When is Non Farm Payrolls and how will Affect the Markets?

Non Farm Payrolls data is expected to be released at 13:30 GMT. Today, NFP release would be looked upon for clues over the timing of next Fed rate-hike action and would thus, help investors determine the next leg of directional move for the major.

Key Notes

EUR/USD drops to fresh lows near 1.0740, NFP eyed

EUR/USD continues to gravitate near the mid-point of 1.07 handle, pouring cold water on every attempt to the upside amid unnerved markets, as we progress towards the US NFP report release. Currently, the spot trades modestly flat at fresh session lows of 1.0742, retreating from session highs posted at 1.0766 last hour. The main currency pair moves back and forth in a 15-pips narrow, as market remain cautious and refrain from placing any directional bets on EUR/USD heading into the highly-influential US jobs report.

About NFP

The nonfarm payrolls released by the US Department of Labor presents the number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.