It’s All About NFP Today

FX_IDC:USDEUR   U.S. Dollar / Euro
USD has been demonstrating its strength recently. Probably, today is going to be its Day of Retribution.
Of course, there is a probability of Fed’s rate hike in December, possibility of tax reform and some good macroeconomic data behind the dollar’s upsurge.
And, yes, USD got an additional boost after the House of Representatives passed the budget for 2018 on to Senate.
But was the growth really justified? We’ll see today after the NFP data.
EUR doesn’t feel so well. The blame lies with the uncertainty around Catalonia issue and also with the dovish comments of ECB’s officials.
Actually, EUR/USD is bearish . Under this scenario, if the NFP data disappoints the markets, the pair will probably test 1.1780 handle. But it would hardly mean the pair changed the track, anyways.
In case the headline reading surprises to the upside, EUR/USD may break below the August lows at 1.1661 with high probability of continue its “decadence” in the beginning of the next week.


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