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EUR/USD Surges to Test 50-Day EMA Ahead of Jobs Report

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OXShare
November 03, 2023

  • Traders anticipate that the October Nonfarm Payrolls (NFP) report will reveal the addition of 179,000 new jobs and an increase of 0.3% in average hourly wages compared to the previous month.

  • The market may not be greatly affected by this week’s jobs report since there will be another NFP report and two CPI reports coming up before the next meeting of the Federal Reserve.

  • If the NFP report is not as strong as predicted, it could lead to an increase in the selling of the US dollar and a rise in the buying of EUR/USD. This could push the currency pair above the 1.0700 level, towards the upper section of the flag pattern.

Traders and economists anticipate that the report will indicate the creation of 179,000 new jobs in October, with a monthly increase of 0.3% and the unemployment rate remaining stable at 3.8%.

NFP Report

Source: OXShare