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EUR/USD binary signal - U.S. NFP Report - 03 Nov 2017

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21:00 GMT
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A busy day for the markets as the monthly official payrolls report data will be released. According to the economists polled, the U.S. economy is expected to add 311k jobs in the month of October. This comes after September's payroll data was weaker due to the hurricanes during the month. In September, the U.S. economy shed 33k jobs. However, subsequent revisions to the data could see some improvement.

The U.S. NFP report will be released at 12:30 GMT. The unemployment rate is expected to remain steady at 4.2% marking a historic low. However, wages are forecast to rise just 0.2% on the month in October. This is expected as average wages rose sharply in September by 0.5% on the month.

The economic data today comes alongside the ISM's non-manufacturing PMI data. According to the median estimates, the non-manufacturing PMI is expected to remain steady, falling just 0.3 points to 58.5 in October. This would still mark a long term average high in the index and suggests that economic activity in the non-manufacturing sector is picking up pace.

A better than expected payrolls data will no doubt increase the bullish bets on the U.S. dollar as well as on the potential rate hike in December. Few days ago, the FOMC meeting held on Wednesday showed that the Fed indicated that it would continue with its plans for a gradual rate hike.

Economic data in the U.S. has been broadly better than expected and indicates that the economic momentum is likely to continue. Based on the above today's forex binary signal is EURUSD.

The currency pair has been consolidating in the past few days and we expect this consolidation to end with the release of payrolls report. Therefore, we purchase daily PUT options at 1.1640 for a 21:00 GMT expiry time. We expect EURUSD to resume its bearish trend and close lower on the day.

binary options signal eurusd 03 Nov 2017

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion. All risks and coasts associated with online trading are your responsibility.