Get Ready For US Nonfarm Payrolls Today

Get Ready For US Nonfarm Payrolls Today

All eyes will be on the US Nonfarm Payrolls today. The Labor Department will release its latest jobs figures at 12:30 GMT.

Why Is This Important?

The Nonfarm Payrolls track the change in the number of people employed by the US in manufacturing, construction and goods companies. It does not include farming industry employment. The US Jobs Report is an important determinant of a Fed rate hike in the upcoming decisions.

The Federal Reserve left interest rates unchanged on Wednesday. Chairman Jerome Powell indicated that no immediate need to cut interest rates. Also, the US central bank continued to highlight the strength in the labor market.

The ADP report showed the US private sector added 275K jobs during April, better than March’s 151K jobs.

US Nonfarm Payrolls is expected to see 181K jobs created after rising 196K the previous month. The Unemployment Rate is expected to stay at 3.8%. Average hourly earnings will also be significant and are expected to be 0.3% higher than the previous month's number of 0.1%. The strong employment report will point to an improving US Economy and support the US dollar.

In addition to US Jobs Report, we will focus on the Consumer Price Index from Europe today.

Technical Analysis:

EUR/USD: Ahead of the US Jobs Report, if the EURUSD pair stays below 1.1219, the selling pressure may gain more momentum and the daily support level can be seen at 1.1103. On the other hand, if the price goes beyond 1.1219, we will follow 1.1285 as a key resistance level.

Support: 1.1103 - 1.0980 - 1.0837

Resistance: 1.1219 - 1.1285 - 1.1355

GBP/USD: The GBPUSD pair is now trading below the 1.3055 resistance level. As long as the price stays below 1.3055, on a four hourly basis, we will watch the daily support level at 1.2994. On the other hand, if the pair rises above 1.3055, the next resistance level can be found at 1.3152.

Support: 1.2994 - 1.2931 - 1.2871

Resistance: 1.3055 - 1.3152 - 1.3217

USD/JPY: The USDJPY pair is trading above the daily support level of 111.18. As long as the pair stays above 111.18, we will see the key resistance level at 111.85. On the other hand, if the pair breaks down, 111.18, the next support level will be at 110.35.

Support: 111.18 - 110.35 - 109.57

Resistance: 111.85 - 112.37 - 112.98

GOLD: The GOLD Price showed an upward reaction from the major support level of 1266. As long as the yellow metal price stays above 1266, on a daily basis, the downward movement may be limited and we will face 1278 as a resistance level.  In contrast, if the price drops below 1266, the next support level will be found in 1251.

Support: 1266 - 1251 - 1238

Resistance: 1278 - 1291 - 1305

03 May 19 (Fri)

06:57 am

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