Today, it is worth to pay attention to economic and political data
Yesterday, the president and chief executive officer of the Federal Reserve Bank of San Francisco, John Williams, announced the Fed's plans to start reducing the balance of the regulator since the autumn of this year. The macroeconomic data also came in favor of the US dollar. The number of jobless claims amounted 234K.
Today's non-farm payrolls are definitely expected to be high
The forecast for the Nonfarm Payrolls is 180K. The unemployment rate is expected to remain unchanged, 4.7%. The average hourly earnings are projected to grow by 0.2%. The February wholesale inventories are expected unchanged 0.4%. The consumer credit is forecasted at 13.90 billion vs. 8.79 billion in January.
According to the UK, the forecasts are positive. In February, the industrial production is expected to increase by 0.2% vs. -0.4% in January. The manufacturing production is expected to grow by 0.3% against -0.9% earlier. The construction output can add only 0.1% to -0.4% in January. The forecast for the trade balance is -10.9 billion pounds sterling against -10.8 billion a month earlier.
How we trade binary?
In our view, the price will continue downward if reach 1.2440 level and we would buy Put binary options at that level. If our first target is not reached and the price goes above 1.2485, the first scenario would be invalidated and we would consider Call options with the end of the expiry.
Target price: 1.2440
Expiry time: 20:00 GMT