The big number from the October jobs report could be bad news for the market
- Economists expect nonfarm payrolls for October to rise by 190,000 and the unemployment rate to hold at 3.7 percent.
- More importantly, they are predicting that average hourly earnings rose 3.1 percent on a year-over-year basis, which would be the highest level since April 2009.
- Such a move might stoke the inflation fears among the market that have resulted in two significant slides this year. Read More @ https://www.cnbc.com/2018/11/01/the-big-number-from-the-october-jobs-report-could-be-bad-news-for-the-market.html
WHAT IS THE USD SAYING?
USD took a good correction and profit taking – where the USD will go tonight after the NFP – the market is aware that the rising of the interest rate won’t stop and that the easy money will come to a stop. We stay at the sideline for now.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES
- 3.00pm – 5.00pm – Italy, Germany, Spain, France and EURO will release their PMI data – we are expecting little or no change – not much movement expected.
- 5.30pm – GBP will go to action – construction PMI – expected volatility.
- 8.30pm – Canada will release their Employment and Trade Balance – data expected to be good.
- 8.30pm – US will release their NFP data and is expected better then last month – good volatility is expected.
USD is at critical support and if it breaks the support tonight – USD is in for a good further correction to 95 or else the rally will continue. Always keep money management as your number 1 priority.
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