Watch Out For US Jobs Reports Today

Watch Out For US Jobs Reports Today

All eyes will be on U.S. Non-Farm Payrolls today. It will be announced at 13:30 p.m. (GMT) and the Jobs Report is a significant determinant of Fed rate hike in the upcoming decisions.

The US Dollar traded lower versus all of the major currencies.  The recent economic data and Wednesday’s December FOMC meeting minutes did not support the greenback. However, US Nonfarm Payrolls report could be a very strong figure today. In the last  FOMC meeting, the Federal Reserve raised the target interest rate to 1.25 - 1.50 percent. They projected three more hikes in both 2018 and 2019 before a long-run level of 2.8 percent is reached. Although, the Fed said, Inflation might stay below the objective for longer than 2% as currently expected.

The December US ADP Employment report showed a gain of +250K jobs versus +190K expected yesterday. This bodes well for today’s US Nonfarm Payrolls

US Nonfarm Payrolls is expected to 190K jobs created after rising 228K the previous month. Unemployment Rate is expected to remain flat at 4.1% compared to a month ago. Average hourly earnings will be another release to be followed closely at the same time and are expected to rise 0.3% from 0.2% a previous month. An upbeat employment report will point to an improving US Economy and support the case for higher interest rates in 2018

Additionally, the Eurozone CPI Inflation will be another release of today. The CPI (YoY) inflation is expected to ease to 1.4% from 1.5% a month ago. A lower than expected reading should be taken as negative for the Euro.

Technical Analysis;

EUR/USD: The EURUSD bullish action continues. Ahead of US Jobs Reports the pair currently trading above a daily level of 1.2052. As long as the price sustains above 1.2053, on a daily basis, the upward movement is most likely dominate and the EURUSD may rise to a new three-year high level. Although, If the price drops below 1.2053, the next support level will stand at 1.1968

Support:  1.2053 - 1.1968 – 1.1884

GBP/USD: The GBPUSD pair moved up yesterday and the price is trading above the 1.3555 key support level. As long as the pair trades above 1.3555, on a four-hourly basis, the rise may continue and we will watch 1.3632 as a daily resistance level. Moreover, In order for the bullish action accelerate, it needs to rise and sustain above 1.3632, on a daily basis. Although, If the price drops below 1.3555, the next support level can be found at 1.13485

Support: 1.3555 – 1.3485 – 1.3432

Resistance:  1.3632

USD/JPY: The USDJPY pair showed an upward movement and the currency is now trading above 112.94. In the event that upward movement continues above 112.94, we will follow the key resistance level at 113.63. On the other hand, If the price drops below 112.94, the next support level can be found at 112.46 again.

Support: 112.94 – 112.46 – 112.08

Resistance :  113.63 – 114.11 – 114.63

GOLD: The Gold price has gained $90 more value in last four weeks. As long as the price stays above 1307, on a daily basis. the rise may gain momentum. In this case, the daily resistance level can be found at 1367. On the other hand, if the price drops below 1307, the next support level will stand at 1291.

Support:  1307 - 1291 - 1283

Resistance: 1367

09 Jul 18 (Mon)

12:30 pm



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