EUR/USD will most likely move higher on weaker-than-expected NFP – Danske Bank

Market news

6 October 2023

EUR/USD will most likely move higher on weaker-than-expected NFP – Danske Bank

The main highlight today is the US Nonfarm Payrolls report for September. Economists at Danske analyze how the EUR/USD pair could react to lower-than-expected employment data.

US data starting to disappoint

We look for Nonfarm Payrolls at 140K today, which is 30K lower than the consensus. Additionally, we expect average hourly earnings at 0.2% MoM, slightly below consensus of 0.3% MoM.

If we are right, EUR/USD will most likely move higher on the release, in line with our tactical case based on US data starting to disappoint.

See – NFP Preview: Forecasts from seven major banks, losing momentum

Euro climbs to four-day highs near 1.0550, looks at US NFP

USD/CNH: No changes to the range bound trade – UOB

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