DailyFX Roundtable: U.S. Non-Farm Payrolls (NFP) Coverage
- Euro Resilience Persists Ahead of European Central Bank (ECB) Meeting.
- USD/CAD Tumbles to Fresh 2017 Lows, Bank of Canada (BoC) to Stay on Hold
- AUD/USD to Face Reserve Bank of Australia (RBA) Verbal Intervention.
- Gold Prices Continue to Gain Ground After Breaking Out of Bearish Trend.
Join DailyFX Strategists Paul Robinson, David Song and Christopher Vecchio to cover the U.S. Non-Farm Payrolls (NFP) report along with key trade setups going into the first full week of August. Highlighted setups include DXY, EUR/USD, USD/CAD, and Gold.
EUR/USD 5-Minute Chart
EUR/USD spiked to 1.1980 as U.S. Non-Farm Payrolls (NFP) increased 156K in August, while the Unemployment Rate unexpectedly climbed to an annualized 4.4% even as the Labor Force Participation Rate held steady at 62.9% per annum. Nevertheless, the market reaction was short-lived amid reports the European Central Bank (ECB) will wait until December to decide the fate of its quantitative easing (QE) program.
EUR/USD Daily Chart
Broader outlook for EUR/USD remains constructive as the pair preserves the upward trend from earlier this year, and the shift in market behavior may continue to unfold throughout the remainder of the year especially as market participants scale back bets for three Fed rate-hikes in 2017. Nevertheless, the ECB’s September 7 meeting may fuel a larger pullback in the euro-dollar exchange rate should President Mario Draghi and Co. merely attempt to buy more time.
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--- Written by David Song, Currency Analyst
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