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The euro is awaiting the NFP data today

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#CryptoMarketTrend

EURUSD
The euro (EUR) rose by 0.25% yesterday due to weaker-than-expected U.S. labour reports. EURUSD tested the local support level at 1.10800 and continued its upward trend.

Possible effects for traders
Recent U.S. economic data has increased investors' expectations of a 50-basis-point (bps) interest rate reduction at the next Federal Reserve (Fed) meeting in September. According to the CME FedWatch Tool, the market now estimates a 47% likelihood of a sharp 50-bps cut in the federal funds rate, up from 31% earlier in the week.

Today, the U.S. Bureau of Labor Statistics will release August's nonfarm payroll (NFP) data at 12:00 a.m. UTC. Experts expect the report to show an increase of 160,000 added jobs compared to the previous month's 114,000. Any significant deviation from the forecast could lead to significant volatility in U.S. dollar-related currencies. Data from the U.S. labour market is crucial in determining future interest rate changes, as it helps the Federal Reserve better understand the current state of the economy.

The release of the NFP data will influence today's EURUSD movements and cause increased market volatility. If the NFP data is weaker than expected, EURUSD may reach the resistance level at 1.11600 and continue rising towards the previous month's highs at 1.12000 in case of breaking above the resistance. Otherwise, string NFP figures bring EURUSD down

🔴 Goldman Sachs says the euro could fall by up to 10% under Trump's tariffs and a scenario of lowering local taxes in the United States.

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