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EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open

EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open

Justin McQueen, Analyst

MARKET DEVELOPMENT – USD Whipsaws on Mixed NFP, FX Volatility Subdued

USD: While today’s NFP report saw the headline figure beat analyst estimates, the main takeaway is the drop-in wage growth with both the monthly and annual numbers missed forecasts. Consequently, the USD whipsawed, however, as predicted by FX options (full report click here) the NFP report was unlikely to provide much in the way of volatility with EURUSD remaining with its narrow range.

CAD: After two months of strong gains in jobs created for Canada, this month saw jobs lost (-7.2k), which stemmed predominantly from full time workers (-6.4k). Although, some encouragement for the BoC officials will be that wage growth continued to pick up, thus stemming the declines in the Loonie. Resistance situated at 1.3400 and 1.3440. (Technical Analysis)

EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open

Source: Thomson Reuters, DailyFX

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EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open

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EURUSD Muted Post NFP as Predicted by FX Options, CAD Data Mixed - US Market Open

How to use IG Client Sentiment to Improve Your Trading

WHAT’S DRIVING MARKETS TODAY

  1. GBPUSD Price Outlook: Brexit Can-Kicking & Flexible Extensions” by Nick Cawley, Market Analyst
  2. CAD Technical Analysis Overview: USDCAD, EURCAD, CADJPY” by Justin McQueen, Market Analyst
  3. Using FX To Effectively Trade Global Market Themes at IG” by Tyler Yell, CMT , Forex Trading Instructor

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

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