Euro steady ahead of US jobs data

The Euro pulled back a little in yesterday’s trading session against the US dollar but was able to keep most of the gains made so far this week intact after a round of mixed data from both sides of the Atlantic.

Market manufacturing numbers from Germany and the Eurozone both came in under analyst’s expectations which initially pressured the Euro, but this was offset later in the day by the same news from the US which also missed market consensus.

Looking ahead today it is a relatively quiet day ahead on the economic calendar although Eurozone unemployment figures for October may come into focus in the early part of the European session. Unless there is an unexpected upswing in the unemployment rate, the news should have little impact on the EUR/USD currency pair.

In the American session will see the release of the latest weekly jobless claims figures which analysts expect to hit the market at 240k which is a bit of a jump from last week’s figure of 199k and any surprises here to the upside may hurt the Euro as expectations heighten that the good news may precede a strong non-farm payrolls figure tomorrow.

On the chart in today’s European trading session, we can see that the EUR/USD currency pair is failing to find direction and as long as there is no negative new about the new omicron virus this will probably continue until the release of employment data from the US later in the day.

As mentioned earlier, any surprises here will cause some movement and then the focus will shift to the Nonfarm Payrolls report tomorrow where the country is expected to have added 550K new jobs in November which shoes the jobs market is powering ahead.