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EUR/USD binary signal - U.S. non-farm productivity - 06 Jun 2018

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21:00 GMT
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The U.S. department of labor will be releasing the quarterly non-farm productivity data today at 1330 GMT. According to the economists polled, the median estimates point to the quarterly non-farm productivity to rise 0.7% in the quarter ending March 2018.

This would mark an unchanged print of 0.7% increase that was registered in the previous quarter. The U.S. non-farm productivity had previously increased 3.0% in the third quarter of 2017 before turning flat in the last three months of 2017. Preliminary estimates put that non-farm productivity had increased 0.7% and this is expected to remain unchanged as of this next revision to th data.

Besides the non-farm productivity data the revised unit labor costs is also expected to be released at the same time. Data suggests that the preliminary report showed a 2.7% increase in the unit labor costs. In the previous quarter, the unit labor costs had increased 2.5% for the three months ending December 2017. This came after unit labor costs had declined 0.2% in the third quarter of 2017.

While the report is unlikely to have a direct and a major impact on the U.S. dollar, this is likely to reflect on the underlying fundamentals driving the U.S. labor market. Data from last week showed that the U.S. unemployment rate had fallen to lows of 2.8%. This was the lowest level in 18 years and came as the U.S. economy posted a strong payroll figures as well.

Based on the above, today's binary trading signal is EURUSD. The currency pair has been trading at resistance for the past few days at 1.1730. Therefore, we would consider daily PUT options at 1.1730 for a 21:00 GMT expiry time as we expect the currency pair to ease back from the resistance level and therefore close lower on the day.

binary trading signal eurusd 06 jun 2018

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.