{"id":19926,"date":"2011-03-04T07:30:19","date_gmt":"2011-03-04T12:30:19","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19926"},"modified":"2011-03-04T07:30:19","modified_gmt":"2011-03-04T12:30:19","slug":"non-farm-payrolls-report-to-drive-todays-fx-trading","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/04\/non-farm-payrolls-report-to-drive-todays-fx-trading\/","title":{"rendered":"Non-Farm Payrolls Report to Drive Today\u2019s FX Trading"},"content":{"rendered":"

By Russell Glaser<\/strong><\/p>\n

All eyes will be fixed on the US jobs report due out today.<\/p>\n

Yesterday the US dollar gained ground versus the majors with the lone exception being the euro as the ECB all but assured markets of an interest rate hike next month. The general positive tone for the dollar could carry over into today\u2019s trading should the jobs data come in better than expected.<\/p>\n

Today\u2019s data releases:<\/em><\/p>\n

GBP \u2013 Halifax HPI m\/m \u2013 08:00 GMT<\/a>
\nExpectations: -0.6%. Previous: 0.8%.
\nThe GBP was down yesterday following a weaker than expected services PMI. Disappointing housing data may also weigh on the pound. GBP\/USD support is located at Friday\u2019s low at 1.6030 with resistance found at Wednesday\u2019s high of 1.6340. A move higher would target the November 2009 high at1.6880.<\/p>\n

USD \u2013 Non-Farm Employment Change \u2013 13:30 GMT<\/a>
\nExpectations: 180K. Previous: 36K.
\nThe weekly unemployment claims report was strong, as was the ADP jobs report. However, there is typically little correlation between these jobs data and today\u2019s report. Expectations are high and may disappoint the market. Traders should look to continue bidding the euro higher against the dollar. The 1.4080 level could come into play today.<\/p>\n

CAD \u2013 Ivey PMI \u2013 15:00 GMT<\/a>
\nExpectations: 50.6. Previous: 36K.
\nThe CAD has been a strong performer versus the dollar; much of which can be attributed to higher crude oil prices as well as general dollar weakness. Following a breach of the 0.9800 level, the USD\/CAD should continue to move lower with only the 0.9700 support that stands in the way of the November 2007 low at 0.9050.<\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><\/span>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

All eyes will be fixed on the US jobs report due out today. Yesterday the US dollar gained ground versus the majors with the lone exception being the euro as the ECB all but assured markets of an interest rate hike next month. <\/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-19926","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=19926"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19926\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}