How will U.S. nonfarm employment change impact EUR/USD?

ForexNewsNow | Published on October 7, 2010 at 2:46 pm

EUR USD analysis - a pile of eurosNEW YORK (Forex News Now) – The Bureau of Labor Statistics is due on Friday to publish a key report on U.S. nonfarm employment change in September, in one of the day’s major realtime FX news events.

The bureau is expected to say Australian employers added 3,000 new jobs during the month, after shedding 54,000 in August, according to two currency market trading news outlets.

The bureau is scheduled to release the report at 12:30 P.M., GMT; as such, the data is likely to dominate European afternoon currency market trading – although FX traders will also eye the publication of the U.S. unemployment rate, which is due to occur at the same time.

According to EUR USD analysis, should U.S. employers add more jobs than expected in September, EUR/USD could be pushed toward support around Tuesday’s low, 1.3637.

But if the data show a weaker-than-forecast growth in jobs, or even a decrease, the currency pair could be lifted toward resistance around the daily high, 1.4029

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