September’s US Jobs Report; What To Expect

September’s US Jobs Report; What To Expect

All eyes will be on the US Non-Farm Payrolls today! The US Jobs Report will be released at 12:30 p.m. (GMT).

Why Is This Important?

The Non-Farm 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 so important for the upcoming Fed decisions.

Last Wednesday,  the ADP Nonfarm Employment Change Number printed at 135k, which is below the 140K reading expected.

We saw a sharp price movement in the market yesterday after data showed business activity slowed in September to its lowest level in three years, the latest economic indicator to point to a sharp downturn in the United States. U.S. service sector survey inflamed worries that pressure from U.S. trade disputes with China and other countries could spill over into the broader U.S. economy and eventually tip it into a recession.

Now, keep your eye on the US Jobs Report today. US Nonfarm Payrolls is expected to see 140K jobs created after rising 130K the previous month. The Unemployment Rate is expected to stay at 3.7%. Average hourly earnings will also be significant and are expected to be 0.3% lower than the previous month's number of 0.4% An upbeat employment report will point to an improving US economy and support the greenback.

In addition to US Jobs Report, we will also focus on Canada Trade Balance Data today. Trade Balance for August is expected to see the deficit narrow to -1.00B from -1.12B.

Technical Analysis: 

EUR/USD: Ahead of US Non-Farm Payrolls, we will closely watch the daily support level of 1.0965. As long as the EURUSD pair stays above 10965 on a daily basis, we will follow the resistance levels at 1.1007 and 1.1052. On the other hand, if the pair drops below 1.0964, the next support level will be located at 1.0930.

Support:  1.0965 - 1.0930 - 1.0876

Resistance: 1.1007 - 1.1052 - 1.1114

GBP/USD: The 1.2364 daily resistance level is critical for the GBPUSD pair. In order for the upward movement to gain more momentum, it needs to break out and sustains above 1.2364 on a daily basis. Should this occur, we will see the next resistance level at 1.2428. Otherwise, the support level will be at 1.2286
 
Support:  1.2286 - 1.2205 - 1.2110

Resistance: 1.2364 - 1.2428 - 1.2502

USD/JPY: The USDJPY pair is trading above the 106.72 daily support level. As long as the pair stays above 106.72, on a daily basis, the fall may be limited and the resistance levels can be found at 106.98 and 107.22. In contrast, if the price drops below 106.72, the next support level will be at 106.41.

Support : 106.72 - 106.41 - 106.15

Resistance: 106.98 - 107.22 - 107.52

GOLD: The Gold Price has been rising for three days. Watch out for the main resistance level of 1509. In order for the rise to gain more momentum, it needs to break out and stay above 1509 on a four hourly basis. At this point,  the next daily resistance level will be placed in 1524. Otherwise, the key support level will be found at 1492.

Support: 1492 - 1478 - 1466

Resistance: 1509 - 1524 - 1540

04 Oct 19 (Fri)

07:19 am



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