The global financial markets converge on US nonfarm payrolls on Friday. How will this release affect EURUSD movements? Let’s find out with this 6 October EURUSD Fundamental Analysis from OctaFX.
6 October, OctaFX – The monthly report is expected to show a dismal pace of hiring for the world’s largest economy after a pair of devastating hurricanes ripped through the southern states of Texas and Florida.
European markets open with a report on German factory orders, which is due at 06:00 GMT. Orders are projected to climb 0.7% in August after falling 0.7% the month before. Compared to August 2017, factory orders likely rose 4.7%, forecasts show.
6 October EURUSD Fundamental Analysis
The euro reversed course on Thursday and is now trading below 1.17 US. The EUR/USD has been on a sharp downtrend for the past two weeks, as the dollar rebounded against a basket of world peers. Weakness below 1.1725 puts the pair on track for a re-test of the 1.1675 region. On the opposite side of the ledger, the immediate resistance zone is likely found around 1.1800.
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