EUR/USD: Anticipation Grows as US Nonfarm Payrolls Report

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Anticipation Grows as US Nonfarm Payrolls Report Approaches

The eagerly awaited release of the United States employment data by the Bureau of Labor Statistics at 12:30 GMT promises to be a significant event, with forecasts suggesting important implications for the US Dollar. Nonfarm Payrolls (NFP) are predicted to increase by 180K in October, marking a notable decline from the previous month's robust 336K gain.

EUR/USD has been on a rollercoaster ride, recently reaching a peak at 1.06500 before briefly dipping below 1.06600. As the London session begins, the market displays a bearish candle, with potential targets set around 1.06750. However, this area could introduce resistance and trigger a retracement for the EUR.

What Can We Expect from the Upcoming Nonfarm Payrolls Report?

Friday's Nonfarm Payrolls data is poised to reveal a noticeable slowdown in job growth, with expectations of only 180K jobs added in the previous month, nearly half the September figure. Meanwhile, the Unemployment Rate is predicted to hold steady at 3.8% for the reported period.

While job numbers are a crucial component of the NFP report, Average Hourly Earnings are also of great interest due to their potential impact on the Federal Reserve's interest rate outlook. Wage inflation, measured by Average Hourly Earnings, is expected to show a 4.0% increase over the year in October, slightly slowing down from the 4.2% growth observed in September. On a monthly basis, October's data is projected to see a minor uptick at 0.3%, compared to September's 0.2% increase.

Investors and analysts will be closely watching this NFP report for its implications on the US economy and monetary policy, making it a key event to keep an eye on.



Our preference

Above 1.0580 look for further upside with 1.0675 & 1.0680 as targets.

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