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September 7, 2020

The impact of the nonfarm and ECB news on Forex this week

The ECB is in the spotlight


On Friday, the U.S. Department of Labor released disappointing Nonfarm Payroll data. The speed of economic recovery raises doubts as nonfarm employment slowing. Nevertheless, the overall unemployment rate fell from 10.2% to 8.4% in July. Britain set a deadline for 15 October to come to an agreement with the European Union on a new trade deal. If a deal cannot be reached, both sides must 'accept it and move on'. U.S. and China relations may further deteriorate as the November elections approach with the Trump administration considering blacklisting major Chinese chipmaker, SMIC. The main focus this week will be on the European Central Bank's (ECB) deposit rate decision, which takes place on Thursday. Most analysts aren't expecting significant changes in the overall political view, but the ECB inflation forecast is highly anticipated.




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