The US will release October employment figures this Friday at 13:30 GMT. The US employment sector is foreseen growing yet at a slow pace but the US presidential election’s dispute will likely overshadow employment data, according to FXStreet’s Analyst Valeria Bednarik.
Ahead of the report, the dollar is down across the board against all of its major rivals, as the market is in risk-on mode.
See – Nonfarm Payrolls Preview: Forecast from five major banks for October jobs report
Key quotes
“The Nonfarm Payroll report is expected to show that the economy added 600K positions, while the unemployment rate is foreseen declining from 7.9% to 7.7%. The news will come in the heat of the US presidential election, as President Trump is disputing the results of several states in court.”
“The safe-haven yen is the laggard, as investors are buying high-yielding assets. Should the dollar remain weak, the USD/JPY pair may be the worst performer. In such a scenario, Gold and the AUD could be the best performers.”
“European currencies are up, but Brexit caps GBP while the latest ECB’s announcement should keep EUR gains in check. Rallies in EUR/USD and GBP/USD are expected to be temporal within the release of the NFP report.”
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