「KOL Analysis•Bola Akinya」SURPRISE NFP DATA & Will the euro maintain its strong run?

SURPRISE NFP DATA

The Federal Reserve meets this week after a much needed and welcome surprise on Friday, when payrolls data showed US employers added 2.5m jobs in May, cutting the jobless rate to 13.3 per cent.

Most currencies jumped on the sign that the worlds biggest economy could be recovering from the Covid-19 slump earlier than expected.

The data raises the question of what the central bank, which concludes its two-day meeting on Wednesday, might do — if anything — to ensure a rebound takes hold.

Before Fridays jobs numbers, top officials had suggested their preference was to keep policy on hold, but investors will look for more guidance on what other tools the Fed would consider, if the pandemic were to deal further blows to the US economy.

Late last month, chairman Jay Powell said the central bank was “strongly committed” to deploying measures to help the economy.

Will the euro maintain its strong run？

The euro climbed to a nearly three-month high against the dollar and yields on southern European debt fell as investors cheered the European Central Banks Expansion of its bond purchase project.

The euro rose 0.9% to $1.1336 after the ECB said Thursday it would increase the size of its Pandemic Emergency Purchase Program by €600 billion ($673 billion) to buy as much as €1.35 trillion of eurozone government and corporate debt through June 2021, putting its stimulus effort in league with the Federal Reserves.

WEEKLY ANALYSIS EUR/USD

The Euro rallied a bit during the trading session on Wednesday, as we wait to see whether or not the Federal Reserve will do anything to change its position although it is more than likely that we are going to see Jerome Powell go with the idea of loose monetary policy. If so, then it is highly likely that we will see a move towards the 1.15 handle. However, if he does something to scare off traders, we could see a massive unwind of the huge move higher. At this point, the market is likely trying to find whether or not the traders can be comfortable up here, or if the market needs to pullback in order to find some type of support

[About The Author]

Omobolanle Abubakaris a Forex trader and consultant with more than 20 years of immense experience in Forex Indices, Commodities and Currencies.

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