Key data from the US labor market will be released at 1:30 pm BST
Key macroeconomic publication of the week is ahead of us. We had to wait a bit longer for the labor market data, because very often (especially during the holiday season), when the 1st day of the month falls on Friday, the NFP data is postponed to a week later.
We observe further recovery in the market, however EURUSD is an exception. During today’s session the most popular currency pair briefly fell below 1.01! Now EURUSD attempts to rebound, however if the NFP report surprises on the upside price may fall below this psychological level.
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Create account Try a demo Download mobile app Download mobile appHowever, the latest data from the labor market did not impress. Employment sub-indices from ISM reports fell below 50 points, while the number of weekly jobless claims continues to move higher. Nevertheless, it is worth remembering that the NFP report is very volatile, therefore anything is possible today. Market expects a reading of 270,000, compared to the previous 390,000. The unemployment rate is expected to remain at 3.6%, but wages are expected to slow down to 5%. Solid reading may further aggravate the hawkish rhetoric of the Fed.
EURUSD, H1 interval. Source: xStation5
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