US Non-Farm Payrolls (NFP) Report Preview (NOV 2024)

US Non-Farm Payrolls (NFP)

The US Non-Farm Payrolls (NFP) report showed a 12K rise in October versus forecasts for a 113K print, while Average Hourly Earnings widened to 4.0% from 3.9% during the same period.

US Economic Calendar – November 1, 2024

A deeper look at the report showed the Unemployment Rate holding steady at 4.1% in October, while the Labor Force Participation Rate narrowed to 62.6% from 62.7% the month prior.

The update from the Bureau of Labor Statistics (BLS) also revealed that ‘employment continued to trend up in health care and government,’ with the report going onto say that ‘employment showed little or no change over the month in other major industries, including mining, quarrying, and oil and gas extraction; wholesale trade; retail trade; transportation and warehousing; information; financial activities; leisure and hospitality; and other services.’

Join David Song for the Weekly Fundamental Market Outlook webinar.

EUR/USD Chart – 15 Minute

Chart Prepared by David Song, Strategist; EUR/USD on TradingView

The US Dollar came under pressure after the weaker-than-expected NFP print, with EUR/USD spiking to a fresh session high of 1.0906. Nevertheless, the market reaction was short lived as EUR/USD closed the day at 1.0834, with the exchange rate struggling to hold its ground following the US election as it closed the following week at 1.0719.

Looking ahead, the US is anticipated to add 200K jobs in November, while the Unemployment Rate is expected to increase to 4.2% from 4.1% during the same period.

With that said, signs of weakening labor market may drag on the US Dollar as it fuels expectations for US lower interest rates, but a better-than-expected NFP report may generate a bullish in the Greenback as it curbs speculation for a Federal Reserve rate-cut in December.

Additional Market Outlooks

EUR/USD Struggles to Trade Back Above Former Support Zone

GBP/USD Recovery Vulnerable as Bear Flag Formation Takes Shape

USD/CHF Pullback Faces Positive Slope in 50-Day SMA

USD/CAD Defends Post-US Election Rally to Eye November High

--- Written by David Song, Senior Strategist

Follow on Twitter at @DavidJSong

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

City Index is a trading name of StoneX Financial Ltd. Head and Registered Office: 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is a company registered in England and Wales, number: 05616586. Authorised and regulated by the Financial Conduct Authority. FCA Register Number: 446717.

City Index is a trademark of StoneX Financial Ltd.

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.