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EUR/USD: waiting for NFP _06/05/2016

Technical analysis and trading recommendations - https://fxpcm.com/en/fx/eurusd-waiting-nfp-06052016

The focus of investors and traders today are data on the number of new jobs created in the non-farm payrolls and US unemployment rate for April, which will be released at 12:30 (GMT). According to the forecast it is expected to increase by 200 000 new jobs (compared to 215,000 in March).

According to the presented on Wednesday by ADP, the number of jobs in the private sector in April increased by 156 000 (estimate was 196 000). The number of initial claims for unemployment benefits rose to a 5-week high in the US, but, as stated on Thursday the Ministry of Labour, still corresponds to the general trend of the strengthening of the labor market.

If NFP data will be confirmed, or better than expected, the dollar strengthened across the financial markets.

Nevertheless, some positive labor market data are limited to the Federal Reserve came to the conclusion about the need to increase interest rates in the United States. Most economists expect rate hikes until September, if any take place this year.

However, combined with the acceleration of core inflation, the strong labor market data may still convince the central bank to the need to tighten monetary policy.
As said on Thursday the president of the Federal Reserve Bank of Dallas, Robert Kaplan, in an interview with Wall Street Journal, «... if for the 2nd quarter data on consumer spending will be stronger and the progress in the implementation of obligations under the dual mandate to continue", he will play for the rate increase in June or in July.

Friday, 06 May, 2016 / 10:03

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Source : http://fxpcm.com/en/fx/eurusd-waiting-nfp-06052016

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