Analysis EUR/USD is cautious early in the week

forex-news-euro_3The major currency pair is trading rather carefully at the beginning of the first November week; there will be a lot of news ahead.

EURUSD is very cautious on Monday morning. The current quote for the instrument is 1.1393.

Last Friday, the major pair was pretty volatile: investors were processing a number of macroeconomic reports on the labor market in October published by the USA. The reports confirmed that the sector was still feeling very good.

The Non-Farm Employment Change in October was 250K after being 118K in the previous month and against the expected reading of 194K. in the comments, the Department of Labor said that hurricane Michael, which occurred in Florida in October, had almost no influence on the US labor market.

The Unemployment Rate in the USA remained the same, 3.7%, but it wasn’t expected to change in the first place. The current number is the lowest over the last 49 years. The Average Hourly Earnings added 0.2% m/m in October, the same as expected, although in September it expanded by 0.3% m/m. However, on YoY, the indicator surprised and increased by 3.1%, which is better than it did the month before (+2.8%).

Apart from this, the Average Weekly Hours went up from 34.4 to 34.5 hours.

Such strong numbers will allow the US Federal Reserve to stick to its plans to increase the key rate in December. In this light, the November meeting is expected to be rather neutral.

Orgin: RoboForex

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