Global macro overview for 30/11/2016

Global macro overview for 30/11/2016:

The ADP Non-Farm Employment Change data published today surprised market participants and beat the expectations. The US job growth picked up nicely to 216k, while the most of the global investors expected only 161k increase after 119k figure from last month. This uptick in employment’s trend will support confidence that the Federal Reserve is poised to lift interest rates next month. After this data release the FED funds futures are priced for a 94% probability that the central bank will announce the long-awaited rate hike in the statement at the policy meeting slated for December 14. In conclusion, the overall picture of US labour market is still improving and the NFP data due on Friday should confirm this assumption.

Let’s now take a look at the EUR/USD technical picture in the 4H time frame. The bulls are still trying to break out above the technical resistance at the level of 1.0665, but so far they have managed to make only a false breakout and come back into the trading range. Nevertheless, in case of a bullish breakout the next resistance is seen at the level of 1.0745.


The material has been provided by InstaForex Company –

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