Key points:
- Euro stays near $1.08
- Markets gear up for big news
- Nonfarm payrolls to close out the week
GDP, Fed’s favorite inflation gauge, initial jobless claims and the mighty nonfarm payrolls report — these are some of this week’s highlights.
- The
EURUSD pair entered the trading week muted and slightly to the downside following a jittery stretch of ups and downs. Early on Monday, a euro was buying $1.0790 to $1.0805 with traders feeling cautiously optimistic to bet on a rising dollar. The greenback is heading into a maze of economic data with an uncertain outcome — it’s a busy week with at least four major headlines coming out to shape the forex landscape. - The euro-dollar rate this week will be swayed by US-centric reports, including gross domestic product data for the third quarter, due Wednesday. The report is expected to show the US economy expanded by a solid 3% rate quarter-over-quarter. Next up, eurozone inflation and the Federal Reserve’s preferred price growth measure — PCE — are on deck for Thursday, together with the weekly jobless claims.
- And finally, Friday brings the big report — nonfarm payrolls. The report, commonly called jobs data, will show the number of new workers joining the economy for October. Markets anticipate a tame, cool and soft 111,000 new hires, down from the scorcher readout of 254,000 for September. In that context, get your trades ready and brace yourself for looming volatility as forex deals pick up momentum.
