FXStreet (Edinburgh) - Today’s US Non farm Payrolls would be crucial for the EUR’s price action in the short term, commented Anders Fischer, Analyst at Danske Bank.
“EUR/USD dropped yesterday following the better-than-expected ADP private employment report and the US labour market report will be decisive for the direction in EUR/USD today”.
“Yesterday’s strong ADP report indeed suggests some upside to the non-farm payroll data. However, remember that the ADP report does not always track non-farm payrolls very well”.
“In respect of the ECB meeting, we do not expect that the press conference will provide us with new signals of policy changes this time, as the ECB took a significant easing step in June”.
“Hence, most likely not much new information and thus we expect the meeting to have little effect on market pricing”.