EURUSD, Daily
US nonfarm payrolls surged 271k in October from a revised 137k in September (was 142k) and 153k in August (was 136k) for a net 12k upward bump. These put the 3-month average at 187k. The unemployment rate dipped to 5.0% from the 5.1% over the prior two months. The labor force rebounded 313k from -350k previously, while household employment climbed 320k from -236k. The participation rate held at 62.4%. Average hourly earnings were up 0.36% from September’s unchanged. The workweek was steady at 34.5. Private payrolls jumped 268k with increases of 27k in the goods producing sector, 31k in construction, with manufacturing unchanged. Employment in the services sector climbed 241k with strength in business services, education, and trade/transport. The government added 3k. Start the countdown.
Surprise strong number send the USD higher against the currencies and Gold while European equity markets reacted higher. EURUSD traded almost down to 1.07 and is at the time of writing reacting a bit higher. This number increased the markets’ belief that the Fed will hike the rates in December. Therefore the previous support at 1.0837 should act as a resistance and we’ll be looking for short signals at the level should the market rally there next week. The nearest support is at 1.0666.
Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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