The major currency pair continues growing; the USD weakened to its 5-week low. EURUSD continues trading within the uptrend. The current quote for the instrument is 1.1880. Investors are actively playing against the American currency. One may assume that it is happening amid expectations that there won’t be any significant revisions of the monetary policy by the US Federal Reserve System before the end of the year except for an earlier reduction of the QE program.
The USD could really use some good news right now, so the statistics scheduled for today might be the catalyst the “greenback” needs so bad.
Today, market players’ attention will be focused on August reports on the American labour market. The Unemployment Rate is expected to drop from 5.4% in July to 5.2% in August. The Average Hourly Earnings may add 0.3% m/m after expanding by 0.4% the month before. This improvement may support the USD.
The Non-Farm Employment Change is expected to show 720K in August after being 943K in July. The thing that matters is that the indicator value should be pretty high. In this case, investors will stop being nervous about unstable statistics and possible problems in the labour market. If the latter report shows strong readings, the “greenback” may count on support and recovery for some period of time.