News, News, News is what moves the markets and we have a basket of economic data that will be giving traders an opportunity to capture the volatility that economic news makes. Last month the NFP (Non Farm Payrolls) report rocked the FX Markets because there was a great surprise in the numbers. The forecast was for -119k but the actual number was reported at -11k so that was a shocker by over 100k difference.
I am not expecting a surprise like that on tomorrows announcement but I think we will be surprised to see the economy post a positive # for the first time since January 4th, 2008 and that news will move the Dollar higher. I can’t predict the future, but I know that the retail industry hires many workers during the month of December because of the Holidays and that creates jobs.
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The market is ready for the Eur/Usd the pair has continually bounced off of the resistance level in the 1.4450 area and that level has not been broken which indicates that the bearish pattern is going to continue. In addition to that the market sentiment is extremely bearish right now for the Eur/Usd as you can read about here. The next target level for the Eur/Usd is 1.4000
Regardless of what the news is, there will be volatility because of the news and traders will be able to capitalize on the price action.
There are several other news opportunities that are coming out with the European and Canadian Employment numbers coming out as well. Read the Forex Crunch for all the updates and the Geek Knows for more information on the Eur/Usd.
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