NFP Is Behind Us, What Is Next?

NFP Is Behind Us, What Is Next?

US Dollar bullish action has continued versus the Euro for three weeks. US Nonfarm payroll employment increased by 164K in April, which was little lower than estimates but still above the 135K jobs created in March. Average hourly earnings grew 0.1%, below expectations for a 0.2% increase. However, the unemployment rate edged down to 3.9%. It is the lowest US jobless rate since December 2000. After the data was released, the EURUSD pair dropped to its lowest level in 2018 and then closed last week below the 1.1968 key resistance level. 

In the upcoming week, the US CPI inflation will be significant for the market and it will be published on Thursday. The April's customer price index is expected to come out at 2.5%, higher than a previous number of 2.4%. On the other hand, Core CPI inflation is expected to rise to 2.2% from 2.1% a month earlier. In the last week, the Fed signaled that inflation was nearing its 2% target. Acceleration in headline inflation may prompt investors to price further rate hikes from Fed in the June Meeting.

Additionally, we will focus on the worlds two biggest central banks chairs speeches this week. The Fed Chair Powell will speak at the High-Level Conference on the International Monetary System in Zurich on Tuesday. The ECB President Draghi will give a speech at the 8th edition of The State of the Union in Florence on Friday.

07 May 18 (Mon)

06:18 am



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