EURUSD Awaits US Employment Data

All eyes are on the US October Employment data.  Don’t expect a major move due to Tuesday’s Presidential Election.

 

8:30   USD Average Hourly Earnings (MoM) (Oct) 0.3% 0.2%
08:30   USD Nonfarm Payrolls (Oct) 175K 156K
08:30   USD Participation Rate (Oct) 62.9%
08:30   USD Private Nonfarm Payrolls (Oct) 166K 167K
08:30   USD Trade Balance (Sep) -37.80B -40.70B
08:30   USD Unemployment Rate (Oct) 4.9% 5.0%

USD Reaction Will Be Temporary

EURUSD is holding steady into the announcements and will not punch through 1.11 before EST 8:30.  If the data spooks the market expect a 100 to 150 bip move in either direction but we are not likely to see the move continue into early next week.

Trade Opportunity: Look to fade a move around 1.1220 for a retracement back to 1.10.  There is no reason to risk a significant portion of your portfolio due to the weekend risk in the Presidential election.

There will be a more opportunity after the election is over and the chance of a trend to develop in EURUSD but if you need to trade then look to fade a major move for a small profit.

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