Forex Flash: Stronger USD if NFP comes at consensus or higher - Commerzbank
Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - Commerzbank analysts expect strength of the greenback if the US nonfarm payrolls report gets around consensus or higher in December, "even if analysts' estimates on the number of jobs created have risen slightly following yesterday's positive ADP report (consensus: 153k)". "The Fed's new communication policy is moreover likely to imply that the unemployment rate in its role as a main driver of Fed monetary policy receives particular attention", wrote analyst Carolin Hecht, adding "that if the unemployment rate rises or falls surprisingly at least the initial USD reaction is therefore likely to be stronger than had been the case prior to the December meeting". In regard to technicals, the EURUSD is looking down, with support at 1.2990/1.3000 and 1.2950/75, while 1.3150 provides resistance on the upside.