The ADP Non-Farm Employment Change is the most important data release ahead of NFP due on Friday. The market participants expect a slight drop in newly employed people to 166k from 177k a month ago. That’s a respectable advance, but a softer gain will stoke questions about Friday’s official payrolls release. Moreover, it looks like the last quarter job creations may be lower than most market analysts suggest, and the 5% unemployment rate will not decrease any further. Nevertheless, the FED policymakers will keep an eye on both ADP and NFP data in order to justify the interest rate hike in December.
Let’s now take a look at the US Dollar technical picture on the daily time frame. The market is patiently trading inside the contracting triangle and waiting for a breakout. None of the important levels has been violated, so the next support is seen at the level of 95.05 and the next resistnace lies at the level of 96.52.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Global macro overview for 05/10/2016:
The ADP Non-Farm Employment Change is the most important data release ahead of NFP due on Friday. The market participants expect a slight drop in newly employed people to 166k from 177k a month ago. That’s a respectable advance, but a softer gain will stoke questions about Friday’s official payrolls release. Moreover, it looks like the last quarter job creations may be lower than most market analysts suggest, and the 5% unemployment rate will not decrease any further. Nevertheless, the FED policymakers will keep an eye on both ADP and NFP data in order to justify the interest rate hike in December.
Let’s now take a look at the US Dollar technical picture on the daily time frame. The market is patiently trading inside the contracting triangle and waiting for a breakout. None of the important levels has been violated, so the next support is seen at the level of 95.05 and the next resistnace lies at the level of 96.52.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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