All eyes on non-farm payrolls data release in the US today

<p>Only one thing on everyone’s agenda today: the Non-Farm Payrolls finally to be released since the US government shutdown at the start of the month.  […]</p>

Only one thing on everyone’s agenda today: the Non-Farm Payrolls finally to be released since the US government shutdown at the start of the month.  The data is expected to come in at a stronger level. Median forecasts are that employers added 180k payrolls last month, so a strong figure should give the USD a more positive tone as it  has been struggling to gain any ground with the on-going problems with the US government shut down and debt ceiling issues this month. This could also bring back the taper question, but as we have heard from some hawkish Fed members nothing is likely this month.  If the numbers come in weaker, we could see the continuing rally of risk trades, notably the GBP and EUR. But bear in mind the data was delayed and this could raise questions on how accurate the data is until next month’s release where a revised figure will be sought.

 


EUR/USD

Supports 1.3650 1.3515 1.3472 | Resistance 1.3690 1.3705 1.3730

 


USD/JPY

Supports 98.10 97.60 97.50 | Resistance 98.40 99.00 99.70

 


GBP/USD

Supports 1.6115 1.5940 1.5890 | Resistance 1.6150 1.6180 1.6230

 

 

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.