Forecasts & Analysis | Currencies

The jobs number came out hotter than anticipated in the United States, prompting a rush to the dollar on Friday.

The British pound has plunged during the course of the trading session on Friday, breaking down below the ¥165 level, but it looks as if we are going to find buyers in this area.

The Euro has rallied rather early during the day on Friday, only to give back a significant portion of those gains and start selling off after the jobs number came out much hotter than anticipated.

The Australian dollar has been very noisy over the last couple of days, reaching the 200-Day EMA 2 days in a row. However, we have seen a lot of volatility due to the jobs number in the United States.

The wildcard remains the OPEC+ decision. Prices could spike higher if they surprise with fresh output cuts.

Bullish EUR/USD traders would like to see a lower-than-expected payrolls number and a rise in the unemployment rate.

According to Dow Jones, economists are forecasting that the U.S. economy added 200,000 jobs throughout the month, down from 261,000 in October.

Weaker US jobs growth and especially a rise in the unemployment rate are likely to drive the AUD/USD and NZD/USD sharply higher.

Following Friday’s breakout session, the GBP/USD was under pressure this morning. However, the US Jobs Report could fuel another breakout session.

Following Thursday’s breakout session, the US Jobs Report will be the market focal point, with softer numbers likely to drive another EUR/USD rally.