EURUSD: Market Focus for Today: NFP Data

Market Focus for Today: NFP Data

Today’s market focus is solely on the Non-Farm Payroll (NFP) data. The US is expected to report 160K jobs versus the previous 114K. Based on this data, the market will also speculate about a potential rate cut during the FOMC meeting scheduled for Wednesday, September 18.

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Note

🔔Scenarios Based on NFP Data:

✅NFP Data Meets or Exceeds Expectations (≥160K):
If the NFP data meets or exceeds 160K, the USD is likely to strengthen. The market may then anticipate the FED to cut rates by only 25 basis points in the September meeting.
In this scenario, we could see the USD moving down aggressively, with the first support found near 1.1030. If it moves below this level, it may also test 1.0960.

✅NFP Data Below Expectations (<160K):
If the NFP data falls below 160K, we can expect a weaker USD. The market may then anticipate the FED to cut rates by 50 basis points in the September meeting.
In this case, we could see a vertical growth in price, with immediate resistance near 1.1200. A move above this area could push the price further up to 1.1270, which corresponds to the top of the structure dating back to early July 2023.

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