On the first Friday of every month, the United States releases the highest impact economic data that can lead to especially volatile markets on the EUR/USD currency pair.
Today's Nonfarm payroll has particular importance due to the recent loss in value of the Euro currency against the US dollar. The Euro is now nearing parity after a disastrous 10 months for the single currency.
The EUR/USD pair is now trading at 1.09677, it's lowest rate in recent years. With the issues that the European economy is facing, recovery in EUR/USD is based on any weakness in the US dollar.
The nonfarm payrolls data is released on the first Friday of every month
by the US Department of Labor and shows the number of people on the
payrolls of all non-agricultural businesses. The monthly changes in
payrolls can be excessively volatile and can lead to volatility in Forex
markets and especially on USD based pairs.
Today's Nonfarm figures that are to be released at 13:30 GMT are expected to show a decrease on February 2015 figures. The general consensus for today is around 240K, when comparing to the figures from the previous month of 257K, the decrease of 17K (-6.61%) may give the Euro a slight hope of recovery.
Traders must note, the markets can be highly volatile during the Nonfarm
Payroll event with large increases or decreases in EUR/USD value, trade
with caution.
To make sure you're aware of all high impact forex news, please visit our economic calendar that also displays expectations and previous results: http://www.yadix.com/forex-trading-community/economic-calendar/
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