PEACHTREE CITY, GA--(Marketwire - February 4, 2009) - A forex expert estimates that Friday's
Nonfarm Payroll (NFP) report will record a much better than expected job
loss -- and recommends that traders consider selling the U.S. Dollar (USD)
and Japanese Yen (JPY), if the estimate is correct.
"We are estimating a loss of 522,000 jobs in Friday's NFP report," says
Wayne McDonell, Chief Currency Coach of FX Bootcamp
(
www.fxbootcamp.com), a live forex training organization, and author of
The FX Bootcamp Guide to Strategic and Tactical Forex Trading (Wiley
Trading, September 2008).
According to Mr. McDonell:
- The NFP job loss figures to watch are 522,000 and 542,000.
- If the figure is 522,000 or lower, global stock markets will rally on
the news that the numbers are not as bad as expected, and the appetite for
risk and reward will return. Traders should consider selling USD and JPY.
- If more than 542,000 jobs are lost, global stock markets will fall
because the numbers indicate the economy is still contracting. The value
of the dollar will increase as global investors seek U.S. Treasuries as a
safe haven. Traders should consider buying USD and JPY.
"Currency traders should not pay too much attention, in the short term, to
the actual headline number," Mr. McDonell says. "No matter what, it's
going to show that the U.S. economy is bad. Instead, forex traders should
stay alert to an NFP number that is significantly different from what the
market expects. A 'less bad' number -- that is, better than expected --
can be good. A 'more bad' number -- that is, worse than expected -- could
be terrible."
Wayne McDonell is available for interviews. For more information, or to
schedule an interview, contact Itay Engelman of Sommerfield Communications
at (212) 255-8386 or itay@sommerfield.com.
About Wayne McDonell
Wayne McDonell is the Chief Currency Coach of
FX Bootcamp, a live forex training
organization, which has an audience comprised of members from over 50
countries. He is also the author of
The FX Bootcamp Guide to Strategic
and Tactical Forex Trading (Wiley Trading, September 2008), a top
seller in the Foreign Exchange category. Mr. McDonell is a regular speaker
at major investing conferences, including the upcoming Traders Expo in New
York. He provides his weekly trading outlook on FOREX Television and his
training videos are syndicated around the world on outlets including
FXstreet.com, MoneyShow, DailyFX, Yahoo Finance, MSN and others. As a
professional forex trader, Mr. McDonell is a member of the National Futures
Association and a registered Commodities Trading Advisor.
Contact Information: Contact:
Itay Engelman
Sommerfield Communications
(212) 255-8386
itay@sommerfield.com