Euro steady ahead of US jobs report

The euro is broadly unchanged against the US dollar as traders await the US jobs announcement.

The EUR/USD pair is trading at $1.3858, slightly lower on the day, as dealers digest the eurozone unemployment figures. Their focus now turns to the release of the US non-farm payroll data and the unemployment rate at 1.30pm (London time).

This morning the eurozone revealed unemployment had remained unchanged at 11.8%; analysts were expecting it to increase to 11.9%, and there was some profit-taking on the back of the announcement.

The non-farm payrolls report is the most important figure of the month. It is not unusual for trading volumes and volatility to be low in the run up to the announcement. The ADP employment data showed an increase in private sector jobs, but the number of people claiming unemployment benefit also rose this week.

The consensus is for an increase of 215,000 new jobs and for unemployment to drop from 6.7% to 6.6%. As Alastair McCaig stated, EUR/USD is rangebound between $1.37 and $1.39. If the reports miss expectations we could see the euro finally breakthrough the $1.39 level. Alternatively, we could move towards $1.38 if it beats expectations.

Brenda Kelly is hosting a non-farm payroll webinar today at 12.45pm, register here

Spot FX EUR/USD chart

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.