DailyFX Roundtable: Post-NFP Thoughts / French Elections, BoE Preview
- Post-NFP reaction & Setups we’re tracking into the May open
- Preview of key event risk / technical levels on tap next week
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-U.S. Non-Farm Payrolls released on Friday morning topped estimates with a print of 211K jobs for the month of April. Although the unemployment rate unexpectedly down ticked to 4.4%, it was accompanied by a move lower in the Labor Force Participation rate, which now sits at 62.9%. For the greenback, the DXY levels remain unchanged with the broader risk still weighted to the downside while below this week’s high.
- Price action immediately following the release was lackluster but the majors remain at key technical junctures into the May open. Looking ahead to next week, the focus turns to the highly anticipated election in France this weekend with Macron leading the latest polls by some 24 points. We reviewed levels in the EURUSD with the pair testing near-term resistance into the close of the week.
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-Aside from the elections, market participants will be eyeing central bank rate decisions from the RBNZ & BoE next week. The immediate focus for cable remains on a near-term range with the broader outlook weighted to the long side heading into the policy meeting.
Key Data Releases Next Week
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.