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3 Aug 2015
EUR/USD's BIG week and Nonfarm Payrolls
FXStreet (Guatemala) - EUR/USD is currently trading at 1.0971 with a high of 1.0986 and a low of 1.0965.
EUR/USD is settled in consolidation of last week's finally pouch to the upside for month end when the US dollar was hammered on the back of the worst ever wages report since records began. This is not usually a mover, but given the environment we are in leading into an expected rate hike towards the end of this year, potentially even in September, markets are jittery around such relative data releases. This week we have the highly awaited Nonfarm Payrolls along with a series of other US and EZ data. So a quiet start maybe, but things are likely to get active as we profess through the week.
Meanwhile, the Greek stock market reopens today. Just last week, the IMF said that they will refuse to join the bailout programme until the debut relief demands are met and unless the eurozone creditors reach ‘explicit and concrete' agreement. Markets are anticipating in yet another delay to the deadline for the Greek bailout of August 20th. This should support the dollar this week along with Fed's Bullard saying in a recent interview over the weekend that the Central Bank is "in good shape" to hike rates in September.
EUR/USD levels
Short-term levels target 1.0900 as the psychological level to the downside guarding 1.0819/04th of May low and uptrend. The major remains directly offered while below 1.1080/00. Higher than that, 1.1124/29 is a resistance Fibo and 1.1200/16 is the 10th July high.
EUR/USD is settled in consolidation of last week's finally pouch to the upside for month end when the US dollar was hammered on the back of the worst ever wages report since records began. This is not usually a mover, but given the environment we are in leading into an expected rate hike towards the end of this year, potentially even in September, markets are jittery around such relative data releases. This week we have the highly awaited Nonfarm Payrolls along with a series of other US and EZ data. So a quiet start maybe, but things are likely to get active as we profess through the week.
Meanwhile, the Greek stock market reopens today. Just last week, the IMF said that they will refuse to join the bailout programme until the debut relief demands are met and unless the eurozone creditors reach ‘explicit and concrete' agreement. Markets are anticipating in yet another delay to the deadline for the Greek bailout of August 20th. This should support the dollar this week along with Fed's Bullard saying in a recent interview over the weekend that the Central Bank is "in good shape" to hike rates in September.
EUR/USD levels
Short-term levels target 1.0900 as the psychological level to the downside guarding 1.0819/04th of May low and uptrend. The major remains directly offered while below 1.1080/00. Higher than that, 1.1124/29 is a resistance Fibo and 1.1200/16 is the 10th July high.