EUR/USD and USD/JPY Face Breakouts with NFPs Ahead
As the US Dollar extends a four-day advance and the S&P 500 overtakes 1,700, we come upon another indicator that can break the peace and revive a clear risk-based line of volatility: NFPs. Following the 2Q US GDP report's and FOMC rate decision's inability to spur Taper speculation, we should maintain hearty skepticism in the employment figures ability to heft such a meaningful fundamental theme. However, without too many moving parts and given the direct link to the Fed's policy targets; FX traders should watch closely. We discuss the data and its trade implications under different trade scenarios in today's video.
Find out what event risk can threaten the trade setups talked about in today's video with the DailyFX Economic Calendar.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.