EUR/USD oscillates around 0.9800 as investors prepare for US employment data


  • EUR/USD turns sideways around 0.9800 as the focus has shifted to the US NFP data.
  • As expected, the DXY didn’t respond well to the higher-than-expected US core PCE data.
  • German markets are closed on account of the Day of German Unity.

The EUR/USD pair displays back-and-forth moves around 0.9800 in the early Tokyo session. The asset has turned sideways in a 0.9780-0.9815 range as the currency domain is developing itself ahead of the US employment data. For a while, the shared currency bulls are expected to drive the asset higher as it has concluded the corrective move below 0.9750 after hitting a high of 0.9850.

On Friday, the US dollar index (DXY) displayed a lackluster performance despite a higher-than-expected core Personal Consumption Expenditure (PCE) Price Index, Federal Reserve (Fed) preferred inflation tool to gauge inflation. The economic data landed at 4.9%, higher than the expectations and the prior release of 4.7%.

The impact was expected lower as the market participants have already displayed their response toward the more-than-predicted release of the headline Consumer Price Index (CPI) and core CPI for September. In response, the Fed also hiked the interest rate by 75 basis points (bps) for the third consecutive time.

Going forward, the US employment data will hog the limelight. As per the consensus, the US Nonfarm Payrolls (NFP) will land at 250k vs. the prior release of 315k. While the Unemployment Rate will remain steady at 3.7%.

On the Eurozone front, the Eurozone Retail Sales data will be of utmost importance. The economic data is expected to decline by 1.7% against a decline of 0.9% reported earlier. When the inflation rate is mounting firmly, a decline in Retail Sales is a cause of worry. Meanwhile, investors should be aware that German markets are closed on Monday because of the Day of German Unity.

EUR/USD

Overview
Today last price 0.9797
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 0.9802
 
Trends
Daily SMA20 0.9894
Daily SMA50 1.0031
Daily SMA100 1.0245
Daily SMA200 1.0655
 
Levels
Previous Daily High 0.9854
Previous Daily Low 0.9734
Previous Weekly High 0.9854
Previous Weekly Low 0.9536
Previous Monthly High 1.0198
Previous Monthly Low 0.9536
Daily Fibonacci 38.2% 0.978
Daily Fibonacci 61.8% 0.9808
Daily Pivot Point S1 0.974
Daily Pivot Point S2 0.9677
Daily Pivot Point S3 0.962
Daily Pivot Point R1 0.9859
Daily Pivot Point R2 0.9916
Daily Pivot Point R3 0.9978

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs above 1.0500 as US Dollar weakens

EUR/USD climbs above 1.0500 as US Dollar weakens

EUR/USD preserves its bullish momentum and trades above 1.0500 in the early American session on Wednesday. After the data from the US showed that Unit Labor Costs rose at a slower pace than expected in Q3, the US Dollar came under renewed selling pressure.

EUR/USD News

GBP/USD extends rebound toward 1.2200

GBP/USD extends rebound toward 1.2200

GBP/USD continues to push higher toward 1.2200 in the second half of the day on Wednesday. The renewed US Dollar weakness on weaker-than-expected Unit Labor Costs reading for the third quarter fuels the pair's daily advance.

GBPUSD News

Gold gains traction, closes in on $1,780

Gold gains traction, closes in on $1,780

Following a consolidation phase at around $1,770 during the European trading hours, Gold price gained traction and rose toward $1,780. The 10-year US Treasury bond yield is down nearly 1% on the day and testing 3.5%, helping XAU/USD gather bullish momentum.

Gold News

JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price

JP Morgan joins forces with Ripple partner in the UAE, what this means for XRP price

JP Morgan will work alongside Al Fardan Exchange LLC in the United Arab Emirates (UAE) to power faster transaction settlement and transfers in fiat currencies.

Read more

S&P 500 (SPX) stocks slide further as market fears Fed

S&P 500 (SPX) stocks slide further as market fears Fed

Equity markets continued to retreat on Tuesday as investors continued to climb the worry wall ahead of the Fed decision next week. Oil fell, and that dragged oil stocks lower with the XLE and XOP both falling nearly 3%.

Read more

Forex MAJORS

Cryptocurrencies

Signatures