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  3. The Euro intends to continue rising. Overview for 07.10.2019

The Euro intends to continue rising. Overview for 07.10.2019

07.10.2019

On Monday, EURUSD is consolidating, but may yet resume its growth.

The major currency pair is doing fine early in another October week. The current quote for the instrument is 1.0980.

Last Friday, the USA published several September reports on employment, which turned out to be quite good after all. The Unemployment Rate wasn’t expected to change, but it dropped from 3.7% to 3.5%, which is the lowest level since 1969. 

The Average Hourly Earnings remained unchanged in comparison with the August reading. However, on YoY, the indicator showed +2.9% in September after being +3.2% in the previous month. It’s not good news, but there are no reasons to worry so far. The Non-Farm Employment Change was 136K in September and it’s the lowest indicator value over the last four months. However, the August reading was revised upwards, up to 168K, and that made investors happy. 

Generally speaking, these numbers indicate that the labor market remains stable, thus preventing the recession and allowing market players operating actively. In addition to that, the statistics don’t increase the Fed’s chances to raise the rate until the end of this year and that provided additional support to the USD. 

Today, one should pay attention to the Sentix Investor Confidence for October. The indicator may decrease from -11.1 points to -12.9 points. 

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