The main fundamental event for today is US labour market data release. Non-Farm Payrolls and unemployment rate will be published. These indices are the most important indicators of current economic conditions. They ought to be published on the 4th of October but due to the budget crisis the release has been postponed.
According to experts, the volume of new jobs will increase up to 180 000. If the forecast is right, the index will be growing three months in a row. We can verify the experts’ estimation by checking another index — Unemployment Claims. In September the rate of the claims remained almost the same, fluctuating around levels of 305 000-309 000. So the optimism of the economists is justified, though the increase of new jobs may be less than expected.
Unemployment rate in September will probably remain the same 7.3%. This is the lowest rate since January 2009; it indicates the recovery of the US economy.
Regarding the forecasts we would expect the US Dollar to strengthen against major currencies. The pair EUR/USD, for example, will fall down to the levels of 1.3630 and 1.3605.
Analyst of LiteForex Group of CompaniesPublication source