NFP Today
April 3, 2015 9:10 amVideo
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April 3, 2015 – Forex News
EUR/USD
On Thursday, the EUR/USD broke through its resistance level at 1.0800. The pair then climbed to its second resistance level at 1.0900 and bounced off it twice. As we know, on Wednesday the U.S. ADP Non-farm employment change was released and showed a disappointing figure. Even though yesterday’s Jobless Claims came out above expectations, we can see that speculation over today’s labour data has shifted to be more negative, hurting the dollar.
Many world markets will be closed today for Good Friday. Therefore, the actual Nonfarm payrolls report will be unusual. Volatility should be lower and investors should open more long-term expiry dates. If the result is above expectations, the price might return to 1.0700. However, if the data shows worse-than expected figures, the pair should break above 1.0900. The trend is sideways. Support is found at 1.0700 and resistance at 1.0900.
GBP/USD
Yesterday, the GBP/USD traded sideways despite the weaker dollar which depreciated due to negative speculation before today’s Non-farm payrolls report. The British pound also depreciated as the U.K. Construction PMI came out below expectations.
Volatility is low as most markets are closed for public holidays but it could pick up around 12.30PM (GMT) as the NFP figure will be released together with the Unemployment Rate and Average Hourly Earnings. The impact could be limited, however, due to the public holiday so we expect the movement to continue on Monday. The trend is sideways. Support is found at 1.4750 and resistance at 1.4920.
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