NFP

The US Dollar has finally pulled back. But – there’s now a key support level in play and tomorrow’s NFP report can be a major market mover, as it’s an early look at October activity in the world’s largest economy.

Coming in the lead up to a tightly-contested Presidential election, this month’s NFP report could have an outsized impact on sentiment and the US dollar.

Friday’s strong jobs report means the Fed is less likely to cut interest rates aggressively, but a strong economy nonetheless should support risk assets.

Yes, I may have just given the USD the kiss of death with that headline. Besides, the dollar has already rallied for four days into the release, so it may take a strong report overall to avoid a profit-taking pullback.

The US economy is anticipated to add 140K jobs in September following the 142K expansion the month prior.

The leading indicators point to a potentially better-than-expected reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 130K-200K range

EURUSD Forecast: With the US dollar stabilizing above the 100-mark for about a month, a double top on the EURUSD at the 1.120 resistance is in question. This comes alongside declining inflation and dovish sentiment in the Eurozone.

Like it or hate it, there is clearly demand for the USD index around 100. And should NFP and ISMs outperform against next week, it might spark a dollar rebound.

EUR/USD is rallying toward the key 1.0800 level that could set the tone for the rest of the month ahead of the NFP report.

It's possible we'll know who won the first round of France's election by the time markets open in Asia next week, which means the euro and European index futures could be more active than usual. Traders should then look to the pound and FTSE for pre-election jitters, although once again it could be Asian markets that get to witness the results. Despite the public holiday on Thursday, the US economic calendar is also packed. Two key ISM reports for manufacturing and services land before July 4th, alongside JOLTS and ADP employment reports, which are the warm-up acts for NFP on Friday.

Concerns over China and a hot labour market report in the US caused metals to fall sharply. However, the long-term gold forecast remains positive despite the recent struggles, even if prices were to weaken further in the short-term outlook.

The USD has remained under pressure thanks to softer data on aggregate prompting refreshed bets of a Fed cut in September. But with EUR/USD and USD/CHF stalling at key levels, traders may need to brace for a dollar bounce.

In this article, we are discussing the latest EUR/USD movements as the ECB cuts rates and focus shifts to US NFP, CPI, and FOMC. Stay updated on the modestly bullish trend and technical analysis insights on this pair.

NFP leading indicators point to a slightly above expectation reading in this month’s NFP report, with headline job growth potentially coming in somewhere in the 175-225K range.

NFP results drop, ISM PMI Services coming up

The US dollar is testing support and the NFP leading indicators point to a slightly above expectation reading this month, with headline job growth potentially coming in somewhere in the 200-250K range

US dollar eases off after initial bounce, after US NFP rose by 300K, although it was boosted by part-time jobs. US CPI and ECB policy decision coming up next week, which should provide some direction for the EUR/USD.