When is the US monthly jobs report (NFP) and how could it affect EUR/USD? – by hareshmenghani NFP Fed InterestRate EURUSD Currencies
highlights the release of the closely-watched US monthly jobs data for November. The popularly known NFP report is scheduled for release at 13:30 GMT and is expected to show that the economy added 200K jobs during the reported month, down from the 261K in October. The unemployment rate is anticipated to hold steady at 3.7% in November.
Analysts at Citibank are more optimistic and offer a brief preview of the important macro data: “We expect a solid 225K jobs added in November, reflecting a slowing but still-solid pace of job growth. Average hourly earnings should rise 0.3% MoM, a slightly softer increase than last month but with upside risks.
In contrast, any positive surprise - though could offer a temporary respite to the USD - is likely to be overshadowed by expectations that the US central bank will slow the pace of its rate-hiking cycle. This, in turn, favours the USD bears and suggests that the path of least resistance for the EUR/USD pair is to the upside.
Eren Sengezer, Editor at FXStreet, offers a brief technical overview and outlines important technical levels to trade the EUR/USD pair: “The Relative Strength Index indicator on the four-hour chart stays within a touching distance of 70, suggesting that the pair could stage a technical correction before the next leg higher. On the upside, interim resistance seems to have formed at 1.0540. In case buyers manage to flip that level into support, additional gains toward 1.0600 and 1.
“1.0500 aligns as initial support. With a four-hour close below that level, sellers could take action and drag the pair toward the 1.0410/1.0390 area, where the 20-period and the 50-period Simple Moving Averages are located,” Eren adds further.
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