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Breaking news

NFP prints at 339k vs estimates of 190k, ave earnings in line at 0.3% MoM

Looking Ahead to Q4, Volatility for EUR, USD, GBP Seems Certain

Looking Ahead to Q4, Volatility for EUR, USD, GBP Seems Certain

Christopher Vecchio, CFA, Omar Habib,

Talking Points:

- EUR/USD in the midst of an historic period of price compression.

- GBP-crosses moving in tandem with influence of Brexit present.

- See the DailyFX economic calendar for the week of September 25 to September 30, 2016.

US economic data released today will unlikely move the needle for the Federal Reserve before the December meeting. Today's PCE report comes during an approaching end-of-the-year crunch time for the Federal Reserve, having begun the year projecting four interest rate increases this year. The Summary of Economic Projections (SEP) of March this year showed a decrease to two expected hikes; September’s SEP showed a significant disallignment among Fed officials of when to next raise rates.

In the September meeting, three Fed regional bank Presidents dissented, preferring to raise rates, while the Governors all preferred to stay pat. A fall from four projected hikes to zero could damage Fed credibility so look for good data to strengthen the cause to raise rates.

The Fed meets next in November but expectations are mostly for a December rate rise. As of this morning, markets are only pricing in an 8% chance for November and a 52% chance for December.

See the video (above) for technical considerations in EUR/USD, GBP/USD, USD/JPY, EUR/JPY, GBP/JPY, and the USDOLLAR Index.

Read more: US Dollar May See Some Turbulence with 5 Fed Speakers Today

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.