US Jobs in Focus

Forex Signals Brief for Oct 2: Non-Farm Payrolls Ahead

Posted Friday, October 2, 2020 by
Rowan Crosby • 2 min read

US Market Wrap

Markets were focused on the potential for more US Government stimulus yesterday, but once again nothing material looks close to possible at the moment.

On top of that jobless claims also remained higher than many would like, however, they did ever so slightly beat expectations.

The day ended in the fashion that we are accustomed to lately, with the big-name tech stocks leading the way along with the commodity currencies.

The Data Agenda

All week long we have been building up to today’s jobs report and it has the potential to set the tone for the entire session.

The current expectation is that 850K new jobs were created last month, which is down on the prior. That said, we are clearly seeing an improving jobs situation across the US and the unemployment rate is expected to creep lower to 8.2% from 8.4%.

Earlier in the European session, the EUR/USD will be watching the latest CPI print from the Eurozone and that will likely see a negative number, which is not a good sign.


Forex Signal Update

The FX Leaders Team didn’t close any green signals yesterday as markets were relatively mixed ahead of today’s jobs report and the team weren’t very active as a result.


AUD/USD – Active Signal 

The AUD/USD was bullish for another day yesterday, before it ran into 0.7200 and fell away. We are long on the pullback, looking for another potential test.

AUD/USD – 240min.


EUR/USD – Pending Signal 

The EUR/USD is interestingly poised at the moment. If price falls under the 1.1700 level, we could be in line for more downside.

EUR/USD – 240min.


Cryptocurrency Update

BTC has once again not been able to crack that $11,000 level and has started to fall away.

It’s important to remember, that the cryptos have been following risk assets to some degree, so a big result in today’s jobs report could influence prices across the board.

BTC – 240min.
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