Heads Up: US Non-Farm Payrolls

Pay attention to the US Non-Farm Payrolls today! The US Jobs Report will be released at 13:30 p.m. (GMT).

Why Is This Important?

The Non-Farm Payrolls track the change in the number of people employed by the US in manufacturing, construction, and goods companies. It does not include farming industry employment. The US Jobs Report is so important for the upcoming Fed decisions.

The US dollar showed a downward movement on weaker-than-expected U.S. economic data and after Federal Reserve officials pushed back against aggressive rate hikes this year, lifting risk appetite.

A chorus of Fed officials said this week they would raise interest rates in March, but spoke cautiously about what might follow and indicated a desire to keep options open given an uncertain inflation outlook.

This week's data showed that U.S. private payrolls dropped by 301,000 jobs last month. Data for December was revised lower to show 776,000 jobs added instead of the initially reported 807,000.

US Nonfarm Payrolls are expected to rise 155K in January from 199K in the previous month. The Unemployment Rate is expected to stay at 3.9%. Average hourly earnings are expected to come out 5.2%, year on a year basis.

EUR/USD: The EURUSD pair moved up above the 1.1421 main level. As long as the pair trades above  1.1421, on a four-hourly basis, we will face 1.1507 as the resistance level. On the upside, if the price drops below 1.1421, the next support level will be at 1.1365

Support: 1.1421 - 1.1365 - 1.1307

Resistance: 1.1507

GBP/USD: Focus on the 1.3599 main support level in the GBPUSD pair. As long as the pair stays above 1.3599, on a daily basis, we will follow 1.3688 resistance levels. Otherwise, if the price drops below 1.3599, the next resistance level will be at 1.3517.

Support: 1.3599 - 1.3517 - 1.3392

Resistance: 1.3688 - 1.3784

EUR/JPY: The EURJPY pair has extended gains above 131.26 key support level. As long as the price stays above 131.26 on a daily basis, we will follow the key resistance level at 132.07. On the downside, if the pair drops below 131.26, the next major support level will be at 130.23

Support: 131.26 - 130.23 - 129.33

Resistance: 132.07 - 132.96

GOLD: The Gold Price moved back up above the 1805 major support level. As long as the price stays above 1805 on a four-hourly basis, we will see the daily resistance level at 1829. On the downside, if the price breaks down below 1805, the next support level will be at 1785

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854

04 Feb 22 (Fri)

05:09 am