US March Nonfarm Payrolls Preview: Analyzing Gold reaction to NFP surprises by eren_fxstreet $Gold $XAU $XAUUSD trading
We present our findings as the US Bureau of Labor Statistics gets ready to release the March jobs report on Friday, April 1. Expectations are for a 490,000 rise in*We omitted the NFP data for March 2021, which was published on the first Friday of April, due to lack of volatility amid Easter Friday.We plotted gold price’s reaction to the NFP release at 15 minutes, one hour and four hours intervals after the release.
However, the correlation coefficients we calculated for the different time frames mentioned above don’t even come close to being significant. The strongest negative correlation is seen 15 minutes after the releases with the r standing at -0.48. One hour after the release, the correlation weakens with the r rising to -0.3 and there is virtually no correlation to speak of four hours after the release with the r approaching 0.with NFP surprises.
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