Trader, analyst and instructor with a 6-year experience

Alex Weber: what to expect from NFP?

 Alex Weber

Hi everyone!

As usual, on the first Friday of the month traders are focused on the US Non-Farm Payrolls release. I would expect NFP to increase by about 250K in November, that means slightly above the consensus forecast. The figures will confirm a sustainable recovery of the US labor market and support the overall USD demand.

Yesterday the ECB disappointed the market by delivering no QE, but I see the bullish effect for EUR/USD limited. Strong NFP figure will help to offset the Draghi-driven rally.

That’s why I recommend selling EUR/USD around the current levels ahead of the NFP with an initial target of 1.2300.  

Good luck and best regards, 

Alex Weber

Weekly EUR/USD

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