Last week, NFP surprised the market by having higher-than-forecast results. NFP turned out to be 199K instead of the forecast of 180K. The US unemployment rate also reduced to 3.7%, better than the consensus of 3.9%. These number has proved that the US job market is still hot.
This week, we will have the most eventful week in December.
Last week, Australia’s RBA became the first developed country to raise interest rates after a short period of pause for interest rate hikes. This we have US CPI and PPI announcements. On the European side, they also have their CPI announcement this week.
Last week was a very volatile week. EURUSD dropped from 1.059 to 1.044 and then back to 1.059 on Friday. Nonfarm payrolls for September give a very big surprise to the market. We have to be more cautious in this coming Monday and the CPI announcement for this week.
Last week, the ECB surprised the market by raising 0.25% interest to 4.50% but at the same time signaled this was likely to be its last. This week, it is the US FOMC Interest Rate Decision. Will they surprise the market too?
This week we have a few important economic announcements that might make the market volatile. The US inflation rate is expected to go up in August. This is an important indicator to monitor as it will show whether inflation is coming back.
We have witnessed strong volatility in last month’s CPI announcement. Now CPI is coming on this Thursday and PPI is coming on this Friday.
This coming week will have US CPI and PPI announcements while from the Europe side, there will be an interest rate decision from European Central Bank(ECB). Let’s review EURUSD and have a game plan for this upcoming announcement.
This coming week will be a very interesting (or we should say a volatile week) week for EURUSD as there are many important economic announcements scheduled in the coming week as follows
It is time for us to be cautious again for the EURUSD market.
EURUSD started to drop again last week and it seems to be in the process to retest the 52-week low of 0.9952. Jackson Hole Meeting, the annual global central banking conference is coming this in this Thursday 25 Aug till the weekend of next week.