Spotlight on the Nonfarm Payroll Report!
Investors are anticipating the Nonfarm Payroll Report to be released by the U.S. Bureau of Labor Statistics later on today.
The total nonfarm payroll incorporates about 80% of the workers in the U.S. who produce the entire gross domestic product of the United States. This report is released on the first Friday of every month and provides the government policy makers and economists with the state of the U.S. economy. Investors will be awaiting the report and keeping an eye out for the overall trend to follow its release. This will provide binary options traders with excellent trading opportunities and is not to be missed!
Draghi disappoints markets:
European Central Bank President Mario Draghi spoke at the ECB’s press conference following a monetary policy meeting yesterday. Markets were disappointed as they had expected the ECB to introduce new stimulus measures to strengthen the euro zone. Draghi did say that the bank would take on bond purchases to lower the borrowing costs of strained euro zone members, however he did not provide any further details regarding this. Draghi’s announcement left market sentiment low as investors were expecting actions to fight the debt crisis. Markets built their expectations based on Draghi’s announcement last week to do whatever was possible to save the euro and were thoroughly disappointed with yesterdays outcome.
This news kept market sentiment low today with Asian stocks strongly lower. During late Asian trade, Hong Kong’s Hang Seng Index plunged 0.95%, Australia’s ASX/200 Index tumbled 1.13%, Japan’s Nikkei 225 Index plummeted 1.23%.
Crude oil on the rebound?
Crude oil futures rebounded from a three-week low today with markets anticipating today’s U.S. Nonfarm Payroll report. Crude oil traded at USD87.81 a barrel during U.S. morning trade, climbing 0.79%. Markets are keeping an eye on the upcoming storm Ernesto as it is not certain whether the storm will hit the Gulf of Mexico, home to 29% of U.S. oil production and 40% of refining capacity.