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- EUR/USD has the 1.1975 mark in its sights on soft NFP expectations - TDS
EUR/USD has the 1.1975 mark in its sights on soft NFP expectations - TDS
FXStreet reports that TD Securities’ economists are biased to further softening of USD.
“A 400K rise in payrolls would be strong by pre-COVID standards, but it would be well below the 900K+ readings in June and July. We don't think a 400K reading would be weak enough for Fed officials to back away from their ‘this year’ tapering signal, but it would probably increase the probability of a formal announcement coming at the December rather than the November meeting.”
“Our expectation for a below-consensus print is meaningful in our view, particularly since the USD continues to exhibit sensitivity to domestic data surprises — both in the absolute and relative sense. As such, we are biased for the USD to continue to soften.”
“We think EUR/USD has scope to rally marginally further following another breach of 1.1840 downtrend resistance; 1.1909 and 1.1975 will be the primary attractors to the topside.”
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