The major currency is ready to test parity on Wednesday. The current quote for the instrument is 0.9990.
The key trigger for the EUR right now is a huge rebound in global capital markets, which revived risk attitude. The USD, in its turn, is being failed by a decline in the US bond yield.
Investors are clearly longing for purchases.
Today’s trading session is expected to be quite interesting statistically-wise. The Euro Area and some of its members will release final reports on their Services PMIs in September. For the Euro Area, the indicator is still below the psychologically important level of 50 points and will probably remain there. As long as inflation is high, it’s rather difficult to expect anything else.
On Wednesday, the US is scheduled to start reporting on its labour market. The first repot to be published is the ADP Non-Farm Employment Change, which is expected to show 200K in September after being 132K the month before. It would be good news.
We remind you that there is no direct correlation between the ADP Non-Farm Employment Change and the Non-Farm Payrolls, which will be released on Friday. However, the first report might help to gain an overview.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.