Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with your daily video analysis for Friday, November 7.
What a busy and exciting week. Friday is going out the same way the week started, with a bang. Yesterday the BOE and ECB left rates the same and made no changes to economic policy. While comments from the ECB Chief, Mario Draghi soothed the equities markets, Forex markets were not as impressed. More on that in our technical analysis.
Today, everyone will be focusing on the non-farm payroll report (NFP) due to be released at 1300 GMT. Yesterday’s employment change number came in better than expected and we are all looking for a strong NFP print. We are also expecting the unemployment rate to stay the same. The US unemployment rate is near the Fed target, not sure if it is falling due to a shrinking labor market or the fact more people are becoming employed. There is still a great deal of lag between full time employees and part time and seasonal employees with those who have given up looking for work.
As for our technical analysis this morning, the EUR/USD is firmly below 1.25 and looking bearish. The GBP/USD is below 1.60 and looking bearish. Gold has fallen well below 10 year lows and s continuing to look bearish for now.
Have a great day trading and an awesome weekend!