Forex Analysis by Forex.com (Matthew Weller) covering: EUR/USD, EUR/USD exchange rate cash Futures, EUR/USD Future, Euro Futures. Read Forex.com (Matthew Weller)'s latest article on Investing.com
Traders and economists are expecting the NFP report to show that 171K net new jobs were created in September and that average hourly earnings rose 0.3% m/m.Confounding economists and traders alike, the US labor market remains perplexingly strong. While recent NFP readings have moderated slightly – the 3-month average of jobs created stands at 176K prior to Friday’s revisions – they are still more than enough to keep up with population growth.
By now, most regular readers know that we focus on four historically reliable leading indicators to help handicap each month’s NFP report:89KFinally, the 4-week moving average of initial unemployment claims fell to 209K, down from 229K last month. Regardless, the month-to-month fluctuations in this report are notoriously difficult to predict, so we wouldn’t put too much stock into any forecasts . As always, the other aspects of the release, prominently including the closely-watched average hourly earnings figure which rose 0.2% m/m last month, will likely be just as important as the headline figure itself.remains within a well-defined bearish channel. The pair broke below key previous support in the 1.
As long as the NFP report is decent, leaving the door open for another Fed rate hike this year, EUR/USD is likely to remain in its bearish trend.
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