The “greenback” is “as fresh as paint”. Overview for 08.10.2021
EURUSD remains weak; investors are waiting for the US labour market numbers.
The major currency pair remains under pressure before the weekend. The current quote for the instrument is 1.1560.
Today’s highlight is the statistics on American employment. The Unemployment Rate is expected to drop to 5.1% in September after being 5.2 in August and that’s quite good. The Non-Farm Payrolls may show 490K after being 235K the month before. The Average Hourly Earnings may add 0.4% m/m after expanding by 0.6% in the previous month.
All these expectations are quite positive and productive. If actual data matches the expected one, the US Federal Reserve System will have a serious reason for reducing the QE program as early as November. if fact, that’s what everybody is waiting for.
The weekly Unemployment Claims report published yesterday showed 326K after being 364K the week before. That’s also good.
Overall, all eyes right now are on the statistics as a signal that the American economy can really afford the stimulus reduction. However, let’s wait and see how it will turn out.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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