time frame

It’s NFP week, and April’s job report is expected to show big numbers on Friday. The NFP week will be the main highlight after last week’s FOMC conference still maintained the same rhetoric on inflation. According to some investors, US job report could pave the way for the Fed’s to begin discussions on tapering their asset purchasing programme.

The progressive roll-out of the Covid-19 vaccines is beginning to have a positive impact on the labor market as we saw last months job report recorded 916k additional jobs beating estimates of 615k. Friday’s data report is expected to keep up with the momentum as the job’s report is expected to show an additional 988k new jobs, which could show the strongest report since the beginning of the year.

The unemployment rate is expected to show a decline of 0.3% with a data report of 5.7% against estimates of 6% as the economy is gradually accelerating towards full recovery.

Technical outlook EURUSD and Dollar Index (DXY)

The US dollar has been on a tragic decline since the outbreak of the Coronavirus pandemic. The whole of 2020 saw the greenback weaken against other major currency pairs. However, something is interesting which traders need to take advantage of on the EURUSD and Dollar index (DXY) chart analysis.

There is an inverse correlation that has been spotted on the daily time frame. EURUSD is currently back below the descending trendline after a failed attempt to go above it a day after the FOMC conference. At the same time, the Dollar index has found support from an ascending trend line running from 21st January 2021. Friday’s positive data report could prove to be the catalyst that could further strengthen the US dollar and see it gain massively against other pairs.

NFP-week-DXY-daily-chart May 04,2021 Scope Markets
DXY daily time frame
EURUSD daily time frame
Share this article:

Disclaimer: This material is a marketing communication and shall not in any case be construed as an investment advice, investment recommendation or presentation of an investment strategy. The marketing communication is prepared without taking into consideration the individual investors personal circumstances, investment experience or current financial situation. Any information contained therein in regardsto past performance or future forecasts does not constitute a reliable indicator of future performance, as circumstances may change over time. Scope Markets shall not accept any responsibility for any losses of investors due to the use and the content of the abovementioned information. Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Payment Methods

Scope Markets
Scope Markets
Scope Markets
Scope Markets


Scope Markets
Scope Markets
Scope Markets
Scope Markets

Scope Markets offers institutional and retail trading services to businesses and traders worldwide. Our top management team has more than 20 years of experience in the industry, and we are proud of the solid partnerships we built over the years. Whether it's a business or individual, Scope Markets has a wide range of trading solutions that are compliant, flexible, cost-efficient, innovative, and place the client first.

Contact Us

Registered address:
6160, Park Avenue, Buttonwood Bay, Lower Flat Office Space Front, Belize City, Belize


+44 2030 516959

Risk Warning

Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure.

Legal Information

RS Global Ltd is authorized and regulated by the Financial Services Commission of Belize ("FSC") under the Securities Industry Act 2021 with registration number 000274/2.

Restricted Regions

Scope Markets does not offer its services to the residents of certain jurisdictions. Please read carefully our Restricted Countries document.

This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy.

© Copyright 2022 Scope Markets. All Rights Reserved.