EUR/USD Regains Price Level Above 0.9800 Before United States NFP(Non-Farm Payroll)

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During the opening hours of the European trading period today, EUR/USD ranged sideways. This happened as investors were cautious of placing huge bets before the crucial United States’ employment data.

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Also, yesterday the United States dollar gained some stamina due to the risk avoidance sentiment in the market. The hawkish comments by the Federal Reserve helped the United States Treasury bond to regain strength. Furthermore, this supplied some upside momentum to the USD Index (DXY).

EUR/USD Regains Price Level Above 0.9800 Before United States NFP

Additional EUR/USD Price Influencing Factors
During the second part of the day, the United States Bureau of Labour statistics will publish the labor market numbers. Investors anticipate the NFP to increase by 250K during last month (September) after the one for August came out better than anticipated, as it rose by 315K. Furthermore, unemployment is predicted to stay constant at 3.7%, as the labor force participation rate fell to 62.2% from 62.4%.

The last published NFP was higher than anticipated, and this made the Federal Reserve retain its violent hawkish rhetoric. However, just a poor print isn’t likely to bring about a tangible shift in the Federal Reserve policy stand. The lack of considerable correction in the dollar index since early summer proposes that market players may be expecting a USD shooting chance. Therefore, market reaction to a poor employment statement will probably be more powerful than a bettering one.

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