Get Ready For The US Non-Farm Payrolls Today

Get Ready For The US Non-Farm Payrolls Today

All eyes will be on the US Non-Farm Payrolls today! The US Jobs Report will be released at 13:30 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.

Scientists in South Africa, where the Omicron variant was first discovered last month, said existing vaccines should still protect against severe disease and death. The three Omicron cases identified in the U.S. also all displayed mild symptoms.

This week, the U.S. Federal Reserve reinforced the hawkish stance shown by Chairman Jerome Powell. San Francisco Fed President Mary Daly said it may be time to start crafting a plan to hike interest rates to combat inflation, and Richmond Fed President Thomas Barkin showed support for normalizing policy.

The European Central Bank continues to stick to dovish stances, resisting expectations that the tone will change as inflationary pressures continue to mount.

Looking ahead, US Nonfarm Payrolls are expected to rise 550K in November from 531K in the previous month. The Unemployment Rate is expected to drop to 4.5% from 4.6%. Average hourly earnings are expected to come out 5.0%, year on a year basis

EUR/USD: The EURUSD pair is now trading below the 1.1307 main resistance level. As long as the pair trades below 1.1307, on a four-hourly basis, we will face 1.1237 as the support level. On the upside, if the price rises above 1.1307, the next resistance level will be at 1.1365

Support: 1.1237 - 1.1165

Resistance: 1.1307 - 1.1365 - 1.1421

GBP/USD: Focus on the 1.3313 key level in the GBPUSD pair. If the pair stays below 1.3313, on a four-hourly basis, we will follow the 1.3231 support level. Otherwise, if the price goes beyond 1.3313, the next resistance level will be at 1.3392.

Support: 1.3313 - 1.3231

Resistance: 1.3392 - 1.3517 - 1.3599

USD/CHF: Pay attention to the 0.9186 main support level in the USDCHF pair. As long as the pair trades above 0.9186 on a four-hourly basis, we will see a resistance level at 0.9322. On the other hand, If the pair drops below 0.9186, the next support level will be at 0.9064.

Support: 0.9186 - 0.9130 - 0.9064

Resistance: 0.9322 - 0.9437

GOLD: The GOLD price is now trading below the 1785 key resistance level. As long as the price stays below 1785, on a four-hourly basis, we will see the daily support level at 1763. On the upside, if the price moves up above 1785, the next support level will be at 1805.

Support: 1763 - 1745 - 1736

Resistance: 1785 - 1805

03 Dec 21 (Fri)

05:03 am


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