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On May 13th, at the opening ceremony of the Create2026 Baidu AI Developer Conference, Baidu founder Robin Li proposed that the metric for the AI era might be "Daily Active Agents" (DAA), corresponding to the most commonly used metric in the mobile internet, "Daily Active Users" (DAU). Li stated that the current metric closest to industry consensus is token consumption, but tokens dont necessarily represent the end result; they represent costs, not returns; they measure input, not output. "When humanity enters the era of intelligent agents, to measure the prosperity of a platform and ecosystem, we should focus more on the DAA metric, on how many agents are working for humanity and delivering results. This is closer to value and closer to the essence than pointless token consumption."The Hang Seng Tech Index fell by more than 1%, while the Hang Seng Index fell by 0.2%.Most Hong Kong-listed film and entertainment stocks fell, with NetEase (09999.HK) down more than 5%, and Tencent Music (01698.HK) and Huanxi Media (01003.HK) down more than 4%.May 13th - According to customs statistics, in the first four months of this year, the total import and export volume of the nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached 3.37 trillion yuan, a year-on-year increase of 18.4%. This represents 20.7% of the national total, an increase of 0.6 percentage points compared to the same period last year, contributing 24.9% to the national growth. Specifically, exports reached 2 trillion yuan, an increase of 11.4%; imports reached 137 trillion yuan, an increase of 30.4%.On May 13, the yield on Japans 5-year government bonds rose 3.0 basis points to a record high of 1.945%. The yield on Japans 20-year government bonds rose 5 basis points to 3.495%, also a record high. The yield on 10-year government bonds briefly rose to 2.590%, the highest level since May 1997.

What impact does NFP have on the forex market?

LEO

Oct 25, 2021 13:27

Nonfarm payroll employment is a compiled name for goods, construction and manufacturing companies in the US. It does not include farm workers, private household employees, or non-profit organization employees.

It is an influential statistic and economic indicator released monthly by the United States Department of Labor as part of a comprehensive report on the state of the labor market.

The Bureau of Labor Statistics releases data on the first Friday of the month, at 8:30 a.m. Eastern Time. 

This data is analyzed closely because of its importance in identifying the rate of economic growth and inflation.

Nonfarm payroll is included in the monthly Employment Situation or informally the jobs report and affects the US dollar, the Foreign exchange market, the bond market, and the stock market.

The markets react very quickly and most of the time in a very volatile fashion around the time the NFP data is released. The short-term market moves indicate that there is a very strong correlation between the NFP data and the strength of the US dollar. Historical price movement data shows a small negative correlation between the NFP data and the US dollar Index.

The figure released is the change in nonfarm payrolls (NFP), compared to the previous month, and is usually between +10,000 and +250,000 during non-recessional times. The NFP number is meant to represent the number of jobs added or lost in the economy over the last month, not including jobs relating to the farming industry.

As with other indicators, the difference between the actual non-farm data and expected figures will determine the overall impact on the market. If the non-farm payroll is expanding, this is a good indication that the economy is growing, and vice versa. However, if increases in non-farm payroll occur at a fast rate, this may lead to an increase in inflation. In forex, the level of actual non-farm payroll compared to payroll estimates is taken very seriously. If the actual data comes in lower than economists' estimates, forex traders will usually sell U.S. dollars in anticipation of a weakening currency. The opposite is true when the data is higher than economists' expectations.

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