US Non-Farm Payroll (NFP) Employment Changes 11/06/09

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8:30am (NY Time) US NonFarm Payroll Forecast -173K Previous -263K
ACTION: USD/JPY BUY -100K SELL -250K

DEFINITION

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“Measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation´s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP. This report is the first of the month that relates to labor conditions, making it susceptible to big surprises.”

Update: Based on the market context we were able to make 69 pips of profits out of this trade.

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