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EUR/USD To Stay Under Pressure On Upbeat Non-Farm Payrolls (NFP) Report

By Kurt Osterberg · On April 6, 2018
  • U.S. Non-Farm Payrolls (NFP) to Climb 185K in March, Unemployment Rate to Downtick to Annualized 4.0% from 4.1%.
  • Average Hourly Earnings to Increase to 2.7% per Annum from 2.6% in February. Will the Federal Open Market Committee (FOMC) Endorse Four Rate-Hikes for 2018?
  • TRADING THE NEWS: U.S. NON-FARM PAYROLLS (NFP)

    DailyFX Calendar

    A 185K expansion in U.S. Non-Farm Payrolls (NFP) accompanied by signs of faster wage growth may keep EUR/USD under pressure as it encourages the Federal Open Market Committee (FOMC) to implement higher borrowing costs over the coming months.

    A further improvement in labor market dynamics may encourage the FOMC to deliver four rate-hikes for 2018 as ‘the Committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate,’ and Chairman Jerome Powell and Co. may show a greater willingness to extend the hiking-cycle as the economy nears full employment.

    However, a batch of lackluster developments may produce headwinds for the greenback as it drags on interest-rate expectations, with EUR/USD at risk for a rebound as it preserves the March range.

    IMPACT THAT THE U.S. NFP REPORT HAS HAD ON EUR/USD DURING THE PREVIOUS PRINT

    Period

    Data Released

    Estimate

    Actual

    Pips Change

    (1 Hour post event )

    Pips Change

    (End of Day post event)

    FEB

    2018

    03/09/2018 13:30:00 GMT

    185K

    313K

    +17

    +20

    February 2018 U.S. Non-Farm Payrolls (NFP)

    EUR/USD 5-Minute Chart

    EUR/USD 5-Minute Chart

    U.S. Non-Farm Payrolls (NFP) surged 313K in February amid forecasts for a 205K expansion, while the jobless rate held steady at an annualized 4.1% as the Labor Force Participation rate unexpectedly widened to 63.0% from 62.7% in January. A deeper look at the report showed Average Hourly Earnings narrow to an annualized 2.6% from a revised 2.8% in January to mark the first slowdown since October, while Average Weekly Hours bounced back during the same period as the gauged climbed to 34.5 from 34.3 the month prior.

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    Kurt Osterberg

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