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The NonFarmPayroll report was what the market was looking forward to, for the whole of last week and it came in at a much weaker than expected value of 138K and the wages report also came in weaker than expected. We also saw that the previous numbers were also revised lower and overall, it was a disappointment for the dollar bulls. But, it was not a wholesale disaster as yet and this still keeps the door open for a rate hike from the Fed when they meet in the middle of the month but the report was just enough to leave the traders confused.
One part of the market continues to believe that the numbers are not enough to warrant a rate hike while the other part believes its enough and continues to price in the rate hike. Even if there was a rate hike, we do not believe that it would be a huge market mover and what should move the markets is the outlook for the further rate hikes in the later part of the year. The EURUSD pair shot up on the back of weak NonFarmPayroll report and continues to trade in the highs of the range but it needs a clear break of 1.13 for any further progress.
Looking ahead to the rest of the day, we have a holiday in France and Germany while we have the non-manufacturing PMI data from the US. Expect the EUR-USD pair to consolidate and range as it prepares itself for the next round of the bullish run.
One part of the market continues to believe that the numbers are not enough to warrant a rate hike while the other part believes its enough and continues to price in the rate hike. Even if there was a rate hike, we do not believe that it would be a huge market mover and what should move the markets is the outlook for the further rate hikes in the later part of the year. The EURUSD pair shot up on the back of weak NonFarmPayroll report and continues to trade in the highs of the range but it needs a clear break of 1.13 for any further progress.
Looking ahead to the rest of the day, we have a holiday in France and Germany while we have the non-manufacturing PMI data from the US. Expect the EUR-USD pair to consolidate and range as it prepares itself for the next round of the bullish run.