It’s payrolls day and the euro already started to show some bullish price action ahead of the highly anticipated U.S. jobs report. In our analysis of Thursday we highlighted the chance of a bullish continuation in the EUR/USD and this is precisely what has happened yesterday. The euro was Thursday’s best performer and rose toward 1.1425 on speculation the European Central bank is slowly starting to prepare the market for stimulus tapering.
All eyes now turn to the NFP report which is scheduled for release at 12:30 UTC. While the ADP report fell short of expectations, there is a risk that also NFP data miss and this would be poison for the U.S. dollar. The jobs report is expected to show 178K workers in June while wage growth is expected to have strengthened. If the headlines figures exceed expectations we could see the greenback strengthening but we bear in mind that any disappointment will have a greater impact on the market.
As usual, we will prepare for both bullish and bearish scenario but recommend not investing too much – at least ahead of the payrolls report. If you want to know how to trade the payrolls report and how to adjust your money management, sign up for our signal service here.
We wish you profitable trades and a relaxing weekend.
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