{"id":110293,"date":"2017-08-04T07:48:49","date_gmt":"2017-08-04T11:48:49","guid":{"rendered":"http:\/\/countingpips.com\/?p=110293"},"modified":"2017-08-04T08:49:34","modified_gmt":"2017-08-04T12:49:34","slug":"eurusd-markets-await-nfp","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/eurusd-markets-await-nfp\/","title":{"rendered":"EURUSD: markets await NFP"},"content":{"rendered":"<div id=\"inves-1889108211\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">August 4, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Gabriel Ojimadu, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p><strong>Previous:<\/strong><\/p>\n<p>On Thursday the 3<sup>rd<\/sup>\u00a0of August, trading on the euro\/dollar pair closed up. After falling to 1.1831, the single currency trimmed its losses against the greenback with a jump to 1.1893. Euro bulls first received support from the Bank of England\u2019s minutes and then from Mark Carney\u2019s speech. The dollar then took a dive on the back of a sharp drop in US bond yields.<\/p>\n<p>The pound came under pressure from an increase in votes on the MPC for maintaining interest rates at their current levels as well as from the central bank\u2019s revision of GDP forecasts for 2017 and 2018. Mark Carney, the governor of the BoE, remarked that the uncertainty surrounding Britain\u2019s exit from the EU is putting pressure on the country\u2019s economic growth.<\/p>\n<p>US 10Y bond yields have fallen by 2.34% to 2.21%. They\u2019re vulnerable to the weak US services PMI data, which in July, fell to 53.9. The US employment index has fallen to 53.6 from 55.8.<\/p>\n<p><strong>US statistics:<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>ISM non-manufacturing PMI (Jul): 53.9 (forecast: 57.2, previous: 57.4).<\/li>\n<li>Factory orders (Jun): 3.0% (forecast: 2.2%, previous: -0.3%).<\/li>\n<li>Initial jobless claims (28 Jul): 240,000.<\/li>\n<\/ul>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p><div id=\"inves-3384902166\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<ul class=\"list list_type_disc\">\n<li>09:00 Germany: Factory orders (Jun).<\/li>\n<li>11:10 Eurozone: Markit retail PMI (Jul).<\/li>\n<li>15:30 USA: nonfarm payrolls (Jul), unemployment rate (Jul), average weekly hours (Jul), trade balance (Jul).<\/li>\n<li>15:30 Canada: net change in employment (Jul), unemployment rate (Jul).<\/li>\n<li>17:00 Canada: Ivey PMI (Jul).<\/li>\n<\/ul>\n<p align=\"center\"><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/eur_040817_598423604cee1.png\" alt=\"\" \/><\/p>\n<p align=\"center\">EURUSD rate on the hourly. Source: TradingView<\/p>\n<p>After quotes rose to 1.1893, the euro rate stabilised around 1.1878. The 45<sup>th<\/sup>\u00a0degree acted as a resistance here. Over the course of 15 hours, a perfect symmetrical triangle has formed. The triangle signals a continuation of the trend, but given that trader attention is focused on the US jobs market today, the price could exit the triangle in any direction. Let\u2019s not forget that the euro has held its position courtesy of the growth seen on the euro\/pound cross. Any correction now on the crosses will go against the euro, and our main pair will start heading south.<\/p>\n<p>I don\u2019t make forecasts on payrolls day. The nonfarm payrolls report is usually unpredictable, no less the reaction to it. We could imagine various scenarios at the time of its publication, but I think it better to simply watch the market from the sidelines today.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/analytics\/reviews\/market_sessions\/20972_04082017\/\">EURUSD: markets await NFP<\/a>&#8220;<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Ojimadu, Alpari Previous: On Thursday the 3rd\u00a0of August, trading on the euro\/dollar pair closed up. After falling to 1.1831, the single currency trimmed its losses against the greenback with a jump to 1.1893. Euro bulls first received support from the Bank of England\u2019s minutes and then from Mark Carney\u2019s speech. The dollar then [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-110293","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=110293"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110293\/revisions"}],"predecessor-version":[{"id":110294,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/110293\/revisions\/110294"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=110293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=110293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=110293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}