Traders look to the release of important US and EU data

During the upcoming trading week traders look to a host of important economic data release from the US and eurozone economies. This week we see the release of the Nonfarm payroll job report, with most economists expecting that the United States economy created over 100,000 new jobs during the month of September. We also see the release of the ISM manufacturing survey, ADP Private Sector jobs report, and the US Manufacturing PMI.

The eurozone economy is also in focus, with the release of EU and German CPI Inflation data and the official EU monthly Unemployment Rate. Other highlights on the economic calendar this week include UK PMI Services and GDP data and the RBA nterest irate decision, with the Australian Central Bank widely tipped to keep rates on-hold in this month.

Monday 30th September, EU Unemployment Rate

The EU Unemployment Rate released by the Eurostat is the number of unemployed workers divided by the total civilian labor force. The EU Unemployment Rate is considered a leading indicator for the entire European Economy and can indicate expansion or a lack of expansion within the European labour market. Generally speaking, a decrease of the Unemployment Rate is seen as positive for the euro currency, while an increase is seen as negative for the euro currency.

  • The EURUSD pair is bearish while trading below the 1.1000 level, key support is found at the 1.0900 and 1.0840 levels.
  • If the EURUSD pair moves above the 1.1000 level, buyers are likely test towards the 1.1050 and 1.1100 resistance levels.

Tuesday 1st October, RBA Rate Decision

The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to keep interest rates on hold at this meeting, following recent rate cuts. RBA policymakers are also tipped to strike an overall dovish tone towards the economy and monetary policy.

  • The AUDUSD pair is bearish while trading below the 0.6850 level, key support is found at the 0.6650 and 0.6550 levels.
  • If the AUDUSD pair moves above the 0.6850 level, buyers may test towards the 0.6910 and 0.6940 levels.

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Wednesday 2nd October, US Private Sector Jobs

The ADP Private Sector employment change jobs report is released by the US Automatic Data Processing Inc and measures the change in the number of people employed inside the American private sector. A rise of this figure is seen as positive and good for stimulating US economic growth, while a weaker-than-expected number is seen as bearish and a possible indicator for future economic weakness.

  • The USDCHF pair is only bearish while trading below the 0.9840 level, further downside towards the 0.9780 and 0.9070 support levels seems possible.
  • If the USDCHF pair trades above the 0.9840 level, buyers are likely test towards the 0.9950 and 0.9990 resistance levels.

 Thursday 3rd October, UK Services PMI

The United Kingdom Services PMI is released by both the Chartered Institute of Purchasing and Supply and also Markit Economics. The UK Services PMI is a key indicator of the economic situation in the UK services sector which captures an overview of the condition of sales and employment. It is worth noting that the United Kingdom service sector comprises roughly eighty percent of the United Kingdom’s gross domestic product.

  • The GBPUSD pair is bearish while trading below the 1.2360 level, key support is found at the 1.2250 and 1.2100 levels.
  • If the GBPUSD pair trades above the 1.2360 level, buyers are likely to test towards the 1.2470 and 1.2580 resistance levels.

Friday 4th October, US Nonfarm Payrolls Job Report

The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. The Non-farm payrolls job report is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.

  • The USDJPY pair is bearish while trading below the 106.90 level, further losses towards the 106.50 and 105.50 levels remains possible.
  • If the USDJPY pair trades above the 106.90 level, buyers are likely to test the 108.00 and 108.80 resistance levels.

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