EUR / USD today: the market is in anticipation of employment data in the US
Trading on Thursday closed with the renewal of the highs of the week by the pair EUR / USD, which was caused by the general weakness of the American dollar and rumors about the ECB’s intentions to tighten monetary policy. With the positive opening of European stock indices, the euro continued to grow on the weakness of the American dollar.
Events for today:
- 15:30 – data on US employment: average hourly earnings in the US (compared to the same period last year), average hourly earnings in the US (m / m), US exports, m / m, US imports , m / m, the change in the number of employed in the nonfarm sector of the United States, the proportion of economically active population in the US, the change in the number of workers in the private nonfarm sector of the United States, the US trade balance and unemployment in the US, forecast 3.8%, previous value 3.8 %.
- 20:00 – a number of oil rigs in the USA from Baker Hughes.
The focus of the market today will be on data on employment in the US and trade balance, which in the end will set the mood on the market and for the US currency. In conditions of waiting for a weak report on employment in the US, the American dollar has already weakened and took into account the decline in employment. In this case, the change in expectations can be regarded by the market as a driver for movement.
- Significant support levels: 1.1670-40, 1.1600 and 1.1570-50.
- Resistance: 1.1750, 1.1780-1.1800 and 1.1850.
Read also: “Fundamental analysis: The labor market and its impact on the dynamics of the national currency”
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Hanzenko Anton